RATESETTER has been given the Queen’s Award for Enterprise in recognition of its “excellence in innovation”.
The peer-to-peer lender will join the other recipients of the Queen’s Award at a reception in Buckingham Palace later this year. It will also be able to fly The Queen’s Awards flag at its office, and to use the emblem on any of its marketing materials.
According to its official website, Queen’s Awards can be granted for innovation, international trade, sustainable development and promoting opportunity through social mobility.
RateSetter said that its award was granted specifically for the platform’s innovation, and particularly for its pioneering of the provision fund.
“Innovation is in our DNA at RateSetter and goes to the heart of our business,” said RateSetter’s chief executive and founder, Rhydian Lewis OBE (pictured). “Previously, savers had to settle for paltry returns while the banks skimmed off the value from investing in loans. RateSetter has changed that equation with savers now sharing the value.
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“We are proud to have pioneered a new concept in investing including the provision fund, which is instrumental in delivering healthy, stable returns and in making lending simple and accessible to everyone. Winning the Queen’s Award in recognition of this innovation is a tremendous honour for all of us at RateSetter.”
Since it was founded in 2010, RateSetter has originated £3.2bn of loans to individuals and businesses across the UK and generated £130m in interest for 80,000 investors.
The provision fund model has since been adopted by a number of other P2P platforms, where it is used to add an extra layer of protection for investors.
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