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Peer2Peer Finance News | September 19, 2019

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Former RateSetter executive to launch new P2P platform

Former RateSetter executive to launch new P2P platform
Kathryn Gaw

RATESETTER’S former chief technology officer John Gillespie is preparing to launch a “next generation” peer-to-peer consumer lending platform.

After raising money from family and friends, SquareDeal.Finance has opened pre-registration for a funding round on equity crowdfunding platform Seedrs.

Gillespie has described the platform as “the next generation P2P consumer lender”, although he said there would be scope to expand into other types of finance in the future.

Read more: Assetz Capital raises £1.86m on Seedrs

“The platform has been built,” Gillespie told Peer2Peer Finance News. “We’ve got the branding and we are awaiting initial regulatory authorisation.

“We hope to have a strong proposition for our lenders. We don’t want to chase higher returns – we want to provide better returns than the bank without taking on unnecessary risk. You’re looking at very safe assets delivering a modest return.

“We want to carve out some space as a very clear and transparent proposition for lenders and borrowers alike.”

Read more: RateSetter pushes back legacy wholesale lending repayment date

Gillespie has almost a decade of experience in the P2P industry, having joined RateSetter in April 2010. He left in early 2017 for personal reasons. His team at SquareDeal.Finance have a combined total of 20 years’ experience working on platform development and P2P customer services. Gillespie said that they are currently discussing new ways to market and distribute their products, in response to a changing consumer landscape.

Any money raised through the Seedrs campaign will be used to complete the regulatory process, launch the brand and begin trading. Gillespie added that he expects to achieve sufficient growth to allow for a large Series A round within the next year.

Read more: CrowdProperty’s Seedrs campaign smashes target to raise £1.1m