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Rhydian_Lewis5122_RateSetterLogo
October 9 2019

RateSetter “within touching distance” of profitability

Kathryn Gaw Industry News, News Ratesetter, Rhydian Lewis

RATESETTER narrowed its losses in the last financial year, bringing it “within touching distance” of profitability.

The peer-to-peer platform has revealed that in the 12 months ending March 2019, losses fell to £4.2m, down from a loss of £27.5m during the previous financial year.

Over the same period of time, RateSetter saw its number of active investors rise by 26 per cent. More than 600,000 people have either invested or borrowed in the platform to date.

“It is very encouraging that we are now within touching distance of profitability,” said RateSetter’s chief executive Rhydian Lewis (pictured).

Read more: Rebuildingsociety in profit after “difficult phase” last year

“Our model has always been differentiated from other P2P lenders because we have focussed on a low risk and liquid product for investors.

“On the borrower side, we compete in traditional and deep markets where we do not need to take undue risk to build a sizeable business.

Read more: Now that we’ve piqued your interest…

“We believe this makes RateSetter the sustainable challenger to the banking model of deposit-backed lending.

“Some fintechs may have raced off quicker than us, but we think the tortoise will overtake the hare.”

RateSetter confirmed that its revenue to March 2019 was £33m, down from £34.34m the previous year.

According to RateSetter’s financial update, it currently has £891m in loans under management, which includes £270m in the RateSetter ISA. The provision fund currently holds £39m.

Read more: RateSetter unveils Access, Plus and Max accounts

Abundance chief calls for regulatory overhaul of green finance ThinCats narrows overall losses as it records 45 per cent gross profit boost

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