RateSetter ‘more likely to be the acquirer than be acquired’

RateSetter has said it expects consolidation in the peer-to-peer lending sector but believes it is more likely to be an acquirer, rather than put itself on the block.

It comes after Sky News reported last night that the platform was seeking a sale, fundraising or merger.

The peer-to-peer lender has clarified that its long-term aim is a stock market listing but it recognises this is not possible in the current environment.

The platform said it already has plans to raise funds in 2020.

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“Like all businesses, we always keep all options under review,” RateSetter said in a statement.

“We have existing, developed plans to raise funds in 2020, which are advancing.

“We do expect consolidation in our sector, with RateSetter potentially being a consolidator rather than potentially being acquired.

“With regards to a future stock market listing, RateSetter recognises that a stock market listing is not possible in the current environment.

“As a leading retail investment brand, it remains our long-term objective for RateSetter to become a public business, allowing people to invest in the company as well as our products.”

The platform has previously said withdrawals are taking longer than usual but investors are still receiving requested funds.