RateSetter was a London-based peer-to-peer lending company founded in 2009. It traded in the UK and, from 2014, in Australia until 2020, when the UK business was acquired by Metro Bank for £35m, and the Australian business listed on ASX for a value of £110m.
RateSetter was one of the first companies active in the private credit industry, and introduced services such as a provision fund which mutualised risk to lower the cost of accessing loans. Multiple billions were lent via the platform between over 750,000 investors and consumer and business borrowers.[1]
History
RateSetter's holding company, Retail Money Market Ltd, was incorporated in October 2009 by Rhydian Lewis, an investment banker from Lazard, and he was joined by co-founder Peter Behrens, a lawyer turned banker formerly of Royal Bank of Scotland.[2] The private limited company was funded initially by angel investors.[3]