From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

FounderRhydian Lewis, Peter Behrens
United Kingdom
Area served
UK, Australia
ProductsFinancial services

RateSetter is a British peer-to-peer lending company based in Bishopsgate, London. The company is known for having introduced into peer-to-peer lending the concept of a "provision fund" – an internal fund which aims to help lenders manage the risk of borrower default, and is generated by borrowers' payment of a "credit rate" fee based on their credit profile. Launched in October 2010, by June 2018 the company had matched more than £2.5bn in loans and had over 500,000 investors and borrowers.[1] As of June 2018, RateSetter claims that none of its individual investors have ever lost money.[1]


RateSetter's holding company, Retail Money Market Ltd, was incorporated in October 2009 by Rhydian Lewis, an investment banker from Lazard, and Peter Behrens, a lawyer turned banker formerly of Royal Bank of Scotland.[2] The company was privately funded from the start by angel investors, and raised £13m in a 2017 funding round which took the total amount raised to over £40m.[3][4][5]

In July 2014, it was announced that the British Business Bank would begin lending through RateSetter to support individuals, sole traders or partnerships borrowing for business purposes.[6]

On 7 December 2015, RateSetter moved from Southwark to new offices in Bishopsgate, London.[7]

In July 2017, Paul Manduca became Chairman of RateSetter.[8][9] He is also Chairman of Prudential plc.

RateSetter Australia[edit]

RateSetter commenced operations in Australia in November 2014.[10] The Australian branch, with the office located in Sydney, is managed and majority-owned locally, and was the first peer-to-peer lending platform in the country open to retail customers.[11]

In December 2017, it was announced that over AU$200m had been lent via the platform.[12]


Borrowers can apply for a loan for between 6 and 60 months. The company has strict lending criteria, accepting (in 2011) between 12 and 15 per cent of borrower applications.[13]


  1. ^ a b "Data Hub". RateSetter. Retrieved 4 June 2018.
  2. ^ Hurley, James (7 October 2010). "Ratesetter aims to tap social lending growth". The Daily Telegraph. London. Retrieved 10 September 2011.
  3. ^ Martin, Ben (30 May 2017). "Peer-to-peer lender Ratesetter valued at £200m in latest fundraising". The Daily Telegraph. Retrieved 4 June 2018.
  4. ^ Titcomb, James (19 September 2015). "Peer-to-peer lender Ratesetter doubles sales as it targets listing". The Daily Telegraph. Retrieved 3 November 2015.
  5. ^ Hazlehurst, Jeremy (9 October 2013). "New Generation Moneylenders". Management Today. Retrieved 10 September 2011.
  6. ^ Vicki Owen (13 July 2014). "Government-owned British Business Bank to begin lending £10m through peer-to-peer lender RateSetter". This is Money.
  7. ^ Lucy Bott. "We are moving". RateSetter Blog. Retrieved 7 December 2015.
  8. ^ Oscar Williams-Grut. "Fintech lender RateSetter lands FTSE 100 heavyweight as new chairman". Business Insider. Retrieved 4 June 2018.
  9. ^ Elizabeth Pfeuti. "Ex-Deutsche funds chief joins Woodford-backed fintech". Financial News. Retrieved 4 June 2018.
  10. ^ Shaun Drummond. "RateSetter targets Australian 'savers' with new lending website". The Sydney Morning Herald. Retrieved 11 November 2014.
  11. ^ "About us - RateSetter Australia". www.ratesetter.com.au. Retrieved 4 April 2017.
  12. ^ "RateSetter passes $200m | RateSetter Australia". www.ratesetter.com.au. Retrieved 26 January 2018.
  13. ^ "Small but mighty: Online lending's growth market". The Scotsman. 19 June 2011. Retrieved 10 September 2011.

External links[edit]