Further Overseas Ambition from RateSetter?

By AltFi on Friday 2 May 2014

Alternative Lending

After recently announcing plans to roll its services out to far-off Australia, RateSetter now appear to be eyeing a move into New Zealand.

The platform will go live in Australia within the next few months – a move which RateSetter have admitted will serve as a stepping stone to further expansion in the region. Daniel Foggo, RateSetter’s Chief Executive in Australia – who is in fact a New Zealander himself, told interest.co.nz of the plans to take the platform to NZ:

"RateSetter is well informed about the New Zealand personal loan market and the regulations for P2P (peer-to-peer) lending which have been introduced.

"We expect to launch in New Zealand, although our timing in this regard is still to be confirmed, as our focus at this time is our launch in Australia."

"We would be pleased to speak to you about RateSetter and our New Zealand ambitions in due course."

The passing of the Financial Markets Conduct Act has paved the way for the development of p2p lending in New Zealand. Other platforms that will be applying to the Financial Markets Authority for a license to operate a p2p lending platform include Harmoney, Lending Club and Lendit. 

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