Another Milestone Falls For RateSetter

By AltFi on Friday 8 August 2014

Alternative Lending

The ascendant consumer lending platform RateSetter has now passed the £300 million milestone in cumulative lending to date.

RateSetter recently became the first platform to breach the £25 million mark in cumulative monthly lending – according to AltFi Data. The platform’s ever-mounting volumes are no fluke. RateSetter has been testing a number of new avenues for sourcing borrowers and lending capital over the past few months – seemingly to great effect. To name but a few of those innovations:

No doubt more innovations are in the pipeline for the forward-thinking consumer lender. AltFi Data has supplied a graph – pictured below – offering some idea of the heights that RateSetter might reach by the year’s end. Sam Griffiths, Managing Director of AltFi Data, explained:

"RateSetter is certainly one of the platforms to watch right now, having lent £150m at the start of 2014, they have now doubled that figure in a little over 7 months. If RateSetter continues on the same growth trajectory, AltFi Data predicts that it could lend another £150m by the end of 2014, taking its cumulative volume to £450m."

Rhydian Lewis, Founder and CEO of RateSetter, said:

“Hitting the £300m mark is another significant step in a remarkable growth story. It is also another good opportunity to thank our customers who have made this possible by putting faith in the way RateSetter does things.”

“We have emerged as the leading UK P2P platform - lending £71m in the last three months alone – as the industry strengthens its position as a genuine rival to traditional financial institutions.”

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