Funding Circle lead originations for the month of September followed by Zopa and RateSetter; many other originators across Europe are included in the list. Source
RateSetter Australia was the country's first P2P lending platform for retail investors; it has now announced $100 million in funding; the firm has seen a significant increase in investment from millennial investors seeking yield alternatives to low rate savings accounts and volatile stock markets; concurrently with data on its origination milestone it also released research conducted among RateSetter's investors on millennial investing. Source
The round was led by Five V Capital, who reportedly invested $8.5 million; company plans to boost number of employees from 50 to 80 in the next year; RateSetter Australia has doubled is loan levels since 12 months ago; Daniel Foggo, RateSetter chief executive stated, “In August, we became the largest peer-to-peer lender in Australia — both in terms of the number of lenders, and the number and value of loans funded each month.” Source
RateSetter has created a new committee to monitor and report on expected losses providing increased transparency for the firm; the committee will include RateSetter's CEO, CFO and various other directors of consumer and commercial credit risk; the committee will provide quarterly reporting on expected losses for the board of directors and also plans to publicly disclose data on its website; additionally the firm plans to enhance its performance reporting with more details on materialized and expected losses; overall, new initiatives around risk monitoring are an effort to more accurately analyze and manage risk following higher than expected losses from loans in 2014 and 2015. Source
RateSetter has hired Michael Hoare from PayPal as its new head of risk analytics and retail credit; Hoare was previously the chief credit risk officer at PayPal UK and also has experience at Capital One; Hoare and the risk management team will report to RateSetter's risk committee chairman as the company continues to build its risk team following the departure of Chief Risk Officer Cyrille Sallé de Chou who left RateSetter after six months for a chief risk officer role within HSBC's European retail business. Source
Retail investor money in p2p lending has been slowly eroding for the last few years, but the UK’s p2p lenders...
RateSetter Australia is looking into a potential IPO this year at a valuation around AUS$300m (£157.6m); according to Peer2Peer Finance...
RateSetter was the last of the “big three” p2p lenders to be authorized after a two year wait; both Zopa and Funding Circle were authorized in May, 2017; RateSetter will now be able to launch their Innovative Finance ISA; Founder and CEO Rhydian Lewis stated, “Authorisation has been a long but positive journey during which we have learnt a lot, improved our infrastructure and implemented important changes, notably making the business more transparent. Transparency is vital to our business because our customers need to understand what we do to appreciate the risk of lending on RateSetter.” Source
UK based p2p lending platform RateSetter has halved their interest rate payout to investors so they can add the savings...
Firm says the platform is the first to introduce hire purchase loans for businesses; the firm has developed the product in collaboration with former wholesale lending partner Corporate Asset Solutions who will serve as a distribution channel; RateSetter will take full security over the specified asset and the platform says its hire purchase agreements will range up to GBP750,000 ($993,000). Source