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City fund managers back RateSetter PDF Print E-mail
Monday, 30 March 2015

Woodford Investment Management and Artemis are leading a £20m round of new money going into RateSetter. They will be investing alongside RateSetter’s existing shareholders who include Charles Peel, founder of Peel Hunt, and Ken Costa, the well-known investment banker.

The round comes a year after RateSetter became the first major UK P2P platform to announce a profit.
 
The new money will be used to invest in technology and marketing, attract the best talent and maintain a very strong financial position.
 
RateSetter has led the P2P industry’s move towards the mainstream since it launched in 2010. RateSetter pioneered the “Provision Fund” model that others have now followed. RateSetter’s Fund is the largest in the industry and has a faultless track record such that no RateSetter lender has ever lost a penny. In 2014 RateSetter became the largest peer-to-peer lender in the UK, establishing a lead that has extended in the first three months of 2015.
 
Commenting on the fund raising, RateSetter Chairman, Alan Hughes, said:

“We are delighted to have raised investment from such well-respected institutions, vindicating our focus on attracting large equity investors that share our long-term vision. It reflects the progress the business has made, the financially disciplined approach we take and our number one position in the industry.”
 
Commenting on the outlook, RateSetter founder and CEO, Rhydian Lewis, said:

“Peer-to-peer has created a new asset class, opening up the direct ownership of loans in the same way the stock market opens up share ownership. It is online, transparent and available to everyone which is a terrific development in modern finance. Our goal at RateSetter is to become the biggest marketplace for savings and loans and for our interest rates to be seen as a new benchmark.”

(Source - RateSetter Press Release)
 

 
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