RateSetter Overview
Pro stress-test →RateSetter is an online P2P lending platform that allows people to lend and borrow money with each other, by setting interest rates and terms. The company was acquired by Metro Bank in September 2020. As a leading peer-to-peer lending platform in the UK, RateSetter connects investors with borrowers to provide competitive rates for both parties, with the platform established in 2010 and having facilitated over a billion pounds in loans.
Strategic Profile
Pro stress-test →RateSetter's business model revolves around its Provision Fund, which mitigates risk for investors by covering potential borrower defaults, and the company makes money through origination fees from borrowers and a small fee from investors' returns. By the end of 2023, Metro Bank ceased using the RateSetter brand for savings accounts and new personal loans.
Competitive Landscape
Pro stress-test →RateSetter's top competitors in the UK P2P lending space include Lendable, Lending Works, and Future Finance. Other competitors include Zopa, Prosper, Avant, Afluenta, and Fundera. RateSetter ranks 4th amongst 26 active competitors in the P2P lending market.
Industry Context
RateSetter operates in Peer-to-peer lending platforms.
Key facts
Founded: 2010 · Headquarters: London, UK · Employees: 42 (as of December 2021) · Revenue: £33.2M (as of March 2019) · Market cap: N/A