• Passes £350m mark just four years after launch
• First to pass £200m for 2014 year-to-date
• Over £30m lent during September alone – an industry record
• Highest market share in burgeoning P2P sector
• Milestones hit as RateSetter launches new website and enhances product
RateSetter is celebrating its fourth birthday by cementing its position as the leader in the UK peer-to-peer (P2P) lending market.
The popular platform forged ahead in September, matching over £30m in loans. The figure was the largest amount ever lent in a single month by any UK P2P lender, and continued a run of new record volumes for each of the last five months. This has helped RateSetter to secure the highest market share (19%) of the platforms over the last three months.
A staggering £8m of this was in the first week of September alone. This compares with £7.4m lent in the first twelve months of operation, quite an achievement for a business only established in October 2010.
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RateSetter is now the first to pass £200m in loans year-to-date (currently £207m). To give industry context, Funding Circle and Zopa have lent £181m and £193m respectively (as of 6 Oct 2014 – http://www.altfi.com/data ).
Although P2P lending is a relatively recent phenomenon, the sector is beginning to expand dramatically. Of the £2bn cumulative amount lent in the UK, over £1bn of it has been in 2014. It is expected to pass £45bn within a decade.
The innovation has been welcomed by government, now has a FCA regulatory framework and will soon be allowable in ISAs.
RateSetter has been instrumental in shaping and simplifying the language within the P2P sector, helping to transform it from a niche proposition to a mainstream lending option. The company pioneered the original “Provision Fund” within the industry, frequently copied by its competitors.
The recent appointment of Alan Hughes, former First Direct visionary, as RateSetter’s first Chairman emphasised the strength of RateSetter’s proposition and the increasing confidence in P2P lending.
RateSetter’s achievements were recognised at the inaugural “AltFi” Awards in September, where they swept the board, picking up an unrivalled four trophies, including the coveted People’s Choice Award.
Rhydian Lewis, Founder and Chief Executive of RateSetter, said:
“We’re delighted to be hitting these fantastic milestones as we celebrate our fourth birthday as the UK’s number one P2P lender.”
“We are proud of how far the business has developed since launch and how it has been embraced by retail savers and borrowers looking for a better deal. P2P is a bottom-up movement that is heading mainstream.”
To celebrate its birthday and new advertising campaign, the company is offering one lucky winner a selection of birthday cakes and a £500 1 Year Fixed Term Product.
Visit http://www.ratesetter.com/Blog/Article/win_cake_cash for details of the competition.