UK based peer to peer lending platform RateSetterhas topped £2.5 billion in loan originations, according to a note from the company. The online lender provides credit to both individuals and UK SMEs. The milestone comes just as RateSetter announced that it had generated £100 million in interest for its investors, without any losses to investors since the company was launched in 2010. RateSetter has incorporated a provision fund to mitigate investor risk and so far the fund has been effective. To date, investors have earned, on average, 4.4%.
RateSetter states that over 500,000 people have invested or borrowed with RateSetter. More than 65,000 people have RateSetter investment accounts and investors have provided finance to more than 460,000 borrowers, with more than £1.55 billion lent to individuals and almost £950 million lent to businesses.
Peter Behrens, RateSetter’s Chief Lending Officer, commented on the accomplishment;
“We are very proud that we’ve helped more than half a million investors and borrowers access better interest rates on the £2.5 billion of lending that has been delivered through the RateSetter platform. Reaching this milestone shows how deep and broad our marketplace has become in space of just eight years, and we look forward with great excitement to helping even more people access investment in loans as we work towards the next £2.5 billion of lending.”