Trade nameRateSetter
FounderRhydian Lewis, Peter Behrens
Area servedUK, Australia
ProductsFinancial services
ParentMetro Bank
  • RateSetter is a British peer-to-peer lending company.
  • It has a locally-owned business in Australia.
  • The company is known for having introduced into peer-to-peer lending the concept of a “provision fund”
    • an internal fund which aims to help lenders manage the risk of borrower default, and is generated by borrowers' payment of a “credit rate” fee based on their credit profile.
  • RateSetter UK was acquired by Metro Bank in September 2020.
    • Metro Bank plc, a London-based retail and commercial bank, announced in August 2020 that it had agreed to acquire Retail Money Market Ltd for a price of up to £12 million, with £2.5 million paid upfront and the remainder to be paid over the next three years; the latter component is conditional on meeting certain performance criteria.
    • Metro Bank acquired 100% of RateSetter shares but its stake in RateSetter Australia, valued at £13. 7 million, was excluded from the transaction and remains with RateSetter shareholders.
  • Metro Bank said it intended to continue the RateSetter brand and its operations, with new unsecured personal lending funded by the bank's deposits, not through peer-to-peer.
  • Ratesetter Australia
    • RateSetter Australia commenced operations in November 2014.
    • The Australian business, based in Sydney, is managed and majority-owned locally.
    • In August 2020, RateSetter Australia was renamed Plenti ahead of an IPO which took place in September 2020.

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