RateSetter - FX-C.com

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.