Marketplace lender RateSetter announced on Thursday it has named Richard Bastin the new chief technology officer as it prepares for further growth in 2016.
Bastin reportedly has 25 years of IT experience in a variety of industries, including financial services, e-commerce and telecoms, from large established companies to rapidly growing scale-ups. His appointment will help drive forward a number of key initiatives, including the launch of the Innovative Finance ISA, expected on April 6th. He worked at CTO level for more than nine years, including at Currency Cloud where he led a team to build a platform which is now processing over $10bn of transactions per annum, as well as Lebara, where he was responsible for launching new digital products which created an additional 1m customers across 12 new countries.
Bastin will be responsible for maintaining and improving the technology behind the platform, which has lent more than £1bn to date and is expected by market commentators to lend a further £750m in 2016. He commented:
“Fintech is one of the most exciting industries to be working in today: the company has the opportunity to change the financial landscape over the years ahead, and that change will be made possible by the technology that underpins it. RateSetter does something which appears simple, but is actually the result of some very smart technology which has created 4.1m matches between investors and borrowers to date – I look forward to helping RateSetter to build on its position of strength.”
Rhydian Lewis, CEO at RateSetter, added:
“Bringing experienced and senior professionals like Richard on board shows just how seriously we’re taking our growth, and hires like this are evidence of the calibre of people we’re now able to attract. We’re leaving nothing to chance – by taking on the best people, we’ll be able to increase our lending volumes and customer base without compromising on quality.”