Earlier this week, RateSetter announced it has surpassed 100 million in car financing. and is considered the first peer-to-peer lending platform to lend the amount through motor partnerships.
Sharing details about the new milestone, head of RateSetter Motor Finance, Nick Elkan, reportedly stated:
“These are exciting times and £100 million is a fantastic milestone for us to reach. It proves that we are providing finance that car buyers need, competitively and efficiently. Obtaining finance via a peer-to-peer lender is no longer niche, but something that increasing numbers of car buyers are aware of and choosing. Our competitors in motor finance have often been around for decades, but by building up a strong track record and understanding how the car industry works and exactly what buyers require, we’re increasingly able to win people over.”
Peter Behrens, chief commercial officer at RateSetter, added:
“Motor finance is an attractive market, but it’s also a complex one which you need to understand well before wading in. Nick and his experienced team have carefully grown this part of our business and it now makes up roughly 10% of our total lending to date. We’re proud to have hit this milestone and already looking forward to the next!”
Earlier this summer, RateSetter reported its surpassing £250 million in lending to UK businesses. The platform stated the participation by the British Business Bank, updated lending limits, and a growing executive bench helped to propel its success. It has also lent over £1.25 billion in total to individuals, businesses and property developers. Last year, the UK online lender facilitated over £500 million. RateSetter currently has approximately 40,000 investors on its platform including individuals, institutions, and corporations.