P2P lending platform RateSetter announces that Paul Manduca has been appointed as Non-Executive Chairman. Manduca will join the Board on 1 June and will become Chair on 17 July, when current Chairman Alan Hughes’ three-year term expires.
“Lending as an asset class has always been a virtual monopoly for the banks and for the first time it is being opened up to ordinary investors, which is good for investor returns and for the UK economy,” commented Manduca. “RateSetter is a pioneer in the sector and has set high standards. I am excited to join such a forward-thinking business and look forward to helping the company embark on this new phase in its development.”Manduca, who currently serves as Chairman of the global FTSE 100 insurer Prudential, touts a distinguished career in asset management included founding Threadneedle Asset Management and serving as CEO at both Rothschild Asset Management and Deutsche Asset Management. As a non-executive, Manduca has held senior positions in both financial services and other sectors, including at Wm Morrison and also chairs the Advisory Council of TheCityUK.
“I am delighted that a figure with Paul’s stature has agreed to become Chairman of RateSetter at this important new phase in our development. RateSetter is giving ordinary investors the opportunity to earn more and borrowers an opportunity to look beyond their bank,” Rhydian Lewis, RateSetter’s founder and CEO, said: . Paul’s experience in asset management, his reputation as a business builder and his authority in good governance can help us enormously in our aspiration to make RateSetter a benchmark brand in lending and borrowing.”Alan Hughes, the outgoing RateSetter Chairman, added,
“This is an excellent appointment. Paul’s extensive experience means that he will provide invaluable input from a unique perspective. He is arriving at a very exciting time for RateSetter, with huge opportunities ahead.”RateSetter has grown from startup in 2010 to a platform that has originated close to £2B of loans. On the borrowing side, The P2P lender has diversified across multiple channels and across both consumer and business loans, while on the investing side, RateSetter pioneered many firsts in the sector, including the Provision Fund model. The platform currently has over 300,000 active investors and borrowers on its platform, making it one of the largest Fintech businesses in the UK. Regulated by the Financial Conduct Authority, to date RateSetter has raised over £30 million from investors including City fund manager Neil Woodford and fund manager Artemis.