UK based peer-to-peer lender RateSetter announced on Tuesday it has surpassed £3 billion in online lending. RateSetter reported that the milestone follows a successful year, with the lender originating more than £700 million of new lending and active loans under management grew to £820 million.
RateSetter also revealed that more than 600,000 customers have used its lending platform to invest or borrow. To date, investors have lent £1.9 billion to individuals and £1.1 billion to businesses. A total of £2.2 billion has been repaid by borrowers, generating returns of £120 million for RateSetter investors, who have enjoyed an average annual interest rate of 4.4% per year since RateSetter’s launch in 2010. Speaking about the latest milestone, Peter Behrens, RateSetter’s Chief Lending Officer, stated:
“Eight years ago, we spotted the opportunity to make investing and borrowing better for everyone – and we remain as focused on that mission as ever. We are very proud that RateSetter has helped more than 600,000 investors and borrowers access better interest rates on the £3 billion of lending that has been delivered through our platform. £3 billion is impressive, but we’re only getting started.”
Behrens went on to add:
“Our vision is to make RateSetter a household name for the millions of investors and borrowers across the UK that are seeking better value.”