RateSetter’s Australian P2P Lending Platform Rebrands to Plenti Following Acquisition By Metro Bank

RateSetter, a leading UK based peer to peer lender, has rebranded its Australian P2P lending platform to Plenti. Head of Marketing at Plenti, Sebastian Paulin, shared more details about the rebranding, by stating:

“As Plenti, we want to help our customers make the most of their money. We believe that what you do today can transform your tomorrow. That’s why we’ve built a new world of lending and investing that makes the experience faster and simpler for all. Powered by technology so smart you can’t even see it.”

Paulin noted that while a name change is big, it’s still important to remember that the platform is still the same platform as it was. The products and people have notably remained unchanged, just like the platform’s “determination” to bring users better value from their money. He further explained:

“All the things that count about your loans and investments are here to stay, like the fast online experience, fair interest rates and flexible loan terms that match your needs. And we’ll still always be here to help when you need us.”

The rebranding comes just days after RateSetter was acquired by Metro Bank. As previously reported, the purchase of RateSetter was long been anticipated as the P2P lender messaged earlier that it was exploring “strategic options” – a euphemism for a sale. In June, there were reports specifically mentioning an acquisition by Metro Bank. The news of the acquisition was shared in a blog post by RateSetter:

“Both RateSetter and Metro Bank are innovative businesses with a shared focus on delivering something better for customers, making this a natural pairing.  Metro Bank plans to significantly grow RateSetter’s lending through the RateSetter platform, using the lending and credit management capability RateSetter has built over the last decade. Over 750,000 people have invested or borrowed through RateSetter and we are enormously grateful for the trust they have placed in RateSetter.”

Metro Bank reported at the time it has agreed to acquire RateSetter for initial consideration of £2.5 million, with additional consideration of up to £0.5 million payable 12 months after completion subject to certain criteria and further consideration of up to £9 million payable on the third anniversary of the completion of the transaction. The transaction must receive the blessing of the UK Financial Conduct Authority (FCA).

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