A statement released by the company said: “The company regularly assesses various opportunities in the market. order back issues and use the historic Daily Express In our latest blog we speak to George Stancliffe who oversees RateSetter’s asset finance operations. RateSetter annual revenue was £33.20 m in FY 2019. Make the most of your money by signing up to our newsletter for. All rights reserved. During th... Our ‘Inside RateSetter’ series has covered consumer finance and property finance. Debenhams closing: More stores to close permanently, Savings account rates: Post Office options revealed, UK property warning: First-time buyers risk being frozen out of market, UK economy plummets and won't recover for THREE years – new forecast, EU approves £12BN of projects including Indian metro line, Brexit is a REVOLT against the establishment, says Metro Bank boss, Metro Bank share price: WhatsApp HOAX behind panic. 406 Great Guildford Bus Square The UK business was acquired by Metro Bank in September 2020.. London, SE1 0HS Developer of a peer-to-peer lending platform intended to help lenders manage the risk of borrower's default. Ever wondered how your bank makes money? 7075792) and our registered office is at 6th Floor, 55 Bishopsgate, London EC2N 3AS. Company accounts can be seen here. We believe that your money should work for you instead of someone else. RateSetter and Metro Bank: acquisition completes. It was hit hard by an accounting scandal last year, which sent its share price tumbling, wiping around 90 percent of its market value. RateSetter Trustee Services is based in the United Kingdom. Comparing performance of investment classes in H1 2020. Metro is one of the banks that was set up in the wake of the 2008 financial crisis to challenge heavyweights such as RBS and Barclays. Earlier this year, we confirmed that RateSetter was exploring strategic options to ensure our continued growth. Ratesetter Review: My experiences so far. Today Metro Bank has announced that it is acquiring RateSetter. Metro Bank’s share price had plunged nearly six percent in early trading. Metro lost £130m last year so the deal could be seen as crucial to its recovery. I have been investing in Ratesetter’s loans since early 2015. Rumours have been circulating since April that RateSetter would opt for a merger. 722768). Today we are pleased to confirm that the transaction has completed. There are no... RateSetter wins award for consumer credit. Reuters reported that the growth of peer-to-peer lending firms have grown steadily since 2005. If the deal completes, it would mark the first time a high street bank in Britain has acquired a peer-to-peer lender. Express. RateSetter’s low sale price to Metro Bank has led analysts to query whether the peer-to-peer lender was under pressure to do a deal. DON'T MISSSavings account rates: Post Office options revealed [REVEALED]UK property warning: First-time buyers risk being frozen out of market [WARNING]UK economy plummets and won't recover for THREE years – new forecast [NEW FIGURES]. RateSetter is a trading name of Retail Money Market Ltd (Company No. We will use your email address only for sending you newsletters. Anna, tell us about your background in consumer finance After studying econometrics, I started my career at Capital One and worked... RateSetter is a trading name of Retail Money Market Ltd (Company No. RateSetter has raised $63.52 m in total funding. We analysed the performance of mainstream investment classes in H1 2020. We use cookies to manage our website. Carry on browsing if you're happy with our cookie policy. John Cronin, an analyst at Goodbody, told the Financial Times the merger could have “compelling industrial logic”, depending on the price demanded by Ratesetter’s board. 30 Great Guildford Street It was a tough 12 months for the bank as the misreporting scandal went hand in hand with criticism of its governance. United Kingdom. We created a peer-to-peer platform to connect those who have money to invest with those who want to borrow it. Home of the Daily and Sunday Express. 7075792) and our registered office is at 6th Floor, 55 Bishopsgate, London EC2N 3AS. Loans are subject to status and affordability, the rate and fee you pay will depend on your credit profile. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Sources told Sky News on Sunday that if talks progress successfully, the transaction could go through as early as next month. Over 21s only. How much interest can you earn with Ratesetter? Low rate personal loans, borrow between £1,000 and £25,000, Dealer finance for business growth, £25,000 to £500,000, Property development loans, £0.5 to £10 million, Connecting borrowers and investors, providing better value for all, Read more about RateSetter and peer to peer investing. See today's front and back pages, download the newspaper, These match lenders with borrowers via online platforms, and manage more than £5.3billion, independent research data has shown. Also, the time it is taking investors to access their funds is taking longer than usual. reviews. RateSetter is one of the largest lenders of its kind, known for introducing a peer-to-peer lending facility known as a “provision fund”. We may not offer the lounge service and marble foyer of your bank, but we exist for people who want rewarding investments. 722768). RateSetter is a British peer-to-peer lending company based in London, founded in 2009 and trading in the United Kingdom and (from 2014) through a locally-owned and run business in Australia. Its business practices are still under the microscope. Coronavirus has sent many stocks into a tailspin. Please see our Privacy Notice for details of your data protection rights. On 3 August we announced that Metro Bank and RateSetter had agreed for Metro Bank to acquire RateSetter, with the acquisition being subject to regulatory approval.
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