P2P lender's provision fund hits £3 million

The RateSetter Provision Fund was an industry first and has since moved towards being the industry standard. It now covers anticipated borrower default by more than 180%. To date, the company’s management of the fund has ensured that every RateSetter lender has received back every penny of their investment.

According to Rhydian Lewis, RateSetter founder and CEO, the growth of the fund makes RateSetter even stronger and brings increased confidence and peace of mind to more consumers.

He said:

“Knowing that your money is protected is the most important factor as a saver. The Provision Fund growing in strength provides further confidence to savers looking to move their money from low interest savings accounts to high interest peer-to-peer lenders like RateSetter.”