RateSetter.com enjoys 100% growth in 6 months

The company has now matched over £20m in personal loans – a figure that has doubled in only six months.

RateSetter launched in October 2010, six years after the industry leader, bringing a crucial innovation in the form of the Provision Fund, a compensation pot which has ensured every saver has received every penny; a unique feat in peer-to-peer lending.

RateSetter’s figures suggest that growth is set to continue: RateSetter matched £10m in its first year of business, and the next £10m has followed in just six months, with the business now matching over £2m every month.  RateSetter has more than 100,000 registered users, with savers enjoying average rates between 4.3% for a monthly access account and an impressive 7.5% on its five-year fixed income product.

RateSetter founder and CEO Rhydian Lewis said:

"This exponential growth demonstrates that peer-to-peer is working. The traditional route to a loan of calling your bank manager is over: increasingly someone looking for a personal loan is more likely to check a price comparison site and then take out a peer-to-peer loan.

"RateSetter’s growth is a reflection of both shifting trends towards alternative finance as well as recognition of the value and service they can achieve borrowing and lending through RateSetter.”