RateSetter valued at ?200m following new ?13m round

Peer-to-peer (P2P) lender RateSetter has picked up ?13m in a new round of funding from existing backers.

The new investment comes from Woodford Investment Management and Artemis. It values the London-based company more than ?200m.

RateSetter claims since its launch in 2010 all the investors on its platform have seen returns on the loans they financed.

The company counts more than 352,000 borrowers to date with more than ?680m lent last year alone.

The new funding will be used to launch the company Innovative Finance ISA, a service allowing consumers to hold P2P loans in an ISA.

Rival P2P lender Zopa last week announced it will launch its own Innovative Finance ISA in June pending HMRC approval.

The round brings RateSetter total funding to more than $63m with it previously picking up ?20m in March 2015.

Company founder and CEO Rhydian Lewis commented: “It is important to keep up the momentum of investing in our platform.

?This further injection of capital, coupled with the appointment of Paul Manduca as chairman, lays the ground for an important new phase of development for our business.”

Copyright ? 2017 FinTech Global

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