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RateSetter
Consumer lending platform
- 101-200 employees
- B2C
- Payments
- Lending
- Financial Services
- City of London, London, UK
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Company mission
RateSetter's mission is to be a leading lender at scale.
Our take
After its founding, RateSetter grew to be the UK’s most popular P2P platform, attracting over three quarters of a million investors and borrowers. The platform allows users to lend and borrow directly from each other.
RateSetter differentiates itself in the market by allowing its users to set their own interest rates in each transaction. Moreover, RateSetter does not hold deposits or loans on its balance sheet since it facilitates direct transactions between investors and borrowers. RateSetter is authorised and regulated by the FCA and it counts more than 750,000 users, which has originated £4 billion of lending.
The company was bought by Metro Bank for an initial £2.5m in August 2020, with up to £9.5m to be paid out at the end of the acquisition process. Metro Bank’s acquisition of RateSetter is part of its strategy to grow unsecured lending and in turn increase profits. It will continue to operate RateSetter as an independent platform with loans offered under both the RateSetter and Metro Bank brands.
Freddie
Company Specialist at Welcome to the Jungle
Benefits
- Holiday: 25 days holiday and 1 extra day off for each years' service up to a maximum of 5 additional days. There is also an option to buy an additional 5 days holiday
- Holiday Long Service: An extra day off for every five years' service
- Interest Free Season Ticket Loan
- Private Medical Cover through Vitality Health
- Life Insurance
- Employee Assistance Programme (EAP)
- Cycle to work scheme
- Free breakfast every Friday
- Paid Volunteer Day
- Social events: annual Christmas Party, quarterly team social budget and other events run by our social committee
- 25 days holiday (excl. bank holidays)
- Work from home opportunities
- Health insurance
Company values
- Openness
- Professionalism
- Simplicity
Funding (last 2 of 3 rounds)
May 2017
$17.2m
LATE VC
Mar 2015
$25.3m
LATE VC
Total funding: $55.2m
Leadership
Rhydian Lewis
(CEO)Studied Modern Languages at Bristol University. Previously Associate at Lazard for 6 years.