Over 50,000 investors registered with RateSetter

Over 50,000 investors register with RateSetter

Peer-to-peer lending platform RateSetter has announced it now has over 50,000 investors.

This was just one of a number of milestones that RateSetter has recently reached, including collecting £1bn of repayments, investors having now earned more than £60m in total interest and more than £1.75bn of loans being delivered to borrowers across the UK.

Commenting on the repayment landmark, Rhydian Lewis, RateSetter CEO and co-founder, said: “While it’s easy to focus on lending volumes, what matters in the long term is that platforms demonstrate that they’re lending to good borrowers who pay back, which is why we’re so proud of this milestone.

“To have collected £1bn back in is a good indicator of the quality of our lending.” 

In November last year, RateSetter announced it was implementing new lender terms which came into effect on 1st March.

The lending platform has also revealed it is unable to provide an indication of when it will be launching its Innovative Finance Isa.

A spokesperson for RateSetter said: “Some lenders have asked us for an update on the Innovative Finance Isa.

“The largest peer-to-peer lending platforms are working with our regulator, the Financial Conduct Authority, to receive full regulatory authorisation as soon as possible – this is required before we can launch our Isa.

“Unfortunately, there's no deadline for this, so we’re unable to give a reliable indication of timings, but we will, of course, provide more information as soon as we are able to do so.”

Last month, the platform announced it had partnered with a Facebook chatbot to allow users to invest via messenger.

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