Peter Behrens

P2P lender acquires two specialist finance businesses

Peer-to-peer (P2P) lender RateSetter has acquired two specialist motor finance businesses.

Motor purchase specialist Vehicle Credit Limited and car dealership financer Vehicle Stocking Limited were purchased out of their parent company’s administration.

RateSetter previously provided wholesale finance to the businesses and the pair will now be rebranded to deliver secured finance directly to their customers.

Peter Behrens, chief operating officer at RateSetter (pictured above), said: “Our focus on direct lending supports our goal of delivering excellent risk-adjusted returns for investors and attractive finance to borrowers.

“To achieve this, we have invested in our direct origination capabilities by bolstering our in-house expert lending teams.

“Today’s announcement builds on this – by extending our direct distribution network we build closer relationships with our borrowers and create more opportunities for future growth.”

The announcement was accompanied by news that RateSetter had widened its direct lending distribution network through a partnership with guarantor lending platform George Banco.

RateSetter will now lend directly to George Banco’s 10,000-strong customer base, with the platform acting as introducer.

RateSetter has also acquired an equity stake in the company.

Marc Howells, CEO at George Banco, added: “We are delighted to enter into this new partnership with RateSetter which will support the sustainable growth of our business and help us responsibly meet the needs of our customers.”

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