The peer-to-peer (P2P) firm now claims to be the largest online retail money market in the world having reached the milestone in record time for a UK lending platform.
Rhydian Lewis, CEO and Founder of RateSetter, said: “From the start, our objective has been to disrupt the way people view interest rates in this country.
“We have started a quiet revolution, a step change in transparency on a fundamental price point in people’s everyday lives, with interest rates set by the crowd, not by the banks.”
Over 30,000 customers lend money through RateSetter and the number of active borrowers stands at over 185,000.
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