Leading peer-to-peer lender RateSetter has announced that it has crossed the £2 billion milestone, with over 50% of that total coming since the beginning of 2016.
About £1.3 billion has been lent to individuals with the remaining £700 million going to businesses. The platform has over 430,000 customers which is more than any other peer-to-peer lender in the UK.
“Less than seven years ago, we wrote the first RateSetter loan from my living room. It has been fantastic to see the development of the business since and this £2 billion milestone is an exciting moment for RateSetter, as we continue to experience strong growth,” said CEO Rhydian Lewis.
“Of course, the real measure of good lending is whether loans perform and money is repaid. I am delighted that £1.3 billion has been repaid to date, delivering more than £76 million in interest to people across the country who lend through RateSetter’s platform.”
RateSetter sits among the ‘Big Three’ UK peer-to-peer lenders alongside Funding Circle and Zopa, both of which have also leant over £2 billion since their inception.