30 Great Guildford Street On 3 August we announced that Metro Bank and RateSetter had agreed for Metro Bank to acquire RateSetter, with the acquisition being subject to regulatory approval. Over 21s only. The move would push challenger bank Metro further into unsecured consumer lending. We’re very pleased to say that RateSetter has won the award for Best Loan Provider for loans of £2.5k or more at this year’s Consumer Credit Awards. See today's front and back pages, download the newspaper, In 2010, we founded RateSetter on that principle. Low rate personal loans, borrow between £1,000 and £25,000, Dealer finance for business growth, £25,000 to £500,000, Property development loans, £0.5 to £10 million, Connecting borrowers and investors, providing better value for all, Read more about RateSetter and peer to peer investing. By lending your money. The move would provide a “ready-made platform through which [Metro] could drive potentially quite profitable growth”. Invest tax-free in our Innovative Finance ISA, Make regular direct debit contributions using our Auto Invest feature, Fast response with no impact on your credit score, Based on John Cronin, an analyst at Goodbody, told the Financial Times the merger could have “compelling industrial logic”, depending on the price demanded by Ratesetter’s board. 722768). RateSetter Trustee Services Ltd. provides personal and business loans. We analysed the performance of mainstream investment classes in H1 2020. If the deal completes, it would mark the first time a high street bank in Britain has acquired a peer-to-peer lender. reviews. In our latest blog we speak to George Stancliffe who oversees RateSetter’s asset finance operations. The talks, first reported by Sky News late on Sunday, are at an early stage, the bank has said in response to media speculation. CEO Dan Frumkin, who has been tasked with the bank’s turnaround, seems to be mulling strengthening its lending facilities. Record GDP slump sets UK on course for worst downturn in Europe. RateSetter and Metro Bank: acquisition completes. 7075792) and our registered office is at 6th Floor, 55 Bishopsgate, London EC2N 3AS. Or a competitive loan. We may not offer the lounge service and marble foyer of your bank, but we exist for people who want rewarding investments. "There can be no certainty at this stage that a formal agreement will be reached, nor as to the terms of any agreement. Company profile page for RateSetter Trustee Services Ltd including stock price, company news, press releases, executives, board members, and contact information Ratesetter Review: My experiences so far. Metro Bank’s share price had plunged nearly six percent in early trading. View RateSetter stock / share price, financials, funding rounds, investors and more at … We use cookies to manage our website. Authorised and regulated by the Financial Conduct Authority (Ref. Developer of a peer-to-peer lending platform intended to help lenders manage the risk of borrower's default. How much interest can you earn with Ratesetter? All rights reserved. © RateSetter 2010 - 2020. Home of the Daily and Sunday Express. Today we are pleased to confirm that the transaction has completed. A statement released by the company said: “The company regularly assesses various opportunities in the market. newspaper archive. RateSetter is a British peer-to-peer lending company based in London, founded in 2009 and trading in the United Kingdom and (from 2014) through a locally-owned and run business in Australia. Following the Covid-19 outbreak and the current economic environment, RateSetter announced on 4 May a temporary reduction in interest for the remainder of the year. In the latest blog in our ‘Inside RateSetter’ series we talk to Anna Decoudu, RateSetter’s Head of Consumer Finance. Its business practices are still under the microscope. RateSetter Trustee Services is based in the United Kingdom. 7075792) and our registered office is at 6th Floor, 55 Bishopsgate, London EC2N 3AS. Please see our Privacy Notice for details of your data protection rights. We believe that your money should work for you instead of someone else. Rumours have been circulating since April that RateSetter would opt for a merger. Metro lost £130m last year so the deal could be seen as crucial to its recovery. RateSetter’s low sale price to Metro Bank has led analysts to query whether the peer-to-peer lender was under pressure to do a deal. The nature of Ratesetter is that the rates on offer are always shifting, based on levels of supply and demand on the marketplace. Coronavirus has sent many stocks into a tailspin. RateSetter is a trading name of Retail Money Market Ltd (Company No. 406 Great Guildford Bus Square A further announcement will be made if and when appropriate.”, READ MORE: Debenhams closing: More stores to close permanently. These match lenders with borrowers via online platforms, and manage more than £5.3billion, independent research data has shown. Comparing performance of investment classes in H1 2020. London, SE1 0HS There are no... RateSetter wins award for consumer credit. We created a peer-to-peer platform to connect those who have money to invest with those who want to borrow it. Authorised and regulated by the Financial Conduct Authority (Ref. Loans are subject to status and affordability, the rate and fee you pay will depend on your credit profile. It was hit hard by an accounting scandal last year, which sent its share price tumbling, wiping around 90 percent of its market value. Also, the time it is taking investors to access their funds is taking longer than usual. The downside case forecast is that in 2020: UK unemployment rises to 5.4%; real earnings fall 0.8%; and house prices … We will use your email address only for sending you newsletters. Anna, tell us about your background in consumer finance After studying econometrics, I started my career at Capital One and worked... RateSetter is a trading name of Retail Money Market Ltd (Company No. Ratesetter made a post-tax loss of £4.2m for the year ending March 31st, 2019. Carry on browsing if you're happy with our cookie policy. RateSetter annual revenue was £33.20 m in FY 2019. Make the most of your money by signing up to our newsletter for. RateSetter is one of the largest lenders of its kind, known for introducing a peer-to-peer lending facility known as a “provision fund”. Today Metro Bank has announced that it is acquiring RateSetter. The economic data points we look at with regards to the performance outlook for the RateSetter loan portfolio are unemployment, real earnings and house prices. order back issues and use the historic Daily Express Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. It was a tough 12 months for the bank as the misreporting scandal went hand in hand with criticism of its governance. Metro is one of the banks that was set up in the wake of the 2008 financial crisis to challenge heavyweights such as RBS and Barclays. The UK business was acquired by Metro Bank in September 2020.. At the time of writing though, the rates are: Rolling market: 3.4%; 1-year market: 3.8%; 5-year market: 5.2% RateSetter General Information Description. Debenhams closing: More stores to close permanently, Savings account rates: Post Office options revealed, UK property warning: First-time buyers risk being frozen out of market, UK economy plummets and won't recover for THREE years – new forecast, EU approves £12BN of projects including Indian metro line, Brexit is a REVOLT against the establishment, says Metro Bank boss, Metro Bank share price: WhatsApp HOAX behind panic. Earlier this year, we confirmed that RateSetter was exploring strategic options to ensure our continued growth. RateSetter has raised $63.52 m in total funding. I have been investing in Ratesetter’s loans since early 2015. Sources told Sky News that if talks progress, the transaction could go through next month. During th... Our ‘Inside RateSetter’ series has covered consumer finance and property finance. Ever wondered how your bank makes money? Since 4 May 2020 investors have only been receiving 50% of interest, with the other 50% going to the Provision Fund, for the protection of all investors. Sources told Sky News on Sunday that if talks progress successfully, the transaction could go through as early as next month. Ratesetter’s Company Financials. Metro Bank share price plunges as it enters exclusive talks with RateSetter METRO BANK has entered exclusive talks with peer-to-peer lender RateSetter as it weighs expansion. 722768). Reuters reported that the growth of peer-to-peer lending firms have grown steadily since 2005. Express. This will be the case until further notice and reviewed every quarter. It is now hovering 5.6 percent below its opening price. Company accounts can be seen here. DON'T MISSSavings account rates: Post Office options revealed [REVEALED]UK property warning: First-time buyers risk being frozen out of market [WARNING]UK economy plummets and won't recover for THREE years – new forecast [NEW FIGURES]. The Company offers loans for cars, expanding businesses, home improvements and paying off credit cards. United Kingdom.