RateSetter passes £250m milestone for business loans
Marketplace lending platform RateSetter has now lent more than £250m to UK businesses. The milestone comes after a number of significant recent developments for RateSetter’s business lending proposition, including senior hires, revised lending limits and investment from the Government-backed British Business Bank.
Paul Marston, RateSetter’s head of commercial finance divisions commented:
“£250m is a great milestone, and there’s more to come. Commercial lending is one of the fastest-growing areas of our business, and that’s because there’s a genuine need: the market for SME finance is not fit for purpose and businesses are still being let down by the banks. The faster the SME receives their loan, the faster it can be put to good use.
“There’s an exciting and significant opportunity for forward-thinking companies like RateSetter to provide the desperately needed finance that will enable UK SMEs to grow and improve their productivity. With great tech and great people we’re building up a first class business lending team with experienced senior hires, putting ourselves in an excellent position to take our business lending to another level.”