Ratesetter raised £20 million in a new round of funding from Artemis and Woodford Investment Management, as well as previous shareholders Ken Costa and Charles Peel.
The peer-to-peer lender will use the new funding to bolster their technology platform, and to expand their team and marketing activities.
The company processed £293 million in loans in 2014 – nearly a quarter of the UK P2P lending market, which reached nearly £2 billion last year. The market is growing rapidly, with the likes of Zopa, Funding Circle and Assetz Capital competing with Ratesetter.
However, Ratesetter claims its stellar performance –which includes lending £110 million so far in 2015 – has made it the only P2P lender in the UK to have turned a profit.
“Peer-to-peer has created a new asset class, opening up the direct ownership of loans in the same way the stock market opens up share ownership,” said RateSetter founder and chief executive Rhydian Lewis.
“Our goal at Ratesetter is to become the biggest marketplace for savings and loans and for our interest rates to be seen as a new benchmark.”
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