Plum uses artificial intelligence to suggest and automate savings for its customers; the RateSetter Plum partnership will add a new savings option for Plum customers; through the platform customers can now choose to automate investment to a RateSetter account with an average return of approximately 4.7%. Source
RateSetter has sold non-performing debt to debt purchaser 1st Credit; source says the sale was for 2.1 million British pounds ($2.6 million) of non-performing loans originated between 2010 and 2015; the sale goes beyond the company's standard plans for default collection and coverage which include support from one of the industry's most well-known provision funds; the RateSetter Provision Fund promises to cover defaults for borrowers and is valued at approximately 22 million British pounds ($27.2 million); with expected losses of approximately 19 million British pounds ($23.5 million) it currently has a coverage ratio of 118%. Source
One of the top three P2P platforms in the UK loses their new chief risk officer only six months after he was initially hired; Cyrille Salle de Chou, who initially came from Lloyd's Banking Group, is now headed to HSBC to be the chief risk officer of their European retail business; Salle de Chou told the Financial Times: "[It is] a great opportunity I could not refuse. Not a sign of concerns re RateSetter. I thoroughly enjoyed my time at RateSetter." Source
Metro Bank is in talks to acquire one of the largest p2p lenders in the UK in RateSetter; according to...
Retail investor money in p2p lending has been slowly eroding for the last few years, but the UK’s p2p lenders...
The largest p2p lenders in the UK all started off with the same idea, but what’s interesting is they have...
The Financial Times has released their annual ranking of the fastest growing companies in Europe; the list features some household...
RateSetter saw pre tax losses jump to $31mn from $7.1mn due to a bad loan to an advertising company; RateSetter also saw revenues jump by 38 percent as well as increases in customers and borrowers; the bad loan was absorbed by the lender as they explained it fell outside their credit policy and it was unfair to put the losses on their investors. Source.
RateSetter is ending its wholesale loan program after discussions with the Financial Conduct Authority; the Financial Conduct Authority has requested P2P lenders not undertake wholesale lending which provides loan capital to other businesses and financial institutions specifically for the purpose of lending; in 2016, RateSetter reported 114,347,646 British pounds ($142,591,515) in wholesale lending. Source
RateSetter has created a new committee to monitor and report on expected losses providing increased transparency for the firm; the committee will include RateSetter's CEO, CFO and various other directors of consumer and commercial credit risk; the committee will provide quarterly reporting on expected losses for the board of directors and also plans to publicly disclose data on its website; additionally the firm plans to enhance its performance reporting with more details on materialized and expected losses; overall, new initiatives around risk monitoring are an effort to more accurately analyze and manage risk following higher than expected losses from loans in 2014 and 2015. Source