Member Article

RateSetter's latest funding round has placed a £200m valuation on the P2P lender

Peer to peer lender RateSetter has closed a £13m funding round led by Neil Woodford and Edinburgh-headquartered fund manager Artemis.

The funding sees both investors increase their backing for the firm, which has forged ahead as one of the market leaders in the alternative finance space since its launch back in 2010, and comes just days after RateSetter received full authorisation from the FCA along with its Funding Circle and Zopa.

The lender has now overseen almost £2bn-worth of loans on its platform which puts potential individual lenders in touch with small businesses and entrepreneurs looking to lend cash to grow their businesses.

Following the latest funding round, which places a £200m valuation on the business, Chief Executive and Founder, Rhydian Lewis, said: “It is important to keep up the momentum of investing in our platform and this further injection of capital, coupled with the appointment of Paul Manduca as chairman, lays the ground for an important new phase of development for our business.”

The appointment of Prudential Chairman Manduca along with this cash injection has further fanned the flames that RateSetter is gearing up for a public listing, something which Lewis said is on the cards was ‘not imminent’ according to The Times.

Lewis added: “There has never been more confidence in RateSetter’s future – we have already delivered more than £70m in interest to our lenders and, as we continue to scale up, we look forward to delivering even more impressive results.”

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