04 August 2020

Metro Bank acquires RateSetter  

Written By FinTech Alliance in P2P Lending

Metro Bank acquires RateSetter  

Metro Bank has announced it will buy RateSetter for up to £12mn.  

In Brief:  

  • RateSetter is a peer-to-peer lending platform.  

  • It won’t include RateSetter’s Australia platform which will remain owned by shareholders.  

  • RateSetter was founded in 2010 and has lent to more than 750,000 people.  

What does this mean?  

RateSetter won’t get the full potential amount straight away – reflecting the risky environment, Metro Bank will make the initial acquisition for £2.5mn, will pay up to £0.5mn 12 months after completion, then look to pay £9mn three years after the deal if certain criteria are fulfilled.  

Read more here.    

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