Peer-to-peer lending platform RateSetter has appointed five business finance relationship managers, signalling its intention to step up its support for businesses across the UK.

The new managers, and their respective regions, are:

• Andy Heaton, North West England
• David Hales, Hampshire and surrounding counties
• Lee Ford, Wales and South West England
• Mark Storey, North East England and Yorkshire
• Raj Chahal, East Midlands

RateSetter has now lent more than £250m to UK businesses, but it has identified several key regions where it believes that creditworthy SMEs are significantly underserved.

The relationship managers join from companies including Metro Bank, Bibby Financial Services and RBS.

RateSetter offers loans from £25,000 to £2m, with terms of three months to five years. All loan purposes are considered, and RateSetter provides a lending decision within two days in principle – with funds typically available within ten days.

Since the start of the year, RateSetter has brought in a number of experienced senior business finance experts in a move to boost its SME lending capabilities.

Brian Cartwright, RateSetter’s Head of Business Finance commented: “These new relationship managers are a great addition to our team. Businesses and introducers want to talk to someone knowledgeable who can give them a straight answer and help where required – with great tech and great people we’re building up a first-class business team and providing finance which will enable UK SMEs to grow and increase their productivity

Notes to editors
For further information please contact:
Luke O’Mahony
PR manager, RateSetter
020 3735 7344 or 07799 474 403

RateSetter is one of the UK’s largest marketplace lenders, and has lent more than £1.3bn to UK individuals, businesses and property developers, including £500m in 2015 alone.

The platform offers a ground-breaking proposition that allows retail, institutional and corporate lenders to invest at interest rates set in an open market. RateSetter’s market rates can be found here. RateSetter is not covered by the FSCS and capital is at risk. RateSetter’s £17m Provision Fund has ensured that no individual investor has ever lost a penny since RateSetter launched in 2010 - a unique feat amongst the major platforms in the industry. All borrowers pay into the Provision Fund, which repays investors in the event that a borrower misses a payment.

In 2014, RateSetter became the first marketplace lender to launch with a retail license in Australia. In December 2015, the platform won Best Peer-to-Peer Lender in the FT and Investors Chronicle Wealth Management Awards for the second year running. RateSetter was the highest-rated platform by Which? readers in 2015 and 2016.

RateSetter is authorised and regulated by the Financial Conduct Authority.

More info is available at
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