Powered by MOMENTUM MEDIA
subscribe to our newsletter

RateSetter completes $10.5m capital raising

Private equity firm Five V Capital has led a $10.5 million capital raising for peer-to-peer lender RateSetter Australia.

Five V Capital has joined RateSetter's existing shareholders and additional professional investors in a $10.5 million capital raising for the fintech company.

As part of the deal, Five V Capital boss Adrian MacKenzie will join the RateSetter board, which recently added former ING Direct chief executive Vaughn Richtor to its ranks.

Mr MacKenzie said that he was "pleased and excited" to join a "very strong" shareholder base including Carsales, Stratton Finance and RateSetter UK.

"Driven by an excellent management team, a leading technology platform and very compelling value proposition to borrowers and lenders alike, RateSetter is very well placed to take advantage of tectonic shifts in how consumers and small businesses will invest and borrow," Mr MacKenzie said.

Advertisement
Advertisement

"RateSetter’s management team has taken a very considered approach to growth since launching in 2014, while still driving the business to become the leading peer-to-peer lender in Australia.

"This additional capital will help the management team leverage the strong foundations they have laid to date to continue to grow the customer base and accelerate growth."

RateSetter Australia has facilitated more than $150 million in loans — a figure that has doubled in the past five months.

[Related: Lenders crowned at Fintech business awards]

RateSetter completes $10.5m capital raising

PROMOTED CONTENT


>Five V Capital has joined RateSetter's existing shareholders and additional professional investors in a $10.5 million capital raising for the fintech company.

As part of the deal, Five V Capital boss Adrian MacKenzie will join the RateSetter board, which recently added former ING Direct chief executive Vaughn Richtor to its ranks.

Mr MacKenzie said that he was "pleased and excited" to join a "very strong" shareholder base including Carsales, Stratton Finance and RateSetter UK.

"Driven by an excellent management team, a leading technology platform and very compelling value proposition to borrowers and lenders alike, RateSetter is very well placed to take advantage of tectonic shifts in how consumers and small businesses will invest and borrow," Mr MacKenzie said.

"RateSetter’s management team has taken a very considered approach to growth since launching in 2014, while still driving the business to become the leading peer-to-peer lender in Australia.

"This additional capital will help the management team leverage the strong foundations they have laid to date to continue to grow the customer base and accelerate growth."

RateSetter Australia has facilitated more than $150 million in loans — a figure that has doubled in the past five months.

[Related: Lenders crowned at Fintech business awards]

RateSetter completes $10.5m capital raising
mortgagebusiness

Latest News

The prudential regulator has written to ADIs to ensure that they are proactively managing lending risks and focusing on lending standards am...

As it waits for APRA to approve its acquisition of MyLife MyFinance, Challenger has flagged plans to expand the bank’s lending remit to co...

Australia has the second-highest mortgage debt as a proportion of GDP among OECD nations, according to a new report. ...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.