RateSetter completes $10.5m capital raising

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]