The Australian Retail Credit Association (ARCA) has welcomed peer-to-peer lender RateSetter as its newest member.
ARCA chief executive Damian Paull said the move reflected the recent rise in P2P and other alternative lending models.
“We’re excited to have the perspective of an emerging credit provider at the table, especially in such a dynamic segment of the market,” he said.
“ARCA membership will support RateSetter to take a proactive leadership role in credit reporting and join existing members to improve the system for the benefit of industry and consumers.”
RateSetter CEO Daniel Foggo said the P2P lender was committed to achieving positive change in the Australian retail credit industry.
“ARCA provides a strong and trusted voice that speaks on behalf of many credit organisations. As Australia’s first company to provide peer-to-peer lending to retail savers and investors, RateSetter is thrilled to join other leading credit providers as a member of ARCA,” he said.
RateSetter is the first provider to join ARCA under its new Tier Four membership category designed for smaller and emerging credit providers.