RateSetter Australia is a peer-to-peer lending platform offering personal loans from $2,001 to $45,000 on terms of six months to five years for uses including debt consolidation, car purchases, green loans, self-employed loans, weddings and medical financing. The platform uses a Provision Fund designed to ensure investors receive principal and interest payments in full, reducing borrower‑repayment risk. The company reports 8,000 registered investors — claimed to be 15× more than the next largest Australian lending platform — and funded $12m across more than 1,000 loans in the prior month. RateSetter has facilitated $150 million in loans, a 50% increase over the previous five months, and says it became the largest peer-to-peer lender in Australia by number of lenders and by number and value of loans funded each month. The business is run separately from its UK sister company and plans to use new equity to support its customer base, build an alternative to the banking model and pursue expansion.

Total raised

$11M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2017