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News

Popular UK bank acquires P2P platform

Aug 03, 2020

More than 50,000 people have invested or borrowed through the platform

Metro Bank

Popular UK bank acquires P2P platform. Source: unsplash.com

Metro Bank has agreed to acquire RateSetter for an initial price of ￡2.5 million. The bank will pay ￡0.5 million over 12 months after completion subject to the satisfaction of certain criteria and ￡9 million payable on the third anniversary of the completion of the transaction.

RateSetter will operate as an independent platform and originate loans under both the RateSetter and Metro Bank brands.

Metro Bank will use its deposit base to fund new unsecured personal loans originated via the RateSetter platform on the bank’s balance sheet.

The ability to enhance our offer of unsecured lending to our customers is an important strategic ambition as we continue to evolve the Bank and increase our returns. RateSetter is an established business with a strong technology platform and a talented team that has deep experience in the consumer unsecured lending market. This acquisition, therefore, accelerates our plans, helps us to better meet the needs of our customers, and further strengthens our position as the UK's best community bank
Daniel Frumkin, Chief Executive Officer at Metro Bank 

We’ve reported that Metro Bank?has opened?its 76th store in Cardiff on Newport Road, bringing Wales its first drive-thru banking experience.

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