Lender RateSetter Australia has rebranded as Plenti, following the sale of RateSetter in the United Kingdom to Metro Bank.
The local business is 13 per cent owned by RateSetter UK but is not part of the Metro Bank deal. RateSetter UK’s stake will be held by UK investors and will not be transferred to Metro Bank.
The business is unchanged, offering a range of personal loans, car loans and green loans (for solar panels and home batteries).
RateSetter was established in Australia in 2014 as a peer-to-peer lender. It still offers P2P lending but it has a more diversified funding base these days, including banks, a super fund, fixed income funds, the Clean Energy Finance Corporation and a warehouse.
The value of the loan book is currently around A$400 million and the company’s provision fund, which covers loan losses, is currently around $17.4 million – 144 per cent of expected credit losses.