UK peer-to-peer (P2P) lender RateSetter forged ahead in September, matching over GBP30m in loans.
The figure was the largest amount ever lent in a single month by any UK P2P lender, and continued a run of new record volumes for each of the last five months. This has helped RateSetter to secure the highest market share (19 per cent) of the platforms over the last three months.
Some GBP8m of this was in the first week of September alone. This compares with GBP7.4m lent in the first 12 months of operation.
Although P2P lending is a relatively recent phenomenon, the sector is beginning to expand. Of the GBP2bn cumulative amount lent in the UK, over GBP1bn of it has been in 2014. It is expected to pass GBP45bn within a decade.
Rhydian Lewis, founder and chief executive of RateSetter, says: “We’re delighted to be hitting these fantastic milestones as we celebrate our fourth birthday as the UK’s number one P2P lender.
“We are proud of how far the business has developed since launch and how it has been embraced by retail savers and borrowers looking for a better deal. P2P is a bottom-up movement that is heading mainstream.”
