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UK FinTech firm RateSetter raises £13m, brings valuation to £200m

RateSetter
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FinTech firm RateSetter has raised £13m in equity funding from its existing investors, valuing the firm at more than £200m.

The London-based peer-to-peer lending platform’s backers include Woodford Investment Management and Artemis.

According to a statement, RateSetter, which has so far raised over £40m in capital, will use the funds to scaleup ahead of launching its Innovative Finance ISA.

£195.6m in UK tech funding, the Taylor Review, WeWork’s huge Series G and more in The Week in Tech

Rhydian Lewis, founder and CEO of RateSetter, commented on the news.

“RateSetter is giving ordinary investors the opportunity to access better returns and borrowers the opportunity to look beyond their bank.

“It is important to keep up the momentum of investing in our platform and this further injection of capital, coupled with the appointment of Paul Manduca as chairman, lays the ground for an important new phase of development for our business,” said Lewis, noting that the platform had already delivered over £70m in interest to its lenders.

RateSetter launched in 2010 and previously raised £10m and £20m in venture funding in 2014 and 2015 respectively.

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