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Ratesetter is bought by Metrobank

The purchase of Ratesetter by Metrobank is the biggest acquisition in the peer 2 peer finance market.

The price paid was for an initial consideration of £2.5m, with up to £9.5m to be paid out after the deal has been completed.

RateSetter will continue to operate as an independent platform under the Metro Bank banner.

Following completion of the acquisition Metro Bank will fund RateSetter’s unsecured personal loans while secured lending commitments will be funded by the platform’s P2P.

Over the last few years Ratesetter has been selling off its non performing assets. In December 2016, the platform sold £2.1m-worth of non-performing loans to specialist debt purchaser 1st Credit, in what was said to be the first deal of its kind by a UK P2P lender.