Peer-to-peer online platform RateSetter has said it expects to pass £50m in total loans placed by early 2013.
Speaking to Motor Finance in December, Peter Behrens and Simon Hawtin, chief operating officer and marketing executive at RateSetter, said the company had found a home for £45m of loans in just over two years of operation.
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The company placed £3.6m of loans in October, taking it past the £40m mark, 46% of which RateSetter estimated was for car purchases.
Behrens and Hawtin said they were now speaking to car finance dealers to demonstrate the company’s product, which deals predominantly with the prime market and used cars, and turn them toward RateSetter to find funding for retail customers.
A full interview with Peter Behrens and Simon Hawtin will be published in the January issue of Motor Finance.
richard.brown@timetric.com
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