Metro Bank acquires RateSetter

Tuesday 4 August 2020 11:04 CET | News

Metro Bank has announced its intention to purchase peer-to-peer lender RateSetter for up to USD 15.6 million.

Pending approval by UK regulators, Metro Bank is acquiring RateSetter for an initial price of USD 3.2 million, with ‘additional consideration’ of up to USD 653.850 payable 12 months after completion. Upon the satisfaction of various performance criteria, the bank will then pay an additional USD 11.7 million on the acquisition’s third anniversary.

Metro Bank’s acquisition of RateSetter is part of its strategy to grow lending and in turn increase profits. It will continue to operate RateSetter as an independent platform and offer loans under both the RateSetter and Metro Bank brands. The bank will use its deposit base to fund all new unsecured personal loans originated via the RateSetter platform.

The acquisition does not include RateSetter’s holding in RateSetter Australia, which is being retained by RateSetter shareholders.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Metro Bank, banks, P2P, lender, RateSetter, UK, regulators, loans, Australia
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

Industry Events