RateSetter Australia rebrands as Plenti

RateSetter Australia has rebranded in the wake of the separate UK brand’s acquisition by Metro Bank.

Metro Bank agreed a deal to solely fund unsecured consumer loans through RateSetter’s platform last week, subject to regulatory approval.

RateSetter Australia wasn’t included in the transaction and it will continue to be retained by its shareholders.

It has started the process of separation though with the launch of a new brand name, Plenti.

Read more: Why is Metro Bank eyeing RateSetter?

Sebastian Paulin, head of marketing for RateSetter Australia, said the name reflects its wider focus on consumer finance.

“We are a very different business than when we started out five years ago,” he said.

“We have launched new loan products like our award-winning car and green loans, nurtured strong relationships with new partners including loan brokers and renewable energy installers, and brought a diverse range of new investors on board to support our growth.

“Even though some changes have been hard, we think our customers trust us when we say that everything we do is to build a stronger and more resilient platform for growth – allowing us to continue to deliver better value and service.”

Paulin said the platform wanted its identity to reflect its ambitions rather than its origins.

Read more: RateSetter Australia IPO queried after Metro Bank deal