RateSetter acquisition “conceived in extraordinary times”
Ratesetter’s acquisition by Metro Bank was “conceived in extraordinary times”, the platform’s chief executive Rhydian Lewis has said.
Speaking exclusively to Peer2Peer Finance News, Lewis (pictured) recalled the uncertainty of the first lockdown of the Covid-19 pandemic, revealing that the former peer-to-peer lending platform was on the cusp of a pre-initial public offering fundraise when the pandemic hit.
Read more: Board shake-up at RateSetter
“Timing matters in life and I think that RateSetter was somewhat unfortunate in this perfect storm by virtue of its plans,” Lewis said. “The funding of the business; the planning to raise money ahead of a listing – which had always been the plan – coincided almost to the day of the first lockdown.”
As a result, RateSetter’s priority shifted as the platform sought to protect its borrowers and investors to ensure that none of its customers lost any of their money.
Read more: RateSetter loans boost Metro Bank balance sheet
“It was a complex period,” added Lewis. “We acted in the interests of customers and stakeholders. And since then, since September 2020, it’s gone very well.”
Metro Bank completed its acquisition of RateSetter in September 2020. Lewis is now head of consumer lending at Metro Bank, and RateSetter recently achieved profitability for the first time during its first year as a Metro Bank brand.
Read the full interview with Lewis in the next issue of Peer2Peer Finance News, which comes out on 1 November.