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RateSetter, founded in 2010, has originated £4b of lending over 750k people have invested or borrowed through the platform. For FY 2019, revenue was £33m, a pre-tax loss of £8 million and gross assets of £42 million.
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Pending approval by U.K. regulators, Metro Bank is acquiring RateSetter for an initial price of £2.5 million, with “additional consideration” of up to £0.5 million payable 12 months after completion. Upon the satisfaction of various performance criteria, the bank will then pay an additional £9 million on the acquisition’s third anniversary.
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