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RateSetter to ‘accelerate’ broker strategy with new appointment

by Reporter11 minute read
Mark Woolnough

Peer-to-peer lender RateSetter has confirmed that it has hired ING’s former head of third-party distribution and direct mortgages to “accelerate” its own broker strategy.

Last week, The Adviser broke the story that Mark Woolnough had left his role at ING after 18 years at the lender to join the fintech RateSetter.

It has now been confirmed by RateSetter that Mr Woolnough has joined its ranks as head of third-party distribution.

The fintech, which was founded in the UK in 2009 and was established in Australia in 2012 before launching to the Australian public in 2014, connects investors with borrowers to provide a range of loan products, including personal, automotive and green loans.


It said that the appointment was a “major win” for the company and would help “supercharge RateSetter’s fast-growing presence in the broker channel”.

RateSetter Australia’s CEO, Daniel Foggo, commented: “We’re delighted to make such a high-calibre appointment to our leadership team.

“Mark brings deep experience in Australia’s financial service sector with a proven capacity to shape strategy and guide the growth of distribution channels.

“His contribution will be critical as we deliver the benefits of P2P lending to Australian consumers through our broker partners.”

Speaking publicly about his new role, Mr Woolnough said: “I’m very excited to be joining RateSetter at such a crucial time in the financial services industry. Having worked extensively with Australia’s mortgage brokers, I know there is a huge opportunity to help brokers diversify their offering and provide a true alternative for Australian consumers.”

The new head of third-party distribution outlined the range of products available through RateSetter, adding: “RateSetter’s low-rate loans give brokers a better and fairer way to help their clients achieve their financial goals while helping [them] diversify and grow their own businesses.”

The P2P lender has been extending its reach into the third-party space recently, having signed partnerships with several aggregator and broker groups including Connective, Finsure and Loankit.

RateSetter said that it expects to announce additional partnerships over the coming weeks.

Mr Foggo added: “It’s our mission to give all creditworthy Australian borrowers a better value alternative to traditional lenders, and partnerships with leading brokers are an incredibly important part of how we’re going to accomplish this.

“By offering brokers highly competitive rates, a simple, flexible product and excellent support, we will give borrowers a better deal while helping brokers grow their businesses.

“Mark’s appointment, along with continued investment in our business development and support teams, will ensure we continue to deliver amazing service and value to our broker partners.”

The new appointment adds to RateSetter’s roster of high-profile appointments. Last year, ING’s former CEO of Australia and Banking Asia, Vaughn Richtor, also joined RateSetter as chairman of the board.

ING’s national sales manager, Ray Esho, is temporarily filling the role of head of third-party distribution and direct mortgages at ING while the non-major lender recruits for a replacement for Mr Woolnough.

[Related: RateSetter seeks to ‘dive deeper’ into broker channel]

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