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RateSetter seeks to ‘dive deeper’ into broker channel

by Francesca Krakue4 minute read

The CEO of P2P lender RateSetter has emphasised that the fintech is looking to ramp up its collaboration with brokers as the channel is seen as “a great way to gain market share” from the big four.

Speaking to The Adviser, RateSetter Australia CEO Daniel Foggo said that one of the main goals for the P2P lender this year is to “dive deeper” into the broker channel.

“We have hired a full broker coverage team, and we see this channel as being really important going forward, so we're investing heavily in the technology and the people to make sure that we've got a really fantastic offering for brokers,” he explained.

Mr Foggo elaborated that collaborating with brokers has been proven to be a “great way to gain market share” for lenders who want to compete with the big four.

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“It's something we really believe in,” he said. “RateSetter in the UK has always been active in the broker channel and we certainly see it as being really important in Australia.”

From brokers’ perspective, Mr Foggo highlighted that lenders like RateSetter can help them diversify the range of products they can offer, which can provide another reason to speak to their customers.

“A lot of brokers in Australia don't offer personal loans to their customers, but now there is a new option for them with players like RateSetter where they can, with relatively low effort, diversify their revenue stream and earn more money,” he elaborated.

“It's really about finding another reason to be speaking to the customer, making sure that they can provide a more fulsome product offering to that customer and diversify their revenue stream.”

The lender, which offers borrowers low interest rate secured and unsecured personal loans, expects to triple its loan volumes this year, according to Mr Foggo.

“We’ve now got just under 6,000 lenders on our platform, which goes to show that P2P lending is starting to move to the mainstream for investors in Australia,” he concluded.

[Related: ‘Strong broker relationships’ help drive new record for lender]

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