More than 50,000 people have invested or borrowed through the platform
Metro Bank has agreed to acquire RateSetter for an initial price of £2.5 million. The bank will pay £0.5 million over 12 months after completion subject to the satisfaction of certain criteria and £9 million payable on the third anniversary of the completion of the transaction.
RateSetter will operate as an independent platform and originate loans under both the RateSetter and Metro Bank brands.
Metro Bank will use its deposit base to fund new unsecured personal loans originated via the RateSetter platform on the bank’s balance sheet.
We’ve reported that Metro Bank has opened its 76th store in Cardiff on Newport Road, bringing Wales its first drive-thru banking experience.