The 2017 Year in Review
In the last year we’ve seen some pretty important figures pass by – 7,500 registered lenders in July 2017, 12,500 unique loans in October and the important milestone of $200m in funds matched in December.
For the analytics team (and everyone at RateSetter), we don’t just see these as big round numbers or just another transaction on our platform – they each represent another step taken on the road to accomplishing our core mission: helping everyday Australians do better, together.
To celebrate a great year with our borrowers and lenders, I thought I’d take a look at some of the most significant digits of 2017.
Loans funded up 100% YoY
$126m – the value of loans funded via the RateSetter Lending Platform. This is up over 100% from the value funded in 2016.
Interest paid out up 129% YoY
We paid our investors over $7m in interest, which was an increase of 129% over 2016. This amount was supported by interest earned in our Green Loan lending market, which we were proud to launch during the year with the support of the Government’s Clean Energy Finance Corporation.
Provision Fund continued 100% compensation record
By the end of December 2017, our Provision Fund held more than $7.1m of cash, significantly above the $3.3m it held on 1 January 2017. The Provision Fund continued its 100% track record of compensating all investors for any borrower late payments or defaults during the year, and the coverage ratio over expected losses remained at over 170% at the end of the year.
New investors up 97% YoY
We experienced exceptionally strong growth in the number of investors and borrowers on our platform during the year. The number of registered investors increased by 75%, while the number of personal loans funded was up 97% over 2016. We now have substantially more investors and borrowers than any other marketplace lending platform in Australia, and consistently fund a greater value of loans each month.
Even more awards
Last of all, and perhaps most importantly, we received a swag of significant awards during the year, reflecting our commitment to you, our customers. Below are just some of the awards we received during 2017:
These awards stand alongside the more than 1,000 5 star reviews we’ve received from actual borrowers and lenders on ProductReview.com.au – making us one of, if not the highest-rated, financial institution in Australia. If you would like to share your experiences with RateSetter, we’d love you to leave a review.
The whole RateSetter team are very excited about what 2018 holds and we look forward to continuing to share the journey together.
Note: The above statistics represent the RateSetter Lending Platform only
This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.