This month we completed a $10.5 million capital raising, led by private equity investor Five V Capital, with additional support from our existing shareholders and other professional investors.
Adrian Mackenzie, founder and partner of Five V Capital, will join the RateSetter board, which recently expanded to include former ING Direct CEO Vaughn Richtor.
This capital raising provides a strong endorsement of the progress we have made to date in building a mainstream alternative to the bank model of investing and borrowing in Australia.
It is also significant that this capital raising was completed at the same time RateSetter became the largest peer-to-peer lender in Australia by number and value of loans funded each month, as well as the number of lenders.
Five V Capital invests in mid-market Australian and New Zealand businesses with strong growth potential. Commenting on its investment in RateSetter, Adrian Mackenzie said:
“We are very pleased and excited to be part of the RateSetter journey, joining a very strong shareholder base including Carsales, Stratton Finance and RateSetter UK. Driven by an excellent management team, a leading technology platform and very compelling value propostion to borrowers and lenders alike, RateSetter is very well placed to take advantage of tectonic shifts in how consumers and small businesses will invest and borrow.”
He continued, "RateSetter’s management team has taken a very considered approach to growth since launching in 2014, while still driving the business to become the leading peer-to-peer lender in Australia. This additional capital will help the management team leverage the strong foundations they have laid to date to continue to grow the customer base and accelerate growth.”We are delighted to welcome Adrian and Five V Capital to the RateSetter team.