Britain's RateSetter, currently planning peer-to-peer lending platform for Australia, also has its eyes on the NZ market

By Gareth Vaughan

British peer-to-peer lender RateSetter, currently preparing to launch in Australia, also has ambitions to enter the New Zealand market.

Daniel Foggo, a New Zealander who is RateSetter's Australia chief executive, told interest.co.nz the firm plans to come to New Zealand at some point.

"RateSetter is well informed about the New Zealand personal loan market and the regulations for P2P (peer-to-peer) lending which have been introduced," Foggo said. "We expect to launch in New Zealand, although our timing in this regard is still to be confirmed, as our focus at this time is our launch in Australia."

Foggo described peer-to-peer lending as an exciting industry that should provide "significant benefits" to New Zealand consumers.

"We would be pleased to speak to you about RateSetter and our New Zealand ambitions in due course."

Having launched in Britain in October 2010, earlier this month RateSetter said it aims to launch in Australia by mid-year, targeting the personal finance market dominated by the major banks. RateSetter's Australian website is here.

According to RateSetter's British website, £8 million of equity has been invested in the company to date. It also says it has more than 12,000 savers, has lent north of £215 million and "not a penny" has been lost since launch. The company says it has a provision fund to protect savers’ money.

The passing of the Financial Markets Conduct Act has opened the door for the development of peer-to-peer lending in New Zealand. Firms applying to the Financial Markets Authority for a licence to run a peer-to-peer lending platform include Harmoney, Lending Crowd, and Lendit.

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