Metro Bank & RateSetter
RateSetter is part of Metro Bank.
When Metro Bank acquired RateSetter in 2020, we became part of the Metro Bank family – joining them on their mission to be the best community bank.
A brief history of Metro Bank and RateSetter
Summer 2010
Metro Bank becomes the first new high street bank to open in the UK in over 100 years. Its stores are open 7 days a week (yes, even Sundays). You can walk in without an appointment and leave with a working account and a debit card.
Also in 2010, RateSetter is founded. As a revolutionary peer-to-peer platform, RateSetter connects investors with borrowers instead of holding deposits or loans itself.
August 2020
Metro Bank announces that it will acquire RateSetter, the UK's most popular retail peer-to-peer lender. This is a key move in the bank’s strategy to enhance returns by growing unsecured lending. Metro Bank will operate RateSetter as an independent platform, with new loans funded by the bank's deposits, rather than through peer-to-peer lending.
February 2021
Metro Bank completes the acquisition of the RateSetter loan portfolio, worth up to £384 million. All peer-to-peer accounts are closed from 2 April and investors have their capital repaid.
January 2023
Metro Bank launches a market-leading digital hire-purchase product, distributed via brokers under the RateSetter brand, to enter the sizeable and growing UK vehicle-financing market.
Daniel Frumkin, CEO, Metro Bank
“RateSetter has a strong platform and a talented team with deep experience in the consumer unsecured lending market. This partnership further strengthens our position as the UK's best community bank."
Richard Saulet, MD, Consumer Finance
"RateSetter is an important part of the Metro Bank family. Driven by market leading technology, RateSetter offers best in class products and supports Metro Bank by expanding its offering and meeting more customer needs."
Your RateSetter loan and Metro Bank
No, but it couldn’t be easier to manage your personal loan – you can do it 24/7 through your RateSetter online account. You’ll be able to access this as soon as you’ve completed your application.
We have a dedicated, UK-based team to help with any queries you may have. You can also contact our team at:
Email: [email protected].
Call: 020 3142 6226
It’s best to use your RateSetter account online to manage your loan where you can view and update your details, make extra payments and apply for additional funds.
You can also contact our Borrower Services Team.
Email: [email protected]
Call: 020 3142 6226