Home / Tech / Fintech lender RateSetter lands FTSE 100 heavyweight as new chairman

Fintech lender RateSetter lands FTSE 100 heavyweight as new chairman


Prudential Plc Chairman Paul Manduca (L) speaks beside CT Corp CEO Frederik Ferdinand Seegers during the Asian Financial Forum in Hong Kong Jan 14, 2013.
Prudential
Chairman Paul Manduca.


REUTERS/Bobby
Yip


LONDON — The management of global insurance hulk Prudential is
joining to house of online lender RateSetter as non-executive
chairman.

Paul Manduca will join the house of the peer-to-peer lender in
Jun and will turn chair on Jul 17 when stream management Alan
Hughes’ three-year term expires.

The appointment represents a manoeuvre for RateSetter. Manduca is a
timeless figure in the City, as the first CEO of
Threadneedle Asset Management, and the former CEO of Rothschild
Asset Management and Deutsche Asset Management. As good as
chairing Prudential, he now chairs the Advisory Council of
successful run organisation TheCityUK.

The appointment of a maestro of open markets will likely fuel
conjecture that RateSetter could shortly demeanour to list on the stock
market. Manduca says in a matter announcing his appointment
that he “look[s] brazen to assisting the company embark on this
new proviso in its development.”

RateSetter, founded in 2010, is one of the UK’s 3 big
peer-to-peer lenders. Its height connects consumers looking to
steal income online with savers who wish to lend their income out
at appealing rates of return. By joining the two, RateSetter
cuts out banks and other middlemen who have traditionally sat in
between.

Close to £2 billion has been lent over RateSetter’s platform
given launch and it has over 300,000 active investors and
borrowers on its platform.

Manduca says in a statement: “Lending as an item category has
always been a virtual corner for the banks and for the first
time it is being non-stop up to typical investors, which is good
for financier earnings and for the UK economy.”

Rhydian Lewis, RateSetter’s founder and CEO, says in a statement:
“I am gay that a figure with Paul’s status has concluded to
turn Chairman of RateSetter at this critical new proviso in our
development. RateSetter is giving typical investors the
event to earn some-more and borrowers an event to look
over their bank.

“Paul’s knowledge in item management, his repute as a
business builder and his management in good governance can help us
enormously in the end to make RateSetter a benchmark brand
in lending and borrowing.”

RateSetter has lifted over £30 million to date from investors
including star City fund manager Neil Woodford and fund manager
Artemis.

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