(PRWEB UK) 14 July 2014
RateSetter has announced a ground-breaking partnership with Pay4Later to enter the fast growing consumer point of sale finance market.
RateSetter was launched in October 2010 and is the largest UK peer-to-peer (P2P) lending platform by monthly volume. The company was a founding member of the Peer-to-Peer Finance Association and the first to introduce the concept of a Provision Fund, which protects savers’ money.
Pay4Later’s best-in-class consumer finance platform combined with RateSetter’s highly efficient and scalable lending model will enable more businesses to increase their sales by offering attractive finance options to their customers.
RateSetter will lend to customers in a number of industry sectors including Retail, Healthcare, Education & Training and Green Energy.
Peter Behrens, Co-founder and COO of RateSetter, said, “We are passionate about providing innovative consumer finance solutions that give businesses and customers more choice. Our partnership is another example of the strength of the UK’s FinTech industry and will further accelerate growth in the point of sale finance market.”
Scott Law, CEO of Pay4Later added, “It’s fantastic news for retailers that RateSetter is entering the point of sale finance market. We’re thrilled to partner with them to broaden the appeal of consumer finance to even more retailers”.
Founded in 2008, Pay4Later is the UK’s fastest growing provider of point of sale credit. Pay4Later enables retailers to offer point of sale finance solutions (including interest free credit) to their customers online, in-store and by email.
Designed from the ground up around a paperless e-signature process, Pay4Later redefines point of sale finance for the digital age. Now retailers can offer credit across all sales channels using existing payment infrastructure. Customers get an instant decision and can sign their credit agreement on screen. No paper forms, no waiting, no hassle.
Pay4Later is a complete one stop solution that brings retail finance back into mainstream UK retail by increasing sales and delivering a great customer experience.
Pay4Later authorised and regulated by the Financial Conduct Authority.
RateSetter is a pioneer with a ground-breaking proposition that lets savers and borrowers set the interest rates they want via a safe and fair online platform.
Its Provision Fund was the first of its type in the P2P industry in the UK to help protect savers against the risk of borrower default. It is also the largest at £6m and no saver has lost a penny since its 2010 launch, a unique feat amongst the major P2P platforms.
RateSetter is the future of the savings and loans market – no banks, low fees and market-beating rates. It has a range of market-beating savings rates over one month, one-, three- and five-years.
RateSetter is an entrepreneurial company, established in October 2010, with the aim of simplifying the peer-to-peer sector. The business grew at 219% in 2013 compared to overall sector growth of 107% (Nesta figures), making it the fastest growing major peer-to-peer company in the UK. In March 2014, RateSetter became the largest UK P2P platform by monthly volumes.
RateSetter is authorised and regulated by the Financial Conduct Authority.