P2P lender RateSetter announced a partnership with national mortgage aggregator Connective which aims to give accredited brokers access to their personal loan products.
“We believe natural synergies exist between Connective and RateSetter given both companies were founded as industry disruptors which challenge the status quo in their respective markets,” commented RateSetter CEO Daniel Foggo. “The broker channel is something we’ve always seen as a very important part of our growth strategy. RateSetter in the UK has a significant presence in the broker channel there, and we certainly see it as being really important in Australia.”
The move is part of RateSetter’s ongoing focus on the broker channel to continue its growth in consumer and business lending. By joining Connective’s lending panel, RateSetter plans to help brokers improve client’s financial wellbeing in areas outside of the traditional mortgage offerings.
“Whether it’s helping clients renovate their home, purchase a car or pay down expensive credit card debt, RateSetter’s low-rate personal loans will give Connective brokers a new way to help their clients achieve their financial goals, while helping them diversify and grow their business,” explained Foggo. “We’ve received great feedback from our existing brokers. They tell us that working with RateSetter provides them with greater opportunities to engage with customers beyond traditional mortgage and insurance products, helping them build stronger client relationships and diversifying and growing their own businesses.”
RateSetter touts its flexible terms, simple application process and rates up to 7% p.a. lower than traditional lenders as giving brokers a new way to help clients accomplish their financial goals, Foggo told Australian Broker. The partnership will also provide member brokers with an avenue to offer clients financial solutions outside of typical lending channels.
“By offering brokers highly competitive rates, a simple, flexible product and excellent support, we will give borrowers a better deal and help brokers grow their businesses,” indicated Connective Head of Asset Finance Brent Starrenburg. “In terms of what comes next with our partnership with Connective, we’re excited for the roll out of RateSetter business finance to Connective brokers in the second half of 2017.”
All RateSetter personal loan products will be available to Connective brokers effective immediately. The lender’s business finance products are expected to be rolled out to brokers in the second half of this year.