Ex-challenger bank MD joins P2P lender

Ex-challenger bank MD joins P2P lender




RateSetter has appointed a new head of SME lending to further boost its business finance arm..

RateSetter has appointed a new head of SME lending to further boost its business finance arm.

Paul Marston joins the marketplace lender from Secure Trust Bank where he was managing director of the business and commercial division which provides funding for SMEs and property development loans.

Rhydian Lewis, CEO at RateSetter, said: “Bringing experienced and senior professionals like Paul on board shows just how seriously we’re taking SME lending.

“It’s one of the fastest-growing areas of our business, and that’s because there’s a genuine need.

“SMEs have been let down by banks for many years and marketplace lenders such as RateSetter are stepping in to fill that gap.”

Before joining Secure Trust Bank, Paul was a Managing Director at Natwest RBS where he was responsible for business and commercial banking in the South and West of England and Wales.

He was also previously head of the SME division at Lombard Asset Finance.

Paul said: “Eight years after the start of the financial crisis, the traditional market for SME finance is still not fit for purpose.

“There’s an exciting and significant opportunity for forward-thinking companies like RateSetter to provide the desperately needed finance that will enable UK SMEs to grow and improve their productivity.

“I look forward to making the most of this opportunity with RateSetter.”

Commercial lending makes up £137m, or about 30%, of RateSetter’s outstanding loan book.

Since July 2014, the British Business Bank has been lending to sole traders through RateSetter, and it expanded this to SMEs in December last year. 

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