RateSetter name change to Plenti

I do not see the reason for this. I lost interest in the company loaning money because they capped the loan rates, sometimes they went twice as high as what they now capped them at so no interest from me, just deals on online savings and the stockmarket for me now.

Also with the name change, I thought RateSetter sounded good, Plenti sounds bad to me at least, it sounds stupid and I looked at their blog and reading through it which they said provided information why they changed their name, I still could not read anywhere the reason why they changed their name.

Comments for and against?

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Plenti (Previously RateSetter)
Plenti (Previously RateSetter)

Comments

    • That might explain it, with the UK business sold to a bank, perhaps the new owners insisted on exclusive worldwide use of the name.

      What is of concern is how little the UK business of Ratesetter was valued at. A measly 2.5 Million GBP up front with perhaps a few million more years down the track based on performance targets. I almost feel a tad sorry for the original founders, how many years of their lives they've invested to get that…

      But obviously the business model is not one that lends itself to high growth and high profitability, which should be of concern for us Australian lenders.

      Edit: just found a quote that seems to assume the same: "RateSetter’s low sale price to Metro Bank has led analysts to query whether the peer-to-peer lender was under pressure to do a deal."

      All the more reason to be happy about every early repayment I get that allows me to take my money and run, methinks.

      • I almost feel a tad sorry for the original founders, how many years of their lives they've invested to get that…

        Bit late to comments but in the UK they did a few stuff ups including:
        * Wholesale lending: they lent to a car finance company that went under and they had to pick up the bag
        * Property lending: these were longer term bridging type loans, high risk
        * Provision fund was invested into loans: lucky they got told not to do that before COVID19 came along
        * Super low interest rates: UK platform monthly rates are like 1.5%

        Them taking a 1% margin plus all the stuff ups along the way. I'm surprised they didn't go under.

        In the long term Australia can look forward to UK type situation where all the prime borrowers are fully leveraged and who is left is all the high risk borrowers who probably can't borrow. In the UK you can get personal loans for 2.8%.

  • "Plenti" of increased margins to the business.

    Remove free market on investment interest rates, still charge borrowers what ever they want.

  • and I have just received an email from Plenti saying that they are considering an IPO on ASX next month. RateSetter is still called RateSetter in UK. Maybe they have just branded in Australia preparing for IPO?

  • Yes I got that Email too, How lucky for us, we get a chance to participate in an IPO "The IPO is expected to include a Plenti Member Offer, under which an allocation of shares under the IPO is intended to be offered to investors in the RateSetter Lending Platform." Maybe a good way to make some money, offer will be to only sophisticated investors and members of Plenti. You have until Wednesday to register your interest.

    "Dear valued Plenti Investor,

    Plenti is considering undertaking an initial public offering ("IPO") of ordinary shares and listing on the Australian Stock Exchange ("ASX") in September 2020.

    The IPO is expected to include a Plenti Member Offer, under which an allocation of shares under the IPO is intended to be offered to investors in the RateSetter Lending Platform.

    A prospectus for the offer of shares will be made available once it has been lodged with the Australian Securities and Investments Commission (ASIC).

    Should you wish to register your interest to receive a copy of the IPO prospectus (once available) please click the link below to preregister your interest before 5:00pm on Wednesday 19 August 2020:

    Register Your Interest

    Pre-registrants are not obliged to apply for any shares. Pre-registrants should only make any decisions to apply for shares after carefully considering the information contained in the IPO Prospectus.

    Once the IPO prospectus is lodged with ASIC, you will be contacted with instructions on how to obtain a copy and how to apply for shares in the IPO. If you wish to acquire shares, you will need to complete an application form that accompanies the prospectus.

    Yours faithfully,

    Daniel Foggo

    Chief Executive Officer"

  • I wonder how big they are going to float it for?

  • Good thing I didn't invest, first day on the asx investors have lost 25%

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