Xpress Super and Australian P2P lender RateSetter announce partnership

Alison Banney 4 July 2017

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SMSF members with Xpress Super will have easier access to peer-to-peer lending through the collaboration.

RateSetter, Australia’s largest peer-to-peer lender, and self-managed-superannuation-fund (SMSF) administrator Xpress Super have today announced a partnership.

Through the partnership, SMSF investors will now have direct access to their RateSetter account via the Xpress Super platform, making it easier for SMSF investors to lend to creditworthy borrowers.

As a peer-to-peer lender, RateSetter cuts out the traditional middle-man lender such as the bank or financial institution, and enables Australians to lend and borrow from other Australians.

Since launching in the Australian market in 2014, the peer-to-peer lender has facilitated more than $135 million in loans between over 7,000 everyday Australian investors and borrowers. Over 20% of those loans were funded by SMSF investors.

“Given the historical low cash rates and uncertainty in property and equity markets, there is a real shift in where SMSFs are looking to invest. With returns of up to 9.2% a year and our exceptional track record both here and in the UK, we expect to see continued growth from SMSF investors seeking stable, attractive returns,” said CEO of RateSetter Australia Daniel Foggo.

“Until now, investing in consumer and small business credit has been an option only available to a privileged few, including large wholesale investors and the banks.”

“By working with partners such as Xpress Super, we’re giving SMSF investors an easy, simple-to-manage option to access this attractive, established asset class,” said Foggo.

CEO of Xpress Super Olivia Long says the partnership with RateSetter was a natural fit.

“Two of the key benefits of running an SMSF is the ability to select your own investments as well as invest in financial products not accessible with other superannuation vehicles.  This is exactly what RateSetter allows SMSF trustees to do,” said Long.

“Xpress Super’s automated, paperless platform gives investors live, up-to-date information, helping them make informed decisions about their superannuation investments and simplifying their year-end accounting, and this service extends to new investment classes, such as peer-to-peer lending.”

We are starting to see more traditional financial platforms partner with fintechs, as financial institutions recognise the increased popularity of tech-driven financial solutions such as peer-to-peer lending. Earlier this year in April we saw robo-adviser Six Park partner with SMSF Warehouse, giving more pre-retirees the ability to manage their own super fund.

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