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Peer-to-peer lender Ratesetter to raise £30m as London float looms

Peer-to-peer lending business Ratesetter is working on a £30m fundraising which is expected to be a prelude to a London float.

According to Sky News Ratesetter is working with investment bank Lazard and broker Peel Hunt to raise £30m from investors.

Read more: Ratesetter's the last of the big P2P lenders to get City watchdog thumbs up

The funding round would value Ratesetter at about £280m.

The fundraising is expected to be a precursor to a stock market flotation which could take place as early as next year.

Ratesetter, which is backed by fund manager Neil Woodford, was founded in 2010 by chief executive Rhydian Lewis and chief operating officer Peter Behrens.

Read more: Funding Circle appoints bankers ahead of potential float

It has lent more than £2.5bn to customers since its launch, earning over £100m in interest.

In March rival peer-to-peer lender Funding Circle appointed banks to advise it on a float that would value it at more than £1.5bn.

Ratesetter declined to comment.

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