$10 million in loans matched!

$10 million in loans matched!

In September, Plenti^ Australia surpassed $10 million in loans matched, representing a significant achievement for the company.

In reaching this milestone, we have received more than $220 million in personal loan enquiries and welcomed over 1,500 everyday Australian investors as lenders on the platform.

No loan defaults

Importantly, this milestone has been achieved with no loan defaults, evidencing our credit capabilities and relentless focus on providing Plenti investors with the safest lending option.

Cumulative Loan Value

Daniel Foggo, our CEO on hitting the $10 million milestone: “With our exponential growth, our exceptional credit performance, and the continual growth in our Provision Fund, we believe we are well on the way to providing Australians an attractive better value and more convenient investment alternative.”

Rapidly growing retail lender base

As the only P2P lender currently licenced to accept investment from retail investors, we are particularly excited to see an acceleration of interest from everyday Australians, with lender registrations up 50% in the last three months alone.

In particular, we’re seeing strong growth in SMSF lenders, who have now funded almost 25% of all loans facilitated through our platform. This evidences that our efforts to forge the path with ASIC towards opening up P2P lending to all Australians, not just the wealthy, has paid off.

Plenti’s unique Provision Fund, which helps protect investors from late payment or default, has proven exceedingly popular with our lenders – it now holds in excess of $560,000, representing more than 6% of loans outstanding, and more than 200% of estimated future borrower defaults on current loans outstanding.

Our investors have received more than $176,000 in interest income since our launch, and on average lenders have invested over $6,280.

Creditworthy borrowers

In reaching this $10 million milestone, we have matched our lenders with over 600 borrowers from across Australia. Our borrowers are some of the most responsible borrowers in the country, with not one having defaulted on their loan.

The average borrower is 40 years old, lives in a major capital city, has an income of $90,000 and owns a home. They have borrowed from Plenti as an alternative to borrowing from their traditional bank, as we have been able to reward them with competitive rates, unrivalled convenience and good old fashioned customer service (using the latest technology to help of course!).

Of course, it’s our lenders and borrowers who have played the most important part in the establishment of Plenti and the continued growth to where we are today.

So, we say a special ‘thank you’ to all the Australians who have lent or borrowed over with us to date – we look forward to sharing the success of further growth with you.

Ben Milsom

Written By Ben Milsom

^Plenti was known as RateSetter prior to August 2020.

*Important notice: This post is accurate as at 16 September 2015

This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of Plenti as at the date of publication and may later change without notice.