Online classifieds giant Carsales.com and its majority-owned Stratton Finance are taking a $10 million equity stake in peer-to-peer RateSetter, in a deal intended to expand the disruptive form of lending to car-buyers.
RateSetter on Thursday announced that Stratton and its 50.1 per cent owner, Carsales, would buy a combined 20 per cent stake in the peer-to-peer (P2P) lender, which launched to customers late last year.
The deal will mean thousands of people a month seeking car finance will be directed to RateSetter’s online platform.
P2P lending involves investors lending their money directly to borrowers online, cutting out the need for a bank.
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