Lending Platform RateSetter has now become 'Plenti'

Since 2014, RateSettter has been providing peer to peer borrowing options and unique investment opportunities for households across Australia. With the brand now relaunching as Plenti, the technology-led platform is now aiming assist even more Australians.

Canstar caught up with Plenti’s Chief Executive Officer, Daniel Foggo, to learn more about what the change in brand means for their product offering and investors.

Q. Why has RateSetter changed the name to Plenti? 

A. As we grow, we want our identity to reflect our ambitions rather than our origins. 

We will always be proud of our history: we have helped over 75,000 households achieve their goals through flexible, low-rate loans and stable investment returns, powered by our clever technology and a desire to always do the right thing. 

But we feel now is the right time to take things to the next level, with a name that reflects our company’s future as an Australian champion in consumer finance.

The name ‘Plenti’ does just that. ‘Plenti’ reflects our ambition and purpose: to create smart financial products that help our customers make the most of their money.

Q. How has the business evolved for investors since it launched five years ago?

A. We were the first company in Australia to allow everyday investors to earn stable returns by investing in the consumer credit asset class via a regulated marketplace, with the lowest minimum investment on market at $10. 

Since then, we have very deliberately diversified in terms of both the loans we offer, and how we fund our loans. We have complemented our ‘peer’ investors with SMSF investors, fixed income funds, banks, an institutional superannuation fund, the Government’s Clean Energy Finance Corporation, and more recently, we have established our own warehouse funding facility.  

This diversity has helped to build a large and more resilient business. To date, we have funded over $870 million in loans and we continue to break records despite the impacts of Covid-19 on the broader economy.  

Q. What benefit does Plenti provide to investors over other options? Why should it be considered in the mix? 

A. A key differentiator is the stability of the returns we can offer, especially when contrasted against the volatility many other asset classes have shown this year. Our existing retail investors have appreciated the reliability of their Plenti returns. All retail investors have earned the rates they expected when they invested, thanks to the Provision Fund which is available to protect investors from loan defaults. 

At the start of the Covid-19 pandemic, we stepped up efforts to keep our 20,000 investors well informed as to the underlying credit performance of our loan book, and, of course, the fact that we believe we have provisioned sufficient amounts in the past to protect the returns on their investments. 

Additionally, we pride ourselves on our proven approach to credit risk management. We have always sought to balance our growth ambitions with the responsibility of being the custodians of other people’s capital. Our strong credit performance reflects the significant investments we have made in terms of our credit capabilities and the relatively conservative approach we have taken in terms of credit criteria and lending verticals targeted. Our average loan is to a homeowner, with a good credit history, and is relatively small compared to our peers. 

Interest from new investors has remained strong, with investors continuing to be attracted to fixed income as an asset class, especially when they can dip their toes into the waters with as little as $10. 

Q. What is next for Plenti?

A. We’re on a mission to help our customers make the most of their money, while also building Plenti into Australia’s largest consumer lender.  

We will continue to invest in our technology, so we can offer faster, simpler and better value products and services. 

Customers can expect some exciting updates to our brand as well as a new investor app in the coming months. We can’t wait to show you. 


If you’re interested in investing or borrowing with Peer to Peer lending, see how Plenti compares to other Peer to Peer lenders in Australia.

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