British challenger bank and high street lender, Metro Bank, is reportedly in advanced talks to buy Ratesetter, one of the countries largest and most prolific peer-to-peer lenders.
Metro Bank and Ratesetter are in discussions about an acquisition, however, there is no guarantee that a deal will be concluded.
Metro Bank has had a difficult 12 months and recently appointed a new CEO to oversee the company’s recovery. The bank’s share price have fallen by more than 80% during the last 12 months, and now has a market capitalisation of just over £180m. It has also been the subject of several regulatory investigations.
Ratesetter was founded in 2010, and has risen to become one the UK’s most popular P2P lending platforms. It currently has more than 700,000 users and about £1bn of lending on its balance sheet.
Both Ratesetter and Metro Bank have yet to comment.