This firm allows 50,000 investors to lend directly to borrowers and set their own interest rates. Under co-founder and chief executive Rhydian Lewis, 40, it has raised £30m from investors including veteran fund manager Neil Woodford and sales, which are made up of fees, hit £23.7m this year. In May, it appointed City veteran Paul Manduca as chairman, as it gears up for a stock market float. In July, RateSetter revealed that it had taken over two businesses and acquired a minority stake in a third, to protect investors from losses. Then, last Monday, it was reported that the company had put investors’ money into investments offered by rivals without telling its customers. RateSetter says it no longer does this.
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