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Ratesetter locks in cost of tracking SMSF loans

19 July 2016 4:12PM
Class, a provider of cloud-based self-managed super fund administration software, has signed off on integration with RateSetter, provider of peer-to-peer lending to retail investors and SMSFs. The RateSetter group was founded in the United Kingdom in 2009 and was the first Australian peer-to-peer lending platform licenced by ASIC to accept funds from retail investors. It has claimed bragging rights to the title of the largest peer-to-peer lender in Europe. To date it has facilitated more than 280,000 loans totalling over US$2 billion.The link allows SMSF accountants and their clients to run a data feed from RateSetter to Class for daily automated data entry and processing of transactions.Since RateSetter was established in Australia in 2014, the company has set up more than A$50 million in loans through its platform, with SMSFs providing the funds for over 20 per cent of those loans."Given the historical low cash rates and ongoing uncertainty in world markets, there is a real shift in where SMSFs are looking to invest," said Andrew Jones, RateSetter's head of business development, citing "returns of up to 9.9 per cent per annum" on offer through his firm's platform.

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