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Metro Bank agrees deal for peer-to-peer lender RateSetter


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Metro Bank has agreed to buy peer-to-peer lender RateSetter in a £12m deal to boost the challenger bank’s turnround efforts by expanding into more profitable areas of consumer lending. The bank, which opened its first branch 10 years ago last week, said on Monday it would pay £2.5m up front and a further £9.5m over the three years following completion, subject to undisclosed performance criteria. https://www.ft.com/content/00a8e96a-5eec-4fd8-91c3-0dfb49d3f9d3

I'm not sure what to make of this, Ratesetter were losing money before Covid hit, but Metro bank were losing even more, so...

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