Peter Behrens, co-founder and chief operating officer at Ratesetter, said the company had been “under-resourced compared to what we needed to manage risks” Simon Dawson/Bloomberg/Getty ImagesRatesetter slumped to a £23 million loss for the year after a disastrous investment in an advertising business. The loss was due in large part to a £14 million write-off on Adpod Limited, which the lender ended up owning after using its own capital to prevent a huge default on its peer-to-peer loan book from hitting investors. The loss is sharply higher than the previous year’s figure of £5.3 million. Ratesetter is one of the biggest peer-to peer lending platforms, a sector that allows investors to lend directly to individuals or businesses. This new breed of lenders grew rapidly in the wake of the financial crisis, when banks were reining back their loan…

Source: The Times December 06, 2017 00:11 UTC