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Two corporate firms have advised on a major investment in the peer-to-peer (P2P) lender RateSetter, which will disrupt the traditional lending market.
Firms: Arnold Bloch Leibler (carsales.com and Stratton Finance); Kardos Scanlan (Ratesetter).
Value: $10 million investment (RateSetter, which launched in late 2014, has underwritten $500 million of car loans in the UK).
Area: M&A
Key players: Jonathan Wenig was the lead partner for Arnold Bloch Leibler partner, with due diligence conducted by senior associate Jeremy Lanzer and lawyer Benjamin Reisner.
Sydney corporate firm Kardos Scanlan acted for Ratesetter.
Deal significance: The investment by carsales.com and Stratton Finance highlights the international growth of P2P lenders as alternative sources of finance for consumers. Jonathan Wenig commented: “This is another example of a disruption to the traditional bank model, which is a trend that has been particularly prominent in the UK and US, and Australia is now following suit”.
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