Business News

Class partners with P2P lender

Class has announced its latest integration with peer-to-peer (P2P) lending platform RateSetter will provide direct-connect data feeds, enabling daily automated data entry and processing of transactions within its cloud-based SMSF administration software.

“Some industry commentators have previously suggested that P2P lending may be more attractive to gen Ys,” Class chief executive Kevin Bungard said.

“However, the RateSetter experience has shown that a significant percentage of SMSFs, which typically comprise older age groups, are very much on board with the concept and keen to embrace innovation.”

Since its establishment in Australia in 2014, RateSetter has facilitated more than $50 million in loans through its platform, with SMSFs providing the funds for over 20 per cent of those loans.

RateSetter head of business development Andrew Jones said given the historical low cash rates and ongoing uncertainty in world markets, there had been a real shift in where SMSFs were looking to invest.

“With returns of up to 9.9 per cent per annum and our exceptional track record both here and in the United Kingdom, we expect to see continued growth from self-managed investors seeking stable, attractive returns,” Jones said.

Class pioneered direct-connect data feeds and now offers one of the most extensive ranges of direct-connect feeds for the SMSF industry.

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