Class partners with peer-to-peer lender

19 July 2016
| By Hope William-Smith |
image
image
expand image

Cloud SMSF administration software provider, Class, has collaborated with peer-to-peer lender, RateSetter, to provide self-managed superannuation fund (SMSF) accountants and their clients with a direct-connect date feed.

This would allow for automated data entry and transactions processing within Class.

Class chief executive, Kevin Bungard, said the increase in digitisation in the finance sector was appealing to all ages and would allow for a streamlined execution of necessary tasks.

"Some industry commentators have previously suggested that peer-to-peer lending may be more attractive to Gen Ys," he said.

"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."

RateSetter has facilitated more than $50 million in loans through its platform since it launched in 2014, with SMSFs providing the funds for close to a quarter of the loans.

RateSetter head of business, Andrew Jones, said: "Given the historical low cash rates and ongoing uncertainty in world markets, there is a real shift in where SMSFs are looking to invest".

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

9 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

9 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

9 months 3 weeks ago

Hey, small business owner, have you been paying your super? It’s become common knowledge that small business owners are notorious for investing more into their business t...

13 hours 11 minutes ago

In this latest edition, Darren Spencer, lead investment director at Mercer, shares the fund’s process in assessing opportunities in a shifting investment landscape....

19 hours ago

Despite the recent surge in cryptocurrency, a superannuation professional says that its high volatility and speculative nature render it unsuitable for superannuation por...

19 hours 29 minutes ago