Former ING chief joins P2P lender

by Miklos Bolza08 Mar 2017
Australia’s second largest peer-to-peer lender RateSetter has welcomed the former CEO of ING Direct, Vaughn Richtor, to its board.

Richtor will take up a role as a non-executive director in his first appointment since retiring from ING last year. He worked for 24 years with the bank and was crucial in the foundation of its Australian arm in the 1990s.

The appointment expands the lender’s board to five, including co-founder Peter Behrens, Australian CEO Daniel Foggo, Stratton Finance boss Rob Chaloner, and Martin Dalgleish.

ING has succeeded in Australia because of a belief that “there has to be a better way of delivering financial services,” Richtor told The Australian yesterday. This is exactly what fintechs such as RateSetter were designed to do, he added.

“I got quite excited when talking to Daniel – who’s done a good job in getting it going – but to make a difference it’s really got to get to scale and hopefully I can add some value in doing that,” he said.

“It’s shown there is appeal both on the investor and borrower side, now the challenge is to get it to scale to make a real difference and become structurally relevant in the market.”

In order to build a competitive scale, RateSetter required a continual focus on aspects such as satisfying customers and leveraging the advantages of the business, Richtor said.

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