The integration with class – which specialises in cloud software for self-managed super funds (SMSF) – will let SMSF accountants and clients access a direct connect data feed for RateSetter and allow daily transaction processing and data entry.
The current low-growth economic environment, according to RateSetter’s head of business development Andrew Jones, is a key driver for SMSF interest in peer-to-peer lending.
“Given the historical low cash rates and ongoing uncertainty in world markets, there is a real shift in where SMSFs are looking to invest,” he said.
SMSFs have so far accounted for 20 per cent of RateSetter’s loans, and Mr Jones expects to see “continued growth from self-managed investors” in the peer-to-peer lending space in the future.
Class chief executive Kevin Bungard said peer-to-peer lending is attractive to SMSFs despite suggestions from industry commentators it “may be more attractive to Gen Ys”.
“A significant percentage of SMSFs, which typically comprise older age groups, are very much on board with the concept and keen to embrace innovation,” he said.