Former ING CEO joins RateSetter

Vaughn Richtor, the former chief of ING Direct has joined the board of peer-to-peer lender RateSetter. 

Last year, he retired from his role at ING Direct, helping the business grow to become Australia’s sixth largest retail bank. He has also led ING Group’s commercial and retail banking operations and served as CEO of ING Retail Banking in Asia. 

In joining its board as a non-executive director, he will help RateSetter in its mission to provide customers with an alternative to the big four bank model, according to a statement from the peer-to-peer lender.

RateSetter also will draw on his expertise as it develops new channels to market, including the deepening of its penetration in the loan broker market. 

Richtor who was named Financial Services Executive of the Year at AB+F’s Australian Retail Banking Awards last year, said he “was passionate about finding new ways of doing things”. 

“Peer-to-peer lenders like RateSetter have the potential to introduce more competition in financial services, which will benefit consumers,” he said. 

“At ING Direct we changed customers’ expectations of what a bank can offer and I see a similar opportunity for RateSetter to shake up the status quo. The RateSetter team are truly focused on the customer, so I’m extremely excited to be contributing to their success.”

RateSetter CEO Daniel Foggo said Richtor’s track record in building loan market share in Australia is unrivalled. 

“His focus on customers, innovation, culture and leadership has positively transformed our financial system, and helped put more money in people’s pockets. 

“We welcome his contribution to the next phase of our evolution as we continue to grow Australia's leading retail and SMSF investor peer-to-peer loan marketplace,” Foggo said. 

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