Former ING Direct CEO Vaughn Richtor appointed to board of peer-to-peer lender RateSetter

By Tom Watson ·

RateSetter, Australia’s second largest peer-to-peer-lender, has announced the appointment of former ING Direct CEO Vaughn Richtor to its Board of Directors as a non-executive director.

Richtor, who left ING Direct in June 2016, will be tasked with continuing his work in providing Australian consumers with an alternative to the traditional banking model and helping RateSetter further grow its share of the personal and business loan market.  

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

“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, given the company’s ability to offer great value services to customers, whether they are lending or borrowing.”

Australians have already shown their readiness to embrace peer-to-peer lending and the ‘sharing economy’, with RateSetter indicating in February that the economy was now worth over $15 billion in Australia alone.

Vaughn Richtor’s career so far  

  • He graduated from London South Bank University with a Bachelor’s Degree in Business Studies.
  • Started his career with the Dutch bank ING in 1992.
  • Began his tenure as founding CEO of ING Direct Australia in 1999. ING Direct was the first wholly online bank in Australia.
  • Became the CEO and Managing Director of ING Vysya Bank in India from 2006-2009.
  • Took up the role of CEO, Banking Asia from 2009-2012 where he was responsible for all of ING’s banking activities in the Asia region (including Australia).
  • He came back to Australia in 2012 to continue his previous role as CEO of ING Direct Australia until he stepped down in June 2016.
  • During his time as CEO he helped grow ING Direct to become the sixth largest retail bank in Australia.
  • He was also named the Australian Financial Services Executive of the Year at the 2016 Australian Banking and Finance awards.

CEO of RateSetter, Daniel Foggo, said he was delighted to welcome Richtor, as a banker with so much experience in Australia, to the board.

“Vaughn’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,” he said.

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Tom Watson
Tom Watson
Finance journalist

Tom Watson is a financial journalist at Mozo, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney.