RateSetter raised £13 million from existing shareholders, including Woodford Investment Management and Artemis on Tuesday. Since this round of funding, the London-based peer-to-peer lender announced that its valuation now exceeds £200 million. The investment formed its eighth fundraising round, and took RateSetter’s total amount raised in equity to £41.5 million.

The peer-to-peer lending platform essentially matches prospective borrowers up with prospective lenders according to the preferred interest rates and amounts of each. It was founded by Rhydian Lewis in 2009, and raised its first round(£1.5 million) two years later in 2011. The company has over 300,000 active lenders and investors on its platform. According to Beauhurst data (graph below), RateSetter’s valuation has sky rocketed since 2014.

While this makes RateSetter one of the highest valued UK fintech P2P lenders to date, the company is the last of the ‘big three’ in this space, after Funding Circle and Zopa, to receive full authorisation from the Financial Conduct Authority (FCA).

This funding round will be channelled into a new Innovative Finance ISA once this company receives the all-clear from FCA. According to the company, this new product will allow consumers to hold peer-to-peer loans in an ISA.