← Embedded Finance Index 2026

Plenti

“Can a non-bank consumer lender become the credit infrastructure behind incumbent Australian banks while continuing to win direct retail share?”

Founded2014
HQSydney, Australia
FoundersDaniel Foggo, Glenn Riddell, Ben Milsom
Latest roundIPO, September 2020 ($55M)
Valuation~A$280M implied market cap at IPO
IndustryFintech / Lending
The story

Founded 2014 as RateSetter Australia, a P2P lending platform connecting retail investors with consumer borrowers. Rebranded to Plenti and listed on ASX in 2020, then steadily expanded from pure personal loans into automotive, renewable energy (solar/battery), and EV finance — becoming Australia's largest non-bank consumer lender by originations. The strategically important 2024 NAB partnership ('NAB powered by Plenti') effectively turns Plenti into a B2B lending-as-a-service platform for one of Australia's big-four banks, marking a shift from pure direct-to-consumer fintech toward embedded lending infrastructure.

Last 12 months
2026-04
Product timeline
2014
Founded as RateSetter Australia — peer-to-peer lending platform for retail investors and consumer borrowers· pivot
2020
Rebranded from RateSetter to Plenti and listed on ASX (PLT) raising A$55M· ipo
2021
Expanded into automotive and renewable energy (solar/battery) lending verticals· lending
2024
Launched 'NAB powered by Plenti' partnership; Adam Bennett appointed CEO· lending
2026
FY26 Cash PBT of A$30.8M (up 117% YoY); loan portfolio reached A$3.1B· lending
Regulated entities
4
regulatory licences held by Plenti
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Plenti’s embedded-finance stack
Payments / PSP
Direct debit (in-house, via Plenti platform)
Lending
in the full report
Accounting gap: none
21 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.