P2P smashes £1bn mark in Q1

P2P smashes £1bn mark in Q1




A recent report by the UK P2PFA indicates that cumulative peer-to-peer (P2P) lending in the UK for Q1 has smashed the £1 billion mark.

A recent report by the UK P2PFA indicates that cumulative peer-to-peer (P2P) lending in the UK for Q1 has smashed the £1 billion mark.

 
The £1.207 billion recorded is in stark contrast to the same period last year, which stood at £491 million. The data produced by the P2PFA also shows exceptional growth in both the consumer segment and business lending sector of the industry.
 
Christine Farnish, Chair of the P2PFA, weighed in on the numbers and said: “Peer to Peer lending is becoming mainstream and a credible alternative to banks for consumer and business finance.”
 
Over 5,100 business borrowers and 82,000 consumers have been the beneficiaries of P2P loans made up by more than 94,000 lenders.

UK businesses have benefited from over a half a billion pounds in funds and consumer P2P lending could reach £1 billion by the end of the second quarter.

FCA regulation and the impending ISA inclusion are seen to be two of the key influences behind the sector’s impressive growth.

The P2PFA is a representative group that maintains rules and operating principles for all member organisations. P2P lending is supporting the economic growth of the UK by providing a competitive alternative to traditional financing institutions.


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