Growth of P2P sector more than doubles annually
A report published by the Peer-to-Peer Finance Association shows cumulative lending at the end of the first quarter in 2014 hit £1,207 billion compared to £491 million at the end of the first quarter of 2013.
The data also shows strong growth in both business and consumer lending with over 5,100 business borrowers, 82,000 consumer borrowers supported by more than 94,000 lenders. UK businesses have benefited from over half a billion of funds and consumer peer-to-peer lending could well reach £1billlion alone by the end of the next quarter.
Peer-to-Peer lending became regulated by the Financial Conduct Authority on April 1st 2014 and in last month’s Budget it was announced for ISA inclusion in the near future.
Commenting on the figures, Christine Farnish, Chair of the Peer-to-Peer Finance Association said:
“Peer-to-Peer lending is becoming mainstream and a credible alternative to banks for consumer and business finance.”
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