London, 11 April 2014
Peer-to-peer Finance sector annual growth more than doubles.
A report published by the Peer-to-Peer Finance Association (P2PFA) shows that cumulative lending at the end of first quarter in 2014 hit £1.207 billion compared to just £491 million at the 1st quarter of 2013.
The data also show strong growth in both business and consumer lending with over5,100 business borrowers and82,000 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 FCA April 1st 2014 and in the 2014 Budget 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 a mainstream and is a credible alternative to banks for consumer and business finance”.
For full report see: First Quarter 2014 Data