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P2P Sector more than doubles in 2013

London, 3 February 2014

Figures released today show that peer-to-peer lending (P2P) in the UK increased by 121 per cent during 2013.

A report published by the Peer-to-Peer Finance Association (P2PFA) shows that cumulative lending at the end of quarter four in 2013 hit £843 million compared to just £381 million at the end of 2012.  The data also shows that at the end of 2013 there were over 3,700 business borrowers, 70,000 consumer borrowers as well as more than 86,000 active lenders.

Peer-to-Peer lending first began in 2005 when Zopa launched in the UK. It allows businesses and consumers to lend to each other, offering lenders attractive rates to boost their savings and borrowers loans on competitive terms

Commenting on the figures, Christine Farnish, Chair of the Peer-to-Peer Finance Association said:  “More and more people now recognise the benefits that P2P lending can offer. No wonder the sector is growing so fast”.

“2014 will be a significant year for the industry. We are about to pass the £1billion milestone of total monies lent and in April we become regulated by the Financial Conduct Authority, something we strongly support”.

ENDS
For full report see: 4th Quarter Industry data 2013

 

 

Benchmarking of UK’s rapidly growing alternative finance market

London, 13 December 2013

Peer-to-peer (P2P) lending has enabled £758 million of funds to be accessed by UK businesses and consumers over the last two years, according a new report released today.

The Rise of Future Finance: The UK Alternative Finance Benchmarking Report, published today by Nesta, University of Cambridge and University of California, Berkeley, has identified that P2P business and consumer lending is the largest form of alternate finance with a transaction volume of £480 million in 2013.

The report states that:
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  • The P2P lending sector has “significantly outperformed the interest rates available to investors with a relatively low risk profile”;
  • The sector is more than doubling in size each year; and
  • The UK is the “undisputable world leader” of this alternative financing model.

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Commenting on the report, Christine Farnish, Chair of the Peer-to-Peer Finance Association (P2PFA) said: “This report demonstrates how significant the alternative finance market is to the UK economy, and peer-to-peer lending in particular.

“Our members have lent almost half a billion pounds in 2013 as consumers and SMEs alike look for alternative sources of finance.

“With regulation of P2P by the FCA starting in April next year, something we strongly support, and rapidly-growing consumer interest in the sector, we expect the industry to continue its exponential growth rate through 2014.”

The full report can be accessed from http://www.nesta.org.uk/publications/rise-future-finance- results-uk-alternative-finance-benchmarking-survey