Posted on 04.02.2014, by Rob Warlow
New figures released reveal that peer-to-peer lending (P2P) increased by 121 per cent during 2013.
The 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 report further reveals 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.
The data has been supplied by Zopa and Ratesetter who service the individual/personal market and Funding Circle, Thin Cats and LendInvest. With many other providers in the market the actual figure will be higher, although these are the major players so constitute the majority of deals.
With the P2P platforms set for regulatory oversight by the Financial Conduct Authority from 1st April the alternative lending market is going to be set for further growth this year.