We’ve long touted 2014 as the tipping point for the Alternative Finance sector, and news continues to roll in to support that claim.
A recent report by the UK P2PFA indicates that cumulative p2p lending in the UK for Q1 of 2014 stood at a grand total of £1.207 billion. This time last year that number was just £491 million. The data produced by the P2PFA demonstrates astonishing growth in both consumer and business lending.
Christine Farnish, Chair of the P2PFA, weighed in on the numbers:
“Peer to Peer lending is becoming mainstream and a credible alternative to banks for consumer and business finance.”
More than 5,100 business borrowers and 82,000 consumers have been the beneficiaries of p2p loans made up by over 94,000 lenders. For UK business, the total amount received tops half a billion, while the consumer side of p2p lending could breach £1 billion by the close of Q2. FCA regulation and the impending ISA inclusion are seen to be two of the key influences behind the sector’s impressive growth.