Peer-to-peer lending exceeds £2bn – Kevin Beare & Co
Peer-to-peer lenders have given more than £2 billion to businesses and individuals, according to data published by AltFi.
The total amount lent has doubled from £1 billion to £2.004 billion since December 2013.
The sector has experienced rapid growth so far this year, growing by an average annualised rate of 158%.
Peer-to-peer lenders connect individual borrowers or businesses with savers and investors.
Savers can receive a better return on their investments than they would using traditional methods, while borrowers benefit from lower interest rates.
Giles Andrews, chief executive of peer-to-peer lender Zopa, said:
“To surpass the 2 billion pound mark is a massive achievement for the UK market. This has been achieved by UK consumers willing to think outside the banks.
“The UK peer-to-peer lending industry is growing faster than ever and we look forward to continuing to reshape the future of finance in the UK.”