Five game-changing P2P moments in 2022
From platform closures, to sector celebrations, 2022 was not short on headline news.
Here are five of the most game-changing moments of the year…
- Zopa leaves P2P
Zopa effectively invented peer-to-peer lending when the consumer lending platform was founded in 2005. It went on to become one of the biggest P2P lenders in the world, with a loan book worth billions.
However, in December 2021, Zopa announced that it was leaving the retail P2P lending space in order to focus on its digital bank offering. On 31 January 2022, Zopa officially closed its P2P business, which was subsequently sold to Plata Holdings, a sister company of Zopa’s long-time shareholder IAG Silverstripe.
- Rising interest rates
Rising inflation put pressure on many P2P lenders to keep up with savings rates for the first time. Several lenders saw a spike in withdrawals as investors chose to put their money in FSCS-protected accounts paying four per cent, rather than taking on the higher risk of a P2P investment offering the same rates. This led to many platforms choosing to raise investor returns and launch new products to attract and retain users.
- The P2P Power 50
The sixth annual P2PFN Power 50 held a few surprises, from new entries such as Plend and Qardus, to a Top Ten which was made up of regulators as well as industry leaders. For a glance at the shape of the P2P industry in 2022, look no further than the 2022 Power 50.
- The first P2P awards ceremony
For the first time ever, the P2P lending sector came together for an awards ceremony dedicated to the industry. More than 170 lenders and service providers congregated at London’s Hurlingham Club to celebrate the achievements of the industry at the first annual Peer2Peer Finance Awards, and some of them even picked up a few trophies along the way.
- Assetz winds down its retail book
Just a few days after the Peer2Peer Finance Awards, Assetz Capital announced that it was pausing withdrawals from its access accounts. A few days after that, the P2P giant announced that it was going to run off its retail investment loan book and focus on institutional backing only. Prior to its departure, Assetz Capital was the largest P2P lender in the UK, and chief executive Stuart Law has since spoken of his regret about leaving the retail space.
