UK P2P revenue to reach £376m this year
UK-based peer-to-peer lending platforms are on course to report record revenue of £376m by the end of this year.
According to new analysis by P2P lender EasyMoney, P2P revenue has been growing consistently year after year ever since 2013, when the market size was £20.2m.
2016 saw the biggest growth in the P2P sector, with revenue climbing by 86.6 per cent to reach £97.6m.
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Last year, the total revenue of UK P2P lender platforms hit £335.8m, and EasyMoney has predicted that by the end of 2023, this will have grown by a further 12 per cent to reach £376.2m.
“The market size of P2P lending platforms has shown impressive and consistent growth over the last decade and this has no doubt been driven by democratisation of financial lending, which means it’s no longer just the uber-wealthy who can put their money to work,” said Jason Ferrando, chief executive of EasyMoney.
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“Looking forward, we fully expect the market to continue growing from strength to strength. Borrowing from mainstream lenders is expensive and increasingly difficult, and could get more so over the coming months and years, which means borrowers are looking for alternative, more reliable paths when investing.
“At the same time, everyday folk are looking for ways to make their money work harder for them. With the cost of living through the roof, every penny counts, and P2P lending offers a reliable route to ensuring that each penny works as hard as possible.”
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