The peer-to-peer lending industry lent more than £1.2 billion in 2014 according to new figures released today from the Peer-to-Peer Finance Association (P2PFA).
The sector has now lent more than £2.1 billion in total, doubling in size since the end of 2013.
The figures also show a growth in users of peer-to-peer lending. The number of lenders increased by one-third, while borrowers have also increased by almost 90 per cent.
Christine Farnish, Chair of the P2PFA, said:
“These figures demonstrate the growing impact peer-to-peer lending is having on the market. Last year showed continued and solid growth in the consumer market and a significant increase in lending flow to businesses. Invoice finance and peer-to-peer finance within the property market are also growing.
“2015 will be another important year for our industry. The Government has agreed that peer-to-peer lending should become part of the ISA tax-wrapper, a decision we warmly welcome. Our strong view is that Government should establish a new ‘Lending ISA’ category to enable consumers to understand the difference between peer-to-peer lending, cash savings and stocks and shares investments.”
2014: 4th Quarter data for P2PFA members
For further information please contact:
Adam Taylor, email@example.com, 0207 297 5971
Notes for Editors
For historical data, please visit our website at: http://p2pfa.info/about-p2p-finance
About the P2PFA:
The Peer-to-Peer Finance Association is a UK trade body that maintains Rules and Operating Principles that must be followed by all Member organisations to protect the interests of all their consumer and small business customers. The P2PFA publishes quarterly figures showing industry data and the cumulative lending. On April 1 2014, peer-to-peer lending became regulated by the Financial Conduct Authority.
The P2PFA’s current membership includes Funding Circle, RateSetter, Zopa, ThinCats, LendInvest, Madiston LendLoanInvest, MarketInvoice, Lending Works and Landbay.