The data also shows strong growth in both business and consumer lending with over 5,100 business borrowers, 82,000 consumer borrowers supported by more than 94,000 lenders. UK businesses have benefited from over half a billion of funds and consumer peer-to-peer lending could well reach £1billlion alone by the end of the next quarter.
Peer-to-Peer lending became regulated by the Financial Conduct Authority on April 1st 2014 and in last month’s Budget it was announced for ISA inclusion in the near future.
Commenting on the figures, Christine Farnish, Chair of the Peer-to-Peer Finance Association said:
“Peer-to-Peer lending is becoming mainstream and a credible alternative to banks for consumer and business finance.”
