30 March 2015

P2P lending shows big upswing in 2013

03 February 2014  |  4459 views  |  0 Financial business meeting charts on desk

Figures released by the UK Peer to Peer Finance Association shows the industry in buoyant mood ahead of the introduction of new regulations in April, with P2P lending increasing by 121% during 2013.

The figures show that cumulative lending at the end of quarter four in 2013 hit £843 million compared to just £381 million at the end of 2012.

The data also shows that at the end of 2013 there were over 3,700 business borrowers, 70,000 consumer borrowers as well as more than 86,000 active lenders.

Christine Farnish, chair of the Peer to Peer Finance Association says: "2014 will be a significant year for the industry. We are about to pass the £1billion milestone of total monies lent and in April we become regulated by the Financial Conduct Authority, something we strongly support."

Just last week, industry pioneer Zopa raised £15 million from Arrowgrass Capital Partners, after doubling in size and loaning out more than £180 million in 2013.

With strong support for the industry from City investment funds unlikely to tail off, and plans to include the asset class in tax-free ISA accounts, 2014 looks set to see a huge upswing in lending volumes.

Daniel Rajkumar, managing director of OP2P outfit rebuildingsociety.com, comments: "These latest figures support the view from inside the industry that growth is inevitable. We expect both supply and demand to grow strongly in 2014 as awareness and confidence increases among SMEs and consumers."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

30 January, 2014
21 January, 2014
03 December, 2013
10 December, 2012
31 May, 2012
18 August, 2011
21 April, 2011
09 March, 2011

Related company news


Who is commenting?

Top topics

Most viewed Most shared
Banking has reached a digital tipping poin...
10043 views comments | 54 tweets | 30 linkedin
Europe sets the pace as fintech investment...
5610 views comments | 29 tweets | 20 linkedin
Google preps Gmail bill payment feature
4755 views comments | 14 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4555 views comments | 10 tweets | 11 linkedin
Future Money Focus: Mariano Belinky, Santa...
4363 views comments | 7 tweets | 10 linkedin

Featured job

Competitive base, double OTE
London, UK

Find your next job