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P2P lending industry now worth over £2 billion, figures show

Wednesday 17th September 2014

The Peer-to-Peer (P2P) lending industry in the UK is now worth over £2 billion, according to figures from AltFi Data. 
The P2P Lending segment of the Liberum AltFi Volume Index, which tracks the cumulative lending volume of the UK’s major P2P lending platforms, now stands at £2.004bn. 
The P2P lending industry is an alternative to traditional finance for both investors and borrowers. It connects borrowers with investors using online platforms, aiming to cut the costs of traditional finance. 
The sector continues to grow at a rapid pace, with an annualized growth rate of 158% so far this year. The P2P segment only passed the £1bn mark in December last year. By May the figure stood at £1.5 billion. 
Giles Andrews, CEO and co-founder of Zopa, the world’s first P2P platform, said: “To surpass the two billion pound mark is a massive achievement for the UK market. This has been achieved by UK consumers willing to think outside the banks.”
“What started out 10 years ago as an idea in a barn with Zopa is now one of the most innovative and disruptive industries in the world. The UK peer-to-peer lending industry is growing faster than ever and we look forward to continuing to reshape the future of finance in the UK.”
Sam Griffiths, MD of AltFi Data, added: “It’s great to be able to accurately track and publiscise the continued development of such an exciting and innovative space on a daily basis.” 

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