The UK’s P2P lending sector has achieved another record quarter in Q2 2015, lending over GBP 500m to consumers & businesses for the first time in its history. In total, the eight largest UK P2P lending platforms originated £507.4m worth of loans over the three months to the end of June, according to the P2PFA, with cumulative lending for the industry now over GBP 3.1bn.
The latest growth in the industry has been supported by various business models operating in the sector – the biggest lenders in Q2 the were consumer loans platforms such as Zopa and Ratesetter, followed by Funding Circle, which is a business loan provider. Followed by Lend Invest, which facilitates loans in the mortgage sector.
“We have passed yet another milestone with our members facilitating over half a billion pounds of new loans in the last three months – at this rate we may hit £4bn by the New Year,” said Christine Farnish, chair of the Peer2Peer Finance Association. “Strong growth continues across all parts of the market, reflecting the increasing trust that both lending consumers and borrowers have in peer-to-peer platforms.”
The latest figures display the phenomenal growth in Britain’s P2P lending sector with cumulative P2P lending now more than doubling in each of the past two years.