The peer-to-peer lending industry lent more than £2.2 billion in 2015 according to new figures released from the Peer-to-Peer Finance Association (P2PFA).
The sector has now lent £4.4 billion in total, doubling in size since the end of 2014. In the final quarter of 2015, P2PFA members provided just under £650 million in new lending.
Zopa’s CEO discusses the figures on BBC’s Wake Up to Money
On Monday morning, Jaidev Janardana, our CEO, was invited on BBC Radio5Live’s Wake Up to Money to explain more about peer-to-peer lending, regulation and what the industry offers UK consumers. You can listen to the interview again on iPlayer, starting at 20 minutes.
Zopa lent £530 million in 2015, and has now lent over £1.2 billion in total. By loan volume we are the largest peer-to-peer lender in the UK and in August 2015 we became the first UK P2P lender to reach the £1 billion lent milestone.
Growing numbers are using peer-to-peer lending
The P2PFA figures also show a growth in users of peer-to-peer lending. In the past 12 months, the number of lenders increased by more than a fifth (22 per cent) to just over 128,000, while borrowers have almost doubled (96 per cent) to 273,000.
Christine Farnish, Chair of the P2PFA, said, “Year-on-year, peer-to-peer lending continues to grow and have a strong impact across all markets. The growth demonstrates that more lenders and borrowers believe our industry to be a real alternative to traditional lenders. This is only enhanced by our members’ approach to transparency and strict business conduct rules.
“2016 is another important year for the industry as we look forward to the April launch of the Innovative Finance ISA.”