The key issue to overcome – and it’s pretty unfashionable to say it – is the dearth of quality new customers. For the overwhelming majority of SMEs, their bank is still the first place they go for funding. And as the banks re-enter the market, the rejected scraps the alternative funders have been living off will become more meagre, and some business model assumptions will begin to look pretty optimistic. For the really big boys, like Funding Circle, this is unlikely to be an issue – they have been astute in cultivating strategic relationships with banks, for whom they are almost another product line. But for other, smaller players, I think it’s going to be fantastically hard and expensive to win credible market share profitably.