Kevin Caley, the founder and chairman of ThinCats, said: “While the UK’s traditional lenders reported a decline in demand for loans from SMEs in Q4, the P2P sector saw the value of new loans to businesses rise 27 per cent quarter-on-quarter. “The sector also saw 4,000 more businesses turn to peer to peer for finance in Q4. This 16 per cent rise was the biggest jump in 2016.”
The performance of P2PFA platforms in 2016 bodes well for 2017: this is a very exciting time for the sector with growing confidence, the development of new opportunities – such as the Innovative Finance Isa – and increasing awareness of the role peer-to-peer lending can play in broadening access to lending and returns.
Wednesday 18 January 2017 7:02 pm
These peer-to-peer platforms lent nearly £3bn in 2016
Nearly £3bn was lent across the UK’s biggest peer-to-peer platforms last year, new figures out today showed. More than £800,000 was lent in the last quarter of 2016 by members of the Peer-to-Peer Finance Association (P2PFA).
Since the beginning of 2010, members of the association have lent an estimated £7.3bn.
Read more: The FCA is cracking down on peer-to-peer lending (again)
Zopa is the P2PFA’s biggest member, lending £1.9bn in the six-year period, followed by Funding Circle (£1.8bn) and RateSetter (£1.6bn).
The organisation’s five other members are LendInvest (£855m), Market Invoice (£838m), ThinCats (£211m), Landbay (£43m) and Lending Works (£39m).
Over 2016, P2PFA tracked around £2.95bn of lending, compared with around £2.24bn in 2015.
Read more: Ex-FSA head: maturing P2P industry could cause regulatory headaches
Robert Pettigrew, P2PFA director, said: