Despite rapid growth, peer-to-peer business lending still represents a fraction of the SME lending market.
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However, Peer-to-Peer business lending platforms are now issuing more loans than the UK’s major high street lenders. One platform, Funding Circle, issued 22,532 loans in Q3 2016 comprising 42% of the loans issued by both P2P business lending platforms and high street banks.
The average value of a loan issued by P2P business lending platforms has sharply declined indicating that they are rapidly attracting smaller, lower value SME customers from high street banks. Some banks are reacting to the erosion their SME customer base by launching super fast loan approvals. In January 2017 Barclays Bank launched a mobile-enabled 1-hour approval service for loans up to £25,000 ($31,000).
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By GlobalData
