Peer-to-peer lending (P2P) in the UK has increased by 121% during 2013, according to the figures released by the UK Peer to Peer Finance Association (P2PFA).
Cumulative lending at the end of 2013 fourth quarter reached £843m compared to just £381m during the same period 2012.
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Of the total amount, consumer lending accounted for £579.8m and business lending accounted for £263.6m.
There were over 86,000 active lenders, more than 70,000 consumer borrowers and over 3,700 business borrowers at the end of 2013, according to the report.
Commenting on the figures, P2PFA chair, Christine Farnish, said that more and more people now recognise the benefits that P2P lending can offer.
"2014 will be a significant year for the industry. We are about to pass the £1billion milestone of total monies lent and in April we
become regulated by the Financial Conduct Authority, something we strongly support."
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