The peer-to-peer (P2P) lending industry in the UK has lent over £2.2bn in 2015, according to data released by the Peer-to-Peer Finance Association (P2PFA).
The data revealed that the industry has lent an overall £4.4bn, and has doubled in size since 2014 end.
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Figures from P2PFA further unveiled that the number of lenders increased by 22% to just over 128,000 in the past 12 months.
The number of borrowers during the same period has nearly doubled to 273,000.
P2PFA chair Christine Farnish 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."
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By GlobalData
