The UK peer-to-peer (P2P) lending industry lent over £1.2bn in 2014, according to new figures released by the Peer-to-Peer Finance Association (P2PFA).
In total, the sector has now lent more than £2.1bn, doubling in size since the end of 2013.
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The report also shows a growth in users of P2P lending. The number of lenders rose by one-third, while borrowers also increased by nearly 90%, says the study.
Christine Farnish, chair of the P2PFA, said: "These figures demonstrate the growing impact peer-to-peer lending is having on the market. Last year showed continued and solid growth in the consumer market and a significant increase in lending flow to businesses. Invoice finance and peer-to-peer finance within the property market are also growing.
"2015 will be another important year for our industry. The Government has agreed that peer-to-peer lending should become part of the ISA tax-wrapper, a decision we warmly welcome. Our strong view is that Government should establish a new ‘Lending ISA’ category to enable consumers to understand the difference between peer-to-peer lending, cash savings and stocks and shares investments."
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By GlobalData
