Peer-To-Peer Lending Market 2022 key developmental strategies implemented by the key players:CircleBack Lending, Lending Club, Peerform, Prosper, Upstart, Borrowers First, Daric, Funding Circle, Pave, SoFi

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Growth Factors

The peer to peer (P2P) lending is a process or procedure of lending money or loans to businesses as well as individuals through online applications or website. The peer to peer (P2P) lending services are quite inexpensive in nature. At the same time, peer to peer (P2P) lending is considered as unsecured form of financial service. One of the key factors driving the growth of global peer to peer (P2P) lending market is growing need and requirement of finance and loans.

The operating fees of peer to peer (P2P) lending platforms are quite less as compared to traditional financial services. The loans on peer to peer (P2P) lending platforms are approved within a short period of time. All of these benefits are paving way for the growth of the global peer to peer (P2P) lending market during the forecast period.

The peer to peer (P2P) lending market is also growing due to rising adoption of digitalization in the banking sector. Due to peer to peer (P2P) lending platforms, the transactions have become more transparent in nature. On the other hand, the strict government regulations for approvals of loans are hindering the growth of the global peer to peer (P2P) lending market. In addition, lack of awareness among people regarding peer to peer (P2P) lending, is also restricting the expansion of global peer to peer (P2P) lending market.

Key Players in the Peer-To-Peer Lending market:

CircleBack Lending, Lending Club, Peerform, Prosper, Upstart, Borrowers First, Daric, Funding Circle, Pave, SoFi

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Key Developments

Prosper's team launched a website in June 2018 to improve customer experience. They are mostly concerned with the site's ease of use and responsiveness. In terms of website upgrades, they completely redesigned two key areas: the account dashboard and the auto invest setup.
Faircent.com had begun facilitating loans in COVID-19 low impact Green Zones in May 2020 to capitalize on the untapped market.
Zopa sought for a banking license in 2016 in order to grow its business into a broader range of financial services. Due to the introduction of Open Banking in the UK, a company with new fintech products acquired a full banking license in 2018.
Matrix Partners, a U.S. based investment group, invested around $1.7 million in Liquiloans, an Indian peer to peer (P2P) lending platform, in January 2019. The funds will be used to establish the company as a brand and gain credibility.

Peer-To-Peer Lending Market Types:

On-Premise, Cloud-Based.

Peer-To-Peer Lending Market Applications:

Individuals, Businesses

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Market Dynamics

Drivers

Growing digitization in banking sector

The peer to peer (P2P) lending platforms are widely adopted in the banking sector as compared to traditional lending platforms. This is due to growing trend of digitization. The digitization helps to conduct transactions with more efficiency and transparency. The peer to peer (P2P) lending platforms also helps in decision making for business owners. In addition, the increase in penetration of smartphones is also driving the growth of the market. As a result, growing digitization in banking sector is boosting the growth of global peer to peer (P2P) lending market over the forecast period.

Restraints

Growing competition among major technological firms

The competition among big tech companies is rising at a rapid pace. The players such as Amazon, Facebook, and Google are competing among each other. This restricts the borrowing and leading of loans among other businesses. As a result, growing competition among major technological firms is restricting the growth of peer to peer (P2P) lending market.

Opportunities

Benefits regarding peer to peer (P2P) lending platforms

The adoption of peer to peer (P2P) lending platforms helps in terms of costs savings. The cost is saved regarding land and labor. The peer to peer (P2P) lending platforms are operated through internet with the help of smartphones or laptops. The fees charged by peer to peer (P2P) lending platforms are low in cost as compared to traditional lending platforms. All of these benefits are driving the demand for peer to peer (P2P) lending platforms. As a result, benefits regarding peer to peer (P2P) lending platforms are contributing the growth of global peer to peer (P2P) lending market during the forecast period.

Challenges

Lack of awareness regarding peer to peer (P2P) lendingplatforms

The people are still dependent on traditional means and methods for borrowing loans. The developing and underdeveloped regions lack resources for digitization of banking sector. This is restricting the growth of the global peer to peer (P2P) lending market. In addition, people are also not aware about peer to peer (P2P) lending platforms. Thus, lack of awareness regarding peer to peer (P2P) lending platforms is a biggest challenge for the peer to peer (P2P) lending market growth.

Recent Developments

Google teamed with four Indian banks in September 2018 to offer digital loans. Due to the digitalization of traditional lending platforms such changes are going to pose a danger to the peer to peer (P2P) lending market.
Funding Circle has arranged over $ 8 billion in loans to small and medium sized businesses as of September 2019. The business is now listed on the London Stock Exchange. For around 60 months, businesses can borrow up to 1 million pounds in the UK and $ 500,000 in the U.S.

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