Press release
Alternative Lending Platform Market is anticipated to grow at a CAGR of 23.9% during the forecast period 2022-2032 | Kabbage, Social Finance, Inc., Prosper Funding LLC, Avant, LLC
Alternative Lending Platform Market
An Alternative Lending Platform is a type of financial institution that provides loans and other forms of financing to individuals and businesses. These platforms typically use online platforms and peer-to-peer lending models to connect borrowers with lenders. Alternative lending platforms typically have lower borrowing costs and faster funding timelines than traditional banks.
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Market Trends and Drivers
Increasing Adoption of Internet of Things and Blockchain-based Alternative Lending Platforms.
Alternative financial companies are increasingly adopting and implementing the Internet of Things (IoT) and blockchain-based technologies. These technologies help add advanced features such as easy accessibility and transparency to alternative funding platforms, further driving the Alternative Lending Platform Market growth. For example, digital products and solutions company Tavant Technologies has developed a blockchain-based digital solution that takes full advantage of data-driven processes in generating alternative funding lifecycles. Therefore, the increasing adoption of the Internet of Things and blockchain-based alternative lending platforms are expected to drive market growth for global industries in the coming years.
Market Restraints and Challenges
The key restraints and challenges in the alternative lending platform market include the stringent regulations, the need for a large amount of capital, and the lack of awareness among small businesses. The stringent regulations are the primary restraint for the growth of the alternative lending platform market. The need for a large amount of capital is another challenge for the market growth. The lack of awareness among small businesses is also a challenge for the market growth.
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Global Alternative Lending Platform Market Segmentation
By Deployment
• On-Premise
• Cloud
Major Players in the Global Alternative Lending Platform Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global alternative lending platform market include Funding Circle, On Deck Capital, Kabbage, Social Finance, Inc., Prosper Funding LLC, Avant, LLC, Zopa Bank Limited, LendingClub Bank, Upstart Network, Inc., and CommonBond, Inc. among others.
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