The development and growth within the peer to peer lending market are driven by the increasing trend of digitalization across industries, most prominently in the BFSI sector as well as the increased usage of internet services all over the world. Additionally, high speed, as well as the capacity of handling the transactions in real time, are also stimulating high demand within the peer to peer lending market. Furthermore, one of the most significant and promising drivers influencing the growth within the peer-to-peer lending market is the rising trend of digitalization in the banking industry.
The major types of products and solutions offered by the significant players in the peer-to-peer lending market include business loans as well as personal loans. Some of the most dominant end-users for the peer to peer lending market are the marketplace lending model as well as the traditional peer to peer model. Additionally, according to the business model, the solutions in the peer to peer lending market can be categorized into small businesses, real estate, consumer credit, and student loans, among others. The rising demand from real estate as well as student loan segments fuels the development of the peer to peer lending market.
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Rising Use of Smart Payment Services Fast Tracks Development of Peer-to-Peer Lending Market
The increasing adoption of these novel solutions in the peer to peer lending market for various end-use industries, including student loan organizations as well as real estate is propelling the expansion opportunities within the industry in coming years. Furthermore, the growth in the peer to peer lending market is also driven by the rising amount of investments by various government authorities across the globe. Similarly, the increasing adoption of smart payment services and solutions that helps small and medium-sized companies in circumventing the risk of payment frauds and thefts is also influencing the development of the peer to peer lending market in the coming years.
The research study on peer to peer (P2P) lending market throws light on various leading players and developers working in the industry’s landscape. Some of these major players operational in the global peer to peer lending market include Circle Back Lending, Inc., Daric, Inc., Lending Pad Corporation, Peerform, Prosper Marketplace, Inc., Avant Inc., Clear, Funding Circle Limited, Kabbage Inc., Payoff, and Upstart Network, Inc., among others. The leading players in the peer to peer lending market, such as Avant, Circle Back Lending, Daric, Prosper Marketplace, and Lending Pad Corporation are engaged in the adoption of new and emerging distribution channels to enhance their presence globally.
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Players in Peer to Peer Lending Market Focused on New Product Launches and M&A
A few of the other major and prominent growth strategies employed by the leading players in the peer to peer lending market include mergers and acquisitions as well as collaborations with technology partners to expand their industry share by offering their consumers innovative and high-tech products and solutions. The leading players in the industry are also focused on developing novel new products that can prove to be the best peer to peer lending for investors as well.
The demand analysis of peer to peer lending market also sheds light on numerous new developments that occurred in the industry within the last couple of years. For instance, CRED mint, a new peer to peer lending platform was launched by the fin-tech player called CRED in August of 2021. Furthermore, Radius Bancorp, Inc., was acquired by the Lending Club in January 2021 along with its digital bank subsidiary to fast-track the growth of the parent company. Elsewhere, Metro Bank acquired a peer-to-peer lending platform called Rate Setter in August 2020. This allowed Metro Bank to expand its consumer lending applications and enhance its positioning in the regional market of the United Kingdom.