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UK peer-to-peer lending hit US$2b in 2014: trade body
[LONDON] Britain's peer-to-peer lenders lent more than 1.3 billion pounds (US$2 billion) during 2014, taking total lending by the industry to more than 2.1 billion, double what it was at the end of 2013.
Peer-to-peer lending has grown rapidly since the financial crisis of 2007 to 2009, with bank credit remaining scarce for small businesses. The concept allows investors to lend directly to individuals and businesses via low-cost online platforms.
"These figures demonstrate the growing impact peer-to-peer lending is having on the market," said Christine Farnish, chair of the Peer-to-Peer Finance Association.
"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," she added.