NEW YORK–The annual transaction volume of online peer-to-peer (P2P) lending platforms will increase by an average of 80% over the next five years, according to a projection by Statista’s Digital Market Outlook.
“User friendly solutions have not been easy to find so far, as taking up bank loans usually involves bureaucracy and lengthy processes,” said Statista in a released statement. “The new solution on the market is called Crowdlending – online P2P lending platforms on which investors and credit seekers are connected and individuals as well as companies are offered an easy way of raising capital. Through online brokerage portals, such as U.S.-based Lending Club or Kabbage, individuals or small and medium enterprises can place their financing requests. In Germany, Auxmoney and Zencap (recently acquired by Funding Circle) are also well-known providers.”
The volume of transactions for business loans in the U.S. will amount to $8.489 billion in 2015, the company said.