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Global Fintech Lending Expected To Be Worth £230bn At The End Of 2020

Posted 5 months ago

Global Fintech Lending Expected To Be Worth £230bn At The End Of 2020
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According to new research by Norwegian financial services company AksjeBloggen, the global fintech lending industry will be worth a global $291.4bn (£230bn) by the end of 2020, with peer-to-peer business lending representing 70 per cent of that total.

The company has also predicted that global fintech lending will continue to rise before reaching a total value of $396.8bn by 2024.

This projection is based on an analysis of several fintech studies, including the 2017 Statista Alternative Lending survey, which found that the global fintech lending industry was worth $181.2bn. Between 2017 and 2019, the industry’s value rose by 47 per cent, to $267.1bn.

According to AksjeBloggen, “statistics indicate that in the last twelve months, the market value of the global fintech lending industry increased by $24.3bn, reaching $291.4bn value this year.”

However, AksjeBloggen noted that before the Covid-19 pandemic, the fintech lending industry was on track to reach $312.6bn by the end of this year.

P2P business lending is set to be worth $206.1bn by the end of this year and $297.6bn by 2024, or 70 percent and 75 per cent of the total fintech lending market, respectively.

Meanwhile, consumer P2P loans are forecast to reach $85.3bn this year, and $99.2bn by the end of 2024.

Analyzed by countries, China represents the leading fintech lending industry in the world, set to reach $251.8bn transaction value this year. With a $27.5bn market value or nine times less than leading China, the United States ranked as the second-largest fintech industry globally. The United Kingdom and Switzerland follow with $3.9bn and $1.3bn, respectively.

Statistics also revealed that the following years are set to witness a surge in the number of fintech loans. In 2017, there were over 56 million successfully funded peer-to-peer loans in both business and consumer segments. 

In the last three years, this number grew by 30% reaching 72.8 million in 2020. Statista data show the number of fintech loans is expected to continue rising in the following years and reach 91.1 million by 2024.

CEO of Nextfin, Sacha Bright, said: “As I said to the British Government five years ago, fintech (P2P, equity crowdfunding and finance transacted over the internet) has no borders other than the regulatory authorities of each nation.

As we have started to see new digital currencies and globalisation of businesses, Britain needs to invest more in alternative finance to ensure it can maintain its highly respected financial industry." 

Authors: Oliver Murphy & Sacha Bright

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.

Tagged: fintech p2p business alternative finance equity crowdfunding



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