Press release
Alternative Lending Platform Market is expected to be valued at around US$ 22.2 Billion by 2032
Alternative Lending Platform MarketÂ
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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.
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.
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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.
COVID-19 Impact
Throughout the projected period, the COVID-19 pandemic is anticipated to have a significant impact on the growth of the industry. The alternative lending platforms witnessed a substantial increase in users as many people suffered financial losses owing to the outbreak. Numerous individuals across the globe have applied for loans using alternative lending platforms due to various benefits it offers, such as quick access and easy approvals. Moreover, to keep their business running in troubled times, SMEs are also inclined toward alternative lending platforms.
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Global Alternative Lending Platform Market Segmentation
By Deployment
On-Premise
Cloud
By Services
Integration & Deployment
Support & Maintenance
Training & Consulting
Managed Services
By Solution
Loan Origination
Loan Servicing
Lending Analytics
Others
By End-user
Credit Unions
Peer-to-Peer Lending
Insurance Companies
Others
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