Global Alternative Lending Platform Market by Offerings, Alternative Lending Types, Deployment, End User and Region
The global alternative lending platform market was valued at US$ 2.3 Bn in 2021, growing at a CAGR of 26% over the forecast period (2022–2030). Alternative lending refers to the procedure of accepting loans from financial entities that are not banks or other non-banking organisations. Since traditional banks have hesitated to finance blue-collar employees, freelancers, or gig workers due to their insufficient credit histories, alternative lending has risen significantly over the past several years. Small and medium-sized enterprises were severely hit worldwide by the epidemic, which gave alternative finance, often known as alt lending, a boost. The shutdown forced several businesses to shut down. Many smaller businesses filed for bankruptcy, and many business owners lacked the funding to reopen their operations after the lockdown was lifted. These small company owners frequently lacked the credit history necessary to qualify for a loan, and those with a history of bankruptcy would have trouble obtaining any funding from a conventional bank. Furthermore, merchants are preparing to meet this demand by rapidly extending their acceptance infrastructure in response to the rise in online payments. They are now accepting a variety of digital payment methods, including credit and debit cards, mobile wallets, mobile banking, and Unified Payments Interface (UPI). The groundwork for alternative lending has been built by the payments sector’s spectacular expansion, which has been made possible by rising internet and mobile usage, a shift in mindset and favourable rules which has led to the growth of the global alternative lending platform market.
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The Alternative Lending Platform Market is expected to See Immense Growth after the COVID-19 pandemic
The persistent Covid-19 epidemic is slowing down the economy. COVID-19 has a significant influence on international trade and business since many people have lost their employment and means of livelihood. And it is now obvious that the pandemic has significantly affected small and medium enterprises, with numerous countries coping with varying degrees of lockdown or lifting the restrictions. Moreover, due to economic crisis during the pandemic as banks were hesitant to lend the small businesses the finance need, alternative lending gained huge popularity. Hence from here on the alternative lending platform market is expected to flourish during the forecast period 2022–2030.
Online lenders now have the capacity to swiftly build up platforms with the access to modern financial technology. These platforms however, offer maximum consumer engagement and retention through high speed and transparency, resulting in user-friendly platform interfaces and experiences. From loan application through approval and funding to, at last, loan disbursal, the digital infrastructure of these platforms are created to lessen significant pain points of the loan origination processes for consumers and SMEs across stages. These platforms are making it quicker and simpler for borrowers to obtain financing in order to continue to simplify the end-to-end user experience. The users are able to interact more frequently with the platform of his/her choice, whether it be web-based or mobile, if a consistent experience is provided throughout the various delivery channels. Thus the technological advancements into the platform has led to the upsurge into the global alternative lending platform market.
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By giving SMEs viable, alternative financing channels, the current boom in technology-enabled financial services (fintech) has been able to, if not completely address, then at least lessen, the scarcity of external finance for SMEs. These channels, which are typically included under the umbrella term “alternative finance,” are “alternative” in that they are typically offered by private people and institutional investors rather than banks. Peer-to-peer (P2P) lending and crowdfunding are the two alternative lending methods that have seen the most success. Peer-to-peer lending, commonly referred to as “social lending,” is the process of connecting lenders and borrowers using internet channels. Compared to traditional financial intermediaries, borrowers may often get cash fast and at cheaper interest rates. Thus, with the rise in demand for alternative lending platforms across various end users, the market will grow at an exponential rate.
Asia Pacific region is anticipated to be the fastest growing region in the alternative lending platform market over the forecast period. More than 200 million micro, small, and medium-sized companies (MSMEs) in emerging nations lack appropriate funding, according to data from The World Bank. This is a result of MSMEs’ informal business practises, lack of collateral, and credit history. Therefore, alternative financing providers have seen exponential growth over the past several years in the Asia Pacific Region. The alternative lending platform market has grown dramatically in UK and USA. But in nations like China, Singapore, Hong Kong, and most lately Indonesia, Malaysia, the Philippines, and India is quickly catching up. Financial regulators in Asia are particularly active in promoting and assisting the expansion of alternative loan providers. Regulators in Singapore, for instance, have even set aside $225 million to support the expansion of alternative finance. Hong Kong actively pulls together banks, producers of alternative credit, and regulators to provide fresh concepts and creative fixes. Thus, with these factors the alternative lending platform market is expected to flourish in the upcoming years.
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The key market participants operating in the global alternative lending platform market are:
- American Express. ( Kabbage)
- CommonBond, Inc.
- Funding Circle
- LendingClub Bank.
- Morgan Stanley
- Portfolio+ Inc.
- RNDPOINT LTD.
- Upstart Network, Inc.
- Zopa Bank Limited
- Other Market Participants
Global Alternative Lending Platform Market
- Loan Origination
- Loan Servicing
- Lending Analytics
By Alternative Lending Types
- Short-term loans
- Lines of credit
- Invoice financing
- Cloud based
- On premise
By End Users
- Peer to peer lending
- Credit Unions
- Community Development Financial Institutions (CDFI)
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- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Fintech Personal Finance Market –
Global Digital Lending Platforms Market –
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