Fintech Lending Industry to Hit $291bn Value in 2020 av Jastra Ilic Sist oppdatert: 8. juni, 2020 Del Artiklen 0 Skriv Kommentar DEL ARTIKLENFintech Lending Industry to Hit $291bn Value in 2020 Recent years have witnessed a surge in the number of fintech loans as an appealing alternative to traditional banking services. Although the coronavirus outbreak has affected the fintech lending industry, the unified market is still expected to maintain a steady growth.According to data gathered by AksjeBloggen, the global fintech lending market is set to reach $291.4bn transaction value this year, growing by 9.1% year-on-year. The rising trend is forecast to continue in the following years, with the market reaching $396.8bn value by 2024.Market Value Jumped 60% in Three YearsFintech loans are offered through lending platforms, which removed the banks from the equation, connected lenders directly with borrowers, and brought many advantages for both sides. The sophisticated computer algorithms make lending decisions in minutes instead of days, and borrowers are offered at lower rates. At the same time, compared to traditional banking services, fintech lending brought higher return rates to investors.In 2017, the global fintech lending industry was worth $181.2bn, revealed the Statista Alternative Lending survey. Over the next two years, the transaction value rose to $267.1bn, a 47% increase. 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.In comparison, before the coronavirus outbreak, the transaction value of all fintech loans was forecast to reach $312.6bn value in 2020, or 7% more compared to the post-COVID-19 data. Business peer-to-peer loans represent the most significant part of the fintech lending market with a $206.1bn transaction value in 2020. In the next four years, the number of loans to small and medium-sized companies is expected to continue rising and touch $297.6bn value.Consumer peer-to-peer loans are forecast to reach $85.3bn in transaction value this year, or 2.4 times less than the business segment. By the end of 2024, this value is forecast to rise to $99.2bn.The Number of Fintech Loans to Reach 91.1 Million by 2024Analyzed 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.
