Peer-to-peer (P2P) lending growth reached more than £2.2 billion in 2015, according to figures by Peer-to-Peer Finance Association (P2PFA).
The industry sector has lent more than £4 billion, meaning that the market has now doubled in size since the end of 2014. In the end of 2015, P2PFA members provided just under £660 million in new lending.
Users of P2P lending also grew over the last 12 months with lenders increasing by more than 22% to 128,000, while borrowers almost doubled to 273,000.
Christine Farnish, chair of the P2PFA, said:
“The growth demonstrates that more lenders and borrowers believe our industry to be a real alternative to traditional lenders. This is only enhanced by our members’ approach to transparency and strict business conduct rules.
“2016 is another important year for the industry as we look forward to the April launch of the Innovative Finance ISA.”