The global fintech lending industry will be worth $291.4bn (£230bn) by the end of 2020, with peer-to-peer business lending representing 70 per cent of that total.
According to new data analysis by Norwegian financial services company AksjeBloggen, global fintech lending is expected to maintain steady growth before reaching a 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 per cent 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.
China still boasts the largest fintech lending industry in the world, with transactions believed to be worth $251.8bn by the end of the year. The US is the second largest global fintech lending market, at $27.5bn, followed by the UK at $3.9bn and Switzerland at $1.3bn.