GVR Report cover Digital Lending Platform Market Size, Share & Trends Report

Digital Lending Platform Market Size, Share & Trends Analysis Report By Solution (Business Process Management, Lending Analytics, Loan Management), By Service, By Deployment, By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-066-8
  • Number of Report Pages: 120
  • Format: PDF, Horizon Databook
  • Historical Range: 2017 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Technology

Report Overview

The global digital lending platform market size was valued at USD 7.04 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 26.5% from 2023 to 2030. The benefits offered by the digital lending platforms, such as enhanced loan optimized loan process, quicker decision making, compliance with regulations and rules, and improved business efficiency, are expected to drive market growth. Traditional lending platforms relied on human interventions and physical interactions at every step, which increased the processing time and the chances of errors caused by humans. However, the digital lending platforms enable the banks to automate their entire loan process and thereby enhance customer experience.

 U.S. digital lending platform market size, by solution, 2020 - 2030 (USD Million)

The growing importance of open banking worldwide is creating new opportunities for market growth. Open banking enables the lenders to efficiently consolidate the borrowers' data, such as previous loans, current outstanding debts, and credit scoring, among others. This helps the lenders to speed up their decision process and offer customized loan solutions based on client needs. Therefore, various financial service providers are entering into a partnership with open banking providers to improve their lending process. According to the survey conducted by Credit Kudos from October to November 2021, out of the surveyed lenders, 87% of them plan to use open banking technology by 2023 in the U.K.

The capabilities of blockchain technology to efficiently transfer documents with high integrity are expected to increase its importance among the digital lending providers. Through blockchain technology, the participants involved in the lending process, such as regulators and auditors, can easily verify identities and track transactions. For instance, in March 2022, Figure Lending LLC and Apollo completed a transaction involving the transfer of ownership and digital mortgage loans through blockchain technology. This secured and streamlined mortgage loan registry is expected to bring greater transparency and efficiency to the mortgage industry. Digital lenders across the world are making efforts to secure banking licenses to lower funding and origination costs. For instance, Zopa, a U.K.-based digital lending company, secured a banking license in June 2020. Additionally, in January 2022, SoFi Technologies, an online lender, received approval from U.S. regulators to become a bank holding company. Thus, the growing number of digital lenders with banking licenses is creating new opportunities for the market.

The increasing use of digital lending platforms involves the transfer of sensitive and personal financial data over the internet. This transfer of information has raised concerns regarding data security across businesses using digital lending. At the same time, digital lending providers are also expected to comply with data protection laws framed by regulatory bodies to protect customer data from data breaches. The digital lending solution providers in Europe are expected to follow the European General Data Protection Regulation (GDPR) guidelines, which include standards that protect customer data.

The outbreak of the COVID-19 pandemic led to a positive impact on the digital lending platform market. Credit unions and banks are particularly enhancing their digital banking offerings to better meet the needs of their customers in the wake of the outbreak of the pandemic. Additionally, in the COVID-19 pandemic, the banks have increasingly started using digital channels for lending loans under the Paycheck Protection Program. The Paycheck Protection Program in the U.S. provides small businesses funds for up to 8 weeks. According to the statistics provided by Numerated, a digital lending platform provider, 82% of businesses in the U.S. choose to apply for PPP loans online during COVID-19 rather than via traditional channels.

Solution Insights

The business process management segment led the market and accounted for more than 30.0% share of the global revenue in 2022. Business process management has gained popularity owing to its potential to minimize operational costs and significantly increase productivity. At the same time, business process management benefits in lending, such as improved employee productivity and customer experience, error reduction, and decreased paper usage, among others, are also the major factors expected to drive the segment growth. Moreover, advances in big data and cloud computing are particularly driving the efficiency of business process management. The rising IT expenditure also bodes well for the growth of the business process management segment during the forecast period.

The lending analytics segment is expected to witness the fastest growth during the forecast period. Lending analytics allow lenders to perform customer segmentation analysis and improve customer acquisition. At the same time, it also helps businesses in faster and more efficient customer onboarding and helps them enhance the customer experience. Several companies offering lending analytics solutions are pursuing strategies, such as mergers & acquisitions, and strategic partnerships, among others, as part of the efforts to enhance their offerings. For instance, in February 2021, Nomis Solutions announced a partnership with Heitman Analytics, a provider of mortgage analytics reporting. The partnership is aimed at helping lending clients develop strategies based on effective and efficient analysis of data.

Service Insights

The design & implementation segment led the market and accounted for more than 33.0% share of the global revenue in 2022. Financial institutions need a design & implementation framework to support the adoption of digital platforms. The framework can typically help financial institutions in carrying out the lending business operations efficiently. Organizations are imparting these implementation services in their lending platform so that they can be easily integrated with various lending solutions while ensuring regulatory compliance. The benefits offered by the design & implementation segment include cost savings in operations and a flexible and agile administration process.

The consulting segment is expected to witness steady growth during the forecast period. Consulting services enable the digital lending service provider to improve operation speed and efficiency. Various companies that provide consulting for digital lending platform providers are focused on strategies such as partnerships, mergers, and others for strengthening their market position. For instance, in June 2021, Razorvision Consulting, a digital lending technology provider, announced its partnership with NXTsoft, an API connectivity provider. Through this partnership, the former company's customers will be able to offer custom experiences to their applicants by integrating Razorvision Consulting's Fast Cash with their core system.

Deployment Insights

The on-premise led the market and accounted for more than 68.0% share of the global revenue in 2022. Financial institutions are opting for on-premise digital lending platforms as part of the efforts to annul cyber risks in the wake of the rising number of instances involving data breaches and cyberattacks. This is because on-premise platforms enable businesses to have complete control over their data and decide the system changes and upgrades. The on-premise deployment also reduces the total cost of ownership, as there are hardly any monthly or annual subscription fees involved. However, the fact that implementation of on-premise solutions requires more time as compared to cloud solutions can potentially hinder the growth of the segment.

The cloud segment is expected to witness the fastest growth during the forecast period. The growing preference for cloud-based platforms among digital lending providers to enhance their offerings is driving the segment growth. Fintech companies are focusing on deploying cloud-based digital lending platforms and pursuing the pay-per-use payment model, which allows companies to minimize the overall operational costs. The growing preference for digital channels, such as instant messaging and email, for customer service purposes coupled with the increasing volumes of digitized documents and loan applications, is expected to drive the growth of the cloud segment during the forecast period. 

End-Use Insights

The banks' segment led the market and accounted for more than 30.0% share of the global revenue in 2022. The growing focus of banks on digitalizing their financial services is expected to drive the segment growth. Stringent regulations and favorable initiatives being pursued by governments of both developed and developing countries are also encouraging banks to adopt digital lending platforms and enhance customer experience. Digital lending platforms typically allow banks to ensure transparency in their loan processes.

 Global digital lending platform market share, by end-use, 2022 (%)

The credit unions segment is expected to witness significant growth during the forecast period. The credit unions use digital lending platforms to eliminate manual processes and errors for conducting efficient lending. Features associated with digital lending platforms, such as e-signature, and cross-channel support, among others, can particularly benefit credit unions. The e-signature feature can typically help in reducing the processing time and allow credit unions in enhancing customer experience.

Regional Insights

North America segment led the market and accounted for more than 33.0% share of the global revenue in 2022. The presence of major digital lending providers across the North American countries is expected to drive market growth in the region. The region has also been an early adopter of the latest and advanced technologies. As a result, the demand for digital, end-to-end financial solutions has always been on the higher side in North America. A large mobile workforce in the region is particularly prompting financial institutions in the region to digitalize their services and enhance customer experience. As such, financial institutions in the region are trying to differentiate themselves from their competitors by introducing innovative digital offerings as part of their efforts to gain a substantial competitive advantage.

Digital Lending Platform Management Market Trends by Region

Asia Pacific is anticipated to witness the fastest growth during the forecast period. The growth can be attributed to the increasing number of fintech companies in the region. Smartphone proliferation and the rising internet penetration rate also bode well for the growth of the regional market. Moreover, the growing adoption of open banking across the countries, such as India and China, is also creating new opportunities for market growth.

Key Companies & Market Share Insights

The market is moderately fragmented. Major players in the market are pursuing strategies, such as new product launches, mutual agreements, and product upgrades, among others, as part of the efforts to cement their market position. For instance, in January 2022, Paytm announced its partnership with Fullerton India, a non-banking financial company. Through this partnership, the former company aims to expand digital lending to micro, small and medium enterprises and consumers from smaller towns and cities in India.

Key players are also investing aggressively in research & development activities to further develop and expand the capabilities of the solutions they are offering. The companies are making efforts to integrate enhanced technologies such as machine learning and blockchain technology into digital lending platforms. Market incumbents are also focusing on maintaining and extending the support to their existing solutions while investing in strategic applications incorporating the latest innovations.Some of the prominent players in the global digital lending platform market are:

  • Ellie Mae, Inc.

  • FIS

  • Fiserv, Inc.

  • Newgen Software

  • Nucleus Software

  • Pegasystems Inc.

  • Roostify

  • Sigma Infosolutions

  • Tavant

  • Wizni, Inc.

Digital Lending Platform Market Report Scope

Report Attribute


Market size value in 2023

USD 8.58 billion

Revenue forecast in 2030

USD 44.50 billion

Growth rate

CAGR of 26.5% from 2023 to 2030

Base year of estimation


Historical data

2017 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Solution, service, deployment, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil

Key companies profiled

Ellie Mae, Inc.; FIS; Fiserv, Inc.; Newgen Software; Nucleus Software; Pegasystems Inc.; Roostify; Sigma Infosolutions; Tavant; Wizni, Inc.

Customization scope

Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at regional and country levels and provides an analysis of the industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global digital lending platform market report based on solution, service, deployment, end-use, and region.

  • Solution Outlook (Revenue, USD Million; 2017 - 2030)

    • Business Process Management

    • Lending Analytics

    • Loan Management

    • Loan Origination

    • Risk & Compliance Management

    • Others

  • Service Outlook (Revenue, USD Million; 2017 - 2030)

    • Design & Implementation

    • Training & Education

    • Risk Assessment

    • Consulting

    • Support & Maintenance

  • Deployment Outlook (Revenue, USD Million; 2017 - 2030)

    • On-premise

    • Cloud

  • End-Use Outlook (Revenue, USD Million; 2017 - 2030)

    • Banks

    • Insurance Companies

    • Credit Unions

    • Savings & Loan Associations

    • Peer-to-Peer Lending

    • Others

  • Region Outlook (Revenue, USD Million; 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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