Alternative Lending Platform Market Worth $14.47 Billion By 2030

Alternative Lending Platform Market Growth & Trends

The global alternative lending platform market size is expected to reach USD 14.47 billion by 2030, growing at a CAGR of 23.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing integration of technology in the financial sector worldwide is anticipated to drive the growth. The strong emphasis by market players on offering enhanced lending solutions to revolutionize the financing ecosystem also bodes well for the development of the industry.

In June 2022, HES FinTech, a loan management platform provider, based in Lithuania, collaborated with Nordigen, a transaction analytics platform based in Latvia. This partnership was aimed to revitalize the lending ecosystem in the European markets by delivering integrated and seamless solutions for end-to-end digital lending. They are focused on a technologically advanced approach to making the lending sector more accessible by eliminating the hassle of traveling to offices and signing documents.

Industry incumbents across the globe are focused on customer acquisition by providing attractive products. For instance, in December 2021, Kabbage from American Express launched Kabbage FundingTM, providing flexible lines of credit between USD 1,000 and USD 150,000 to qualified small businesses. Small businesses may apply for loans in minutes with Kabbage Funding to get working capital available around the clock to help them manage their cash flow.

The outbreak of COVID-19 is expected to play a vital role in driving the growth of the market during the forecast period. Although the outbreak took a toll on the lending market, the need for credit, on the other hand, increased as many individuals suffered financial losses. This created unique opportunities for alternative lenders to cater to the vast credit requirement globally.

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Alternative Lending Platform Market Report Highlights

• The lending analytics segment is expected to witness the fastest growth during the forecast period. The rising prevalence of alternative lending increased the need to track and analyze loan data points which thereby created the need for lending analytics

• The managed services segment is expected to witness the fastest growth during the forecast period. The rising adoption of technology and rapidly changing industry trends are expected to increase the demand for managed services

• The cloud segment is expected to witness the fastest growth during the forecast period as the cloud-based deployment model aids in reducing operational costs and increases efficiency

• The peer-to-peer lending segment is expected to grow at the fastest CAGR. The increased utilization of internet applications and smartphones is expected to create growth opportunities for the segment growth during the forecast period

• The Asia Pacific is expected to witness the fastest growth during the forecast period. The rapid technological developments and acceptance of algorithm-based modern credit solutions that can match borrowers with a best-suited lender offered by companies such as Wechat and Lendingkart in China, India, and Japan are the primary factor boosting the growth

Alternative Lending Platform Market Segmentation

Grand View Research has segmented the global alternative lending platform market based on solution, service, deployment, end-use, and region.

Alternative Lending Platform Solution Outlook (Revenue, USD Million, 2017 - 2030)

• Loan Origination

• Loan Servicing

• Lending Analytics

• Others

Alternative Lending Platform Service Outlook (Revenue, USD Million, 2017 - 2030)

• Integration & Deployment

• Support & Maintenance

• Training & Consulting

• Managed Services

Alternative Lending Platform Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-Premise

• Cloud

Alternative Lending Platform End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Crowdfunding

• Peer-to-Peer Lending

Alternative Lending Platform Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil 

• Middle East & Africa (MEA)

List of Key Players of the Alternative Lending Platform Market

• Funding Circle

• On Deck Capital.

• Kabbage

• Social Finance, Inc.

• Prosper Funding LLC

• Avant, LLC

• Zopa Bank Limited

• LendingClub Bank

• Upstart Network, Inc.

• CommonBond, Inc.