The current lending environment has proved fertile territory for alternative finance providers, and they have made great headway against traditional banks. A report published by The Business Research Company last December estimated that the global peer-to-peer lending market expanded by a third in 2022 to $106 billion, and will be worth $302 billion by 2026.
According to Iwoca’s small and medium-sized enterprise expert index for the fourth quarter of 2022, more than eight in 10 SME finance brokers in the UK believed that big banks had reduced their appetite to fund small businesses despite a similar proportion predicting that demand for small-business finance would rise in 2023.
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