Top Companies in Alternative Lending Platform Market | Top Major Players Key Points, Statistics, Growth rate, | Vantage Market Research
Alternative lending describes the broad range of loan choices that customers and company owners have in addition to typical bank loans.
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Market Overview:
The Global Alternative Lending Platform Market was valued at USD 541.7 Billion in the year 2021 and is forecast to reach a value of USD 730 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.1% over the forecast period. Alternative credit offers a wide range of credit options other than traditional bank loans, primarily to consumers and business owners. This is the process of getting recognition from a non-bank or other financial institution that does not have a full bank license. As a result, alternative loans are attracting attention, especially among small and medium-sized enterprises. According to the SMEs Finance Forum, in 2018, there was a USD 5 trillion funding gap between SME funding needs and available institutional funding, and SMEs were looking for alternative financing options.
Alternative credit has emerged as a convenient asset class. This is a minimal volatility option for both individual and institutional investors. These investments are accessible and provide decent returns in a short period. Alternative lending is witnessing constant global development, and financial regulators are working to find solutions for the safe growth of the sector. Regulatory agencies are creating sandboxes to support and accelerate progress in this sector in many developed countries such as the United Kingdom, Singapore, the United States, and Australia.
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Some of the key players operating in the Alternative Lending Platform Market are listed below:
|
Company Name |
Revenue in the US |
|
$898 Million |
|
$215 Million |
|
$154 Million |
|
$444 Million |
|
$103 Million |
|
$1 Billion |
|
$85 Million |
|
$1 Billion |
Lending Club Corporation is a peer-to-peer lending company headquartered in San Francisco, California. The company was the first peer-to-peer lender to register its offering as a security with the Securities and Exchange Commission (SEC) and offer loan transactions in the secondary market. Lending Club also provides consumers with traditional direct lending, including automated refinancing, through FDIC's insured, state-licensed commercial bank, Web-Bank, headquartered in Salt Lake City, Utah. The loan is not funded by the investor but is ceded to another financial institution.
Prosper Marketplace, Inc. is a peer-to-peer lending industry company based in San Francisco, California. One of its subsidiaries, Prosper Funding LLC, operates Prosper.com, a website where individuals can invest in and borrow money on their loans. Prosper handles loan management, collects payments and interest from borrowers, and distributes them to loan investors. Prosper manages all phases of loan management by reviewing the borrower's identity and personally identifiable information before raising the loan.
Funding Circle Holdings PLC acts as a financing platform for small businesses. The company offers investors to borrow and lend money to SMEs. Funding Circle Holdings serves clients in the United Kingdom, United States, Germany, and the Netherlands. As one of the leading global platforms for small business loans, they have helped around 120,000 SMEs access more than £14 billion.
Headquartered in Chicago, USA, On Deck Inc. is an online small business lending platform. On Deck, Inc. transforms small business lending by making it convenient and efficient for small businesses to access capital. The company's platform touches every aspect of the customer lifecycle, including customer acquisition, sales, scoring and underwriting, funding, servicing, and collections. In addition, the company generates revenue in the form of interest income.
Our Crowd is a global venture investment platform that allows institutional investors and individuals to invest and participate in start-ups. As Israel's most active venture investor, Our Crowd selects and selects companies, supports capital, provides unparalleled access to global networks, co-invests, and contributes to connections, talents, and transactions. In addition, the company creates value for portfolio companies throughout their lifecycle, provides mentoring, hires industry consultants, manages follow-up rounds, and creates growth opportunities through a network of multinational partnerships.
SoFi Technologies, Inc. (now the parent company of Social Finance, Inc., commonly known as SoFi) is an online bank and American online personal finance company. San Francisco-based The Company offers financial products such as student loan refinancing, car loan refinancing, mortgages, personal loans, credit cards, investments, and banks through mobile app and desktop interfaces.
GoFundMe is America's commercial crowd-funding platform that allows you to raise money at various events, from life events such as celebrations and graduations to challenging situations such as accidents and illnesses. From 2010 to early 2020, more than USD 9 billion was raised on the platform, and donations from more than 120 million donors. The company is based in Redwood City, California, with offices in San Diego and Dublin and in France, Spain, Germany, Italy, and the United Kingdom.
Headquartered in Charlotte, NC, LendingTree is the leading online marketplace in the United States, connecting consumers with the options they need to be confident in their financial decisions. For example, with LendingTree, consumers can buy flights and hotel stays by comparing multiple offers from a national network of over 500 partners in a simple search and choosing the option that best suits their financial needs.
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