Global Fintech Lending Market

Fintech Lending Market Size, Share, Growth Analysis, By Offering(Business Lending and Consumer Lending), By Business Model(Balance Sheet Lenders, Marketplace Lenders, and Others), By Enterprise Size(Large Enterprises, and Small & Medium-sized Enterprises (SMEs)), By Lending Channel(Online and Offline), By Region - Industry Forecast 2024-2031

Report ID: SQMIG40C2002 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 80

Fintech Lending Market News

  • Goldman Sachs is a leading global investment banking, securities, and investment management firm. The American multinational corporation collaborated with Apple in February 2023. Apple is an American manufacturer of personal gadgets. This partnership was formed to introduce a new credit card on the market. Goldman Sachs’ technology and Apple’s payment platform will power this new credit card.
  • Mastercard offers a range of payment transaction processing and other related-payment services and is the world’s second-largest payment-processing corporation. This company partnered with Synctera in January 2023. Synctera is a banking as a service (BaaS) platform which also offers a fintech banking platform. Mastercard can use this alliance to offer its services to Synctera’s customers.
  • The European Commission proposed a new set of regulations in April 2023. These regulations will be implemented on fintech lending companies. They are instilled to ensure consumer’s financial safety and guarantee a stable financial system
  • The United Kingdom government released a regulatory sandbox for fintech lending companies in March 2023. This initiative will allow them to test services and products without being barred by regulations that affect traditional banks.
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Global Fintech Lending Market size was valued at USD 714.29 Billion in 2022 and is poised to grow from USD 910.01 Billion in 2023 to USD 6315.41 Billion by 2031, at a CAGR of 27.4% during the forecast period (2024-2031).

The global fintech lending market is defined by its competitive landscape. Players like P2P lending platforms, traditional and digital banks, and tech startups are engaged in fierce competition. Well-established financial names like Goldman Sachs and JPMorgan Chase have entered the fintech lending market. They have introduced their own digital lending online sites, which is typically a collaboration with fintech startups. To gain market share and maintain their position in the market, these firms leverage their extensive resources and brand recognition. 'Avant (USA)', 'Kabbage (USA)', 'Funding Circle (UK)', 'Funding Societies (Singapore)', 'Prosper Marketplace (USA)', 'LendingClub (USA)', 'OnDeck (USA)', 'Qudian (China)', 'SoFi (USA)', 'Zopa (UK)', 'Upgrade (USA)', 'Yirendai (China)', 'LendInvest (UK)', 'Affirm (USA)', 'Lufax (China)', 'GreenSky (USA)', 'Fellow Finance (Finland)', 'Mintos (Latvia)', 'Kreditech (Germany)', 'FundingSecure (UK)', 'Klarna (Sweden)', 'Adyen (Netherlands)', 'CommonBond (USA)', 'Upstart (USA)', 'SoFi (USA)'

The high usage of the internet and smartphones and the advancements in digital technology have greatly influenced the fintech lending market. Fintech platforms have opened up online avenues for consumers to easily access financial services. The general public and businesses can manage and apply for loans and receive approvals online. These platforms offer faster processing times compared to traditional banks. This is due to the streamlined user-friendly interfaces of fintech lending platforms.

Expansion of Online and Digital Lending Platforms: Fintech lending platforms are excessively convenient and accessible. This has led to their widespread popularity around the globe. The online platforms use today’s technology, like data analytics, to make the lending process faster and efficient. People and businesses use mobile apps and websites to avail several financial services online. These include loan application and approval, coupled with fund access. Consumers are preferring the digital method due to its conveniently quick offering of financial resources, driving this trend.

The fintech lending market is dominated by North America, with the US playing a critical role in this dominion. The region’s highly developed fintech ecosystem is responsible for its market position. This includes developed P2P lending channels and online lending platforms. The region’s regulatory environment favors the market, leading to further expansion. North America is also home to several major fintech hubs, such as Silicon Valley. North America leads the market because of leading fintech lending companies such as Prosper, LendingClub, and SoFi. These companies have originated a substantial volume of loans.

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Global Fintech Lending Market

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