Alternative Lender Zopa Expects Record Year in 2013 Reports Click to Cash
CEO Andrews says Alt-lending may double in popularity Next Year
In an interview with The Independent, Giles Andrews, CEO of Zopa, says he expects 2013 to be a banner year in the industry. Peer-to-peer lending provides cash to businesses that need loans directly from investors, unlike traditional banks that act as financial middlemen.
Andrews had this to say about the future:
“The perception of banks is that they are weak and I can’t see that changing soon. Peer-to-peer lending accounts for over 1 per cent of the personal loan market and there’s no reason why in a few years we can’t see that at 10%. We’re predicting at least a doubling of the industry in 2013.”
Booming business numbers aren’t the only reason to suspect that there may be a significant shift to p2p lending: Jacob Rothschild, prominent British investment banker and member of the storied Rothschild banking-line, has been revealed as holding a stake in Zopa.
The British Government also revealed earlier this month that Zopa will play a role in dispersing some of the £55 the government has pledged to small businesses via alternate, non-banking, routes.
Platform Bank, another alternative lender, focuses on small business loans and the needs of non-corporate entrepreneurs and its founder, Christopher Shaw, has this to say about why alternative lending is now getting a foothold in the industry:
“Banks are turning their back on some customers – too onerous, too expensive or the finance just isn’t there. Awareness is so much greater of alternative finance, in future I can see it becoming the first resort rather than the last resort.”
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