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Two surveys published in the UK this week by VC firm Blumberg Capital and EY reported that only 4-7% of UK adults had used alternative lending services in the past 12 months. One factor that is keeping borrowers away seems to be worries about scams and identity theft.
In the UK, Zopa, Britain’s oldest peer-to-peer lender, competes with banks for borrowers with a good credit rating but is currently closed to new lenders. Earlier this year, the company said it was going to apply for a banking licence. Hargreaves Lansdown, which sells funds to UK retail investors, shelved plans to launch a peer-to-peer service because “market size remains relatively small compared to the other exciting opportunities we have in front of us”. According to Samir Desai, co-founder of peer-to-peer lender Funding Circle, a move by regulators to authorise online lenders in the UK should change the picture.
https://www.ft.com/content/a494591a-867a-11e7-bf50-e1c239b45787
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