Alternative Lending Market Report 2016

in cooperation with
Alternative lending market

trends in Continental
Europe in 2016
November 2016
Contents
Page
The contacts at KPMG in

connection with this report are:
Julija MasaneOse
Director, Deal Advisory
KPMG Baltics
Tel: +371 67 038 039
Mob: +371 27 704 909
jmasane@kpmg.com
This report provides an overview of Alternative Lending industry trends in

Europe in 2016. Please note that we provide summary information for the
European region excluding United Kingdom and the focus of the research
is on P2P Consumer lending.
In compiling this Report, we have relied on information compiled by AltFi
Data and other publicly available information. The sources of information
are listed throughout the Report. We take no responsibility for ensuring the
accuracy or comparability of this information or for any errors in the Report
which may have arisen from inaccuracies in the underlying information. We
have not verified, nor are we responsible for, any of this information.
Key highlights
Introduction
Alternative lending market overview
P2P market in Europe (excl. UK)
P2P market in Europe by country (excl. UK)
Key risks of alternative lending market
P2P Consumer lending market

P2P Consumer lending market in Europe (excl. UK)
10
11-12
P2P Consumer lending market development by quarters (excl. UK)
13
P2P Consumer lending market in Europe per capita (excl. UK)
14
P2P Consumer lending market in Latvia
15
AltFi Data dataset on Liberum AltFi Volume Index Continental Europe

for the period 1Q 2013 3Q 2016 (hereinafter AltFi Data);
P2P Consumer lending development in Latvia
16
2nd Annual European Alternative Finance Industry Study Sustaining

Momentum (hereinafter Alternative Finance Study 2015), prepared by
the Cambridge Centre for Alternative Finance in partnership with
KPMG and CME Group Foundation.
Alternative lending outlook in Latvia
17
Our research is based on the following key sources, which are indicated
throughout the report:
2016 KPMG Baltics SIA, a Latvian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG
International"), a Swiss entity. All rights reserved.
Document Classification: KPMG Public
Alternative lending
market
Key highlights
1. European
lending market
European online alternative lending market volumes have grown steadily year on year between 2013 and 2015 (73% average growth), and
increased further by 23% between 2015 and 3Q 2016 reaching EUR 0.6 billion in funded loans as at 30 September 2016 (AltFi Data). The
fastest growing segment during 2016 as reported by AltFi Data has been P2P Consumer lending, which grew by 26% between 2015 and 3Q
2016 (invoice trading showed even higher growth of 124%, but it has been significantly lower in absolute terms).
The ultimate leader in the European online alternative finance scene is the pioneer of alternative online lending, the UK, with 4 times higher
volumes than in the rest of Continental Europe in aggregate.
2. European
alternative
finance leaders
(all segments)
and alternative
lending leaders
The top three countries in Continental Europe for overall online alternative finance market volume have been France, Germany and the
Netherlands (Alternative Finance Study 2015 data), while AltFi Data show that 2015 leaders in alternative lending have been France,
Germany and Sweden. Notably, in 2016 the picture has changed with Latvia breaking into the top 3 with the third largest volume of funded
loans in 1Q-3Q 2016.
The rise of smaller countries in alternative online lending is possible because country boundaries do not limit growth, and know-how of both
investor attraction and lending can be applied across geographies. Although the key geographical market for European alternative online
lending platforms is still Continental Europe, where they take up niches in both the subprime and prime unsecured lending segments,
platforms also expand to other countries outside Europe.
Given the example of the UK market development, Continental Europe expects further significant growth, as it now only makes up a minor
part of the total unsecured lending in the region.
3. Alternative
lending
segments
P2P Consumer lending is the largest component of alternative online lending market with 72% of the total in 1Q-3Q 2016. While P2P
Business lending has been showing significant growth rates between 2013 and 2015 it has not surpassed the P2P Consumer market by
volume and has grown only by 1% between 2015 and 3Q 2016 (according to AltFi Data).
4. P2P
Consumer
lending
The P2P Consumer lending market grew from EUR 160 million to EUR 450 million between 2013 and 3Q 2106 and showed a 14% average
quarterly growth rate between 1Q 2013 and 3Q 2016. Although the year 2015 did not report significant growth, the quarterly volume of loans
funded has significantly increased in 2016, showing an average 25% quarterly growth rate.
5. P2P
Consumer
lending
platforms
In terms of individual platforms, the top players in the P2P Consumer lending market are Younited Credit (France), Auxmoney (Germany)
the same leaders, as in 2015, followed by Mintos and Twino, both from Latvia. While France and Germany are represented by 1 leading P2P
Consumer lending platform per country, in Latvia 2 online marketplaces Twino and Mintos share the market. The two market leaders from
Latvia exceeded EUR 100 million in volume of funded loans during 1Q-3Q 2016, outgrowing Finnish players Fellow Finance and Fixura, as
well as Estonian Bondora.
Introduction
Background of alternative finance
Methodology and data sources
Alternative finance that emerged outside of the traditional financial system

has thrived since the global financial crisis and was driven by the
digitalization process within the financial industry.
In our analysis we refer to all alternative finance segments as Alternative

finance and the lending segment of the industry as Alternative lending.
The most developed alternative finance markets are the US, the UK and
China. Despite that the European alternative lending industry is still in its
early years, the volume of issued funds in 2015 increased to more than
EUR 5 billion, with volume outside of the UK exceeding EUR 1 billion.
Alternative lending (a segment of alternative finance industry) has reached
EUR 0.66 billion in 2015 according to the Alternative Finance Study 2015
(AltFi Data reported EUR 0.5 billion lending market for 2015).
The alternative finance industry in Europe may be split into:
In this report
we focus on
the
alternative
lending
segment of
the
alternative
finance
industry
Peer-to-peer (P2P)
Consumer lending
Individuals or institutional funders

provide a loan to a consumer
borrower
Peer-to-peer (P2P)
Business lending

provide a loan to a business
borrower
Invoice Trading

purchase invoices or receivable
notes from a business at a discount
Equity-based
crowdfunding

purchase equity issued by a
company
Reward-based
crowdfunding
Backers provide finance to

individuals, projects or companies
in exchange for non-monetary
rewards or products
For our analysis we use the following main data sources:

- The dataset provided by AltFi Data on Liberum AltFi Volume Index
Continental Europe (hereinafter AltFi Data) used for detailed analysis
of P2P Consumer lending and alternative lending trends in 2016;
- 2nd Annual European Alternative Finance Industry Study Sustaining
Momentum (hereinafter Alternative Finance Study 2015) used for
analysis of the overall alternative finance market during 2013-2015;
The dataset data from AltFi Data used in our analysis represent the
volumes funded through online marketplaces by 3 lending segments:
- peer-to-peer lending to individuals (P2P Consumer lending);
- peer-to-peer lending to SMEs (P2P Business lending); and
- volume figures for invoice financing platforms which represent invoices
traded.
AltFi Data collects volume data from the 29 largest online platforms in 13
European countries (excl. UK) and estimates a market coverage of around
80-90%. The AltFi Data volume indices are based on public disclosure of
data and therefore exclude certain platforms such as the German P2P
lending platform Lendico whose European market coverage is estimated at
around 10%.
We note that for P2P Consumer lending (on which we focus our analysis)
total volumes funded in 2013-2015 do not differ materially from amounts
reported in the Alternative Finance Study 2015.
The difference between presented data for volumes funded by P2P
Business lending and Invoice trading in 2013-2015 by AltFi Data and the
Alternative Finance Study 2015 might be material as AltFi Data cover
mainly the larger platforms. In this report we therefore assume that AltFi
Data objectively represents y-o-y development trends both for P2P
Business lending and Invoice trading for major market players.
Alternative lending market overview

Alternative finance market in 2015
European online alternative finance market volumes 2013-2015

(excl.UK)
EUR million
800
72%
46%
62
81
x8
212
130%
594
600
400
326
200
40
99
82%
298
93
The alternative finance market

concept was coined by the UK in
2006, with active development started
from 2010. Currently UK develops
quicker and shows larger volumes
due to the active involvement of
institutional investors.
4.4
EUR billion
1 000
1019
x4
2
74%
1.0
1
177
366
275
54%
UK
Source:
157
Rest of Europe
2nd Annual European Alternative Finance Industry Study Sustaining Momentum
2013
2014
2015
P2P Consumer lending
Crowdfunding
P2P Business lending
Invoice trading
In 2013-2015 the largest share of the alternative finance market (excl. UK)
was taken by P2P Consumer lending and P2P Business lending, which in
2015 covered 57% of the European market.
Other
Note:
Percentage on the right demonstrates average y-o-y growth
Source:
2nd Annual European Alternative Finance Industry Study Sustaining Momentum
Alternative lending market (continued)
Alternative finance market

According to the Alternative Finance Study 2015 the alternative finance
market in geographic Europe is covered by 32 countries and 367 online
alternative finance intermediaries, 273 of which are operating outside the
United Kingdom. This captures an estimated 90% of the visible market.
The total online alternative finance market volume in 2015 reached EUR
5.4 billion with a UK share of 81% of the total European marketplace.
Excluding the UK, the European alternative finance market has been
showing high growth rates since 2013 and the total financed volume
reached EUR 1 billion in 2015.
While P2P Consumer lending made up the largest part of the alternative
finance market, P2P Business lending grew at higher rates between 20132015 expected to become the largest alternative finance lending segment
in Europe (although latest AltFi Data covering the largest P2P platforms
show different trends; please refer to the next page for details).
The third significant alternative finance lending segment is crowdfunding,
including both equity- and reward-based crowdfunding, which showed a
74% average growth rate in 2013-2015.
Invoice trading has developed in 2015 showing the great opportunity for
new alternative finance lending segments to develop.
P2P market in Europe (excl. UK)

European online alternative lending market volumes 2013-3Q 2016
622.6
600.0
505.1
18.5
EUR million
500.0
41.4
124%
130.8
1%
P2P Consumer lending is the largest component

of the alternative online lending market with 72%
of total in 1Q-3Q 2016.
129.6
400.0
318.5
300.0
200.0
100.0
57.6
170.1
10.1
450.4
26%
357.0
260.9
160.0
2013
P2P Consumer
Note:
2014
P2P Business
2015
1Q-3Q 2016
Invoice trading
a) Percentage figures to the right demonstrate growth between 2015 and 3Q 2016 for respective segments
b) The percentage figures on arrows show average growth by segment (please refer to legend)
Source:
AltFi Data
The European alternative lending market in the first three quarters of 2016
maintains the growing trend. The total market volume in 1Q-3Q of 2016
has increased by 23% compared to 2015 and amounted to EUR 623
million.
The total volume of P2P Consumer lending funded in 1Q-3Q 2016
amounted to EUR 450 million showing a consistent growth trend.
While P2P Business lending grew thirteen times between 2013-2015, P2P
Consumer lending volume in the same period more than doubled. Despite
tremendous growth rates in 2013-2015, the P2P Business lending grew
only by 1% between 2015 and 3Q 2016 compared to 26% growth of P2P
Consumer lending in the same period.
P2P market in Europe by country (excl. UK)

P2P market funded volumes by country, 1Q-3Q 2016
1Q-3Q 2016
Alternative lending leaders
220.0
200.0
180.0
188.5
162.2
140.0
120.0
3.Latvia
4.Finland
5.Estonia
110.7
100.0
2015
EUR million
160.0
1.France
2.Germany
80.0
60.0
45.1
28.6
40.0
1.France
2.Germany
3.Sweden
4.Finland
5.Estonia
24.4
24.1
19.7
20.0
Source:
10.9
4.1
2.7
AltFi Data
1.7
Alternative finance leaders

2015
P2P Consumer
P2P Business
Invoice trading
Note:
The numbers for Latvia incorporate the data for Viventor platform (P2P Business lending marketplace), registered in
Latvia, but positioning itself as a Spanish platform. Volumes funded in 1Q-3Q 2016 amount to EUR 3.4 million.
Source:
AltFi Data
The leader of European P2P lending market in the first three

quarters of 2016 is France followed by Germany and Latvia.
1.France
2.Germany
3.The
Netherlands
4.Finland
5.Spain
Source:
Alternative Finance Study 2015
In 2016 Latvia broke into the top 3 countries by the size of

alternative lending volume with the third largest volume of funded
loans achived in 1Q-3Q 2016.
Key risks of alternative lending market

Business risks
Regulatory risks
As the volumes funded through the online platforms are increasing and the
industry has outgrown the start-up level it is now being recognized as a
distinct market for alternative lending. As the industry is evolving the
platforms are accumulating industry and business risks that can make a
significant impact on their future operations.
As the online alternative lending industry is relatively young and significant

increase of volume of loans funded has been seen only since 2014, there
are weak or no local regulatory requirements applicable for the operations
of online platforms. There are also no unified global regulations. So a
number of countries undergo changes in regulation of alternative lending in
order to control risks from investor and borrower perspectives.
The main risks associated with the future growth of the alternative lending
sector are:
- Collapse of one or more well-known platforms due to malpractice;
- Fraud involving one or more high-profile campaigns/deals/loans;
- Cyber security breach;
- Changes to regulations both at national and European level;
- Notable increase in default rates/ business failure rates; and
- Potential crowding out of retail investors as institutionalization
accelerates.
In addition, since the industry is relatively young it has not yet proven
whether and how it could survive an economic downturn.
Although the direct impact of online lending to the traditional financial

sector still has been very small, the industry volumes are measured in
billions. This encourages policy makers and regulators to start defining
limitations and implement complex rules in order to minimize the risks
related to the following:
- Consumer and data protection;
- Investor/lender protection;
- Application of accounting principles;
- Competition principles;
- Loan volumes, terms and interest rates;
- Money laundering;
- Solvency principles of online marketplaces, etc.
Alternative Finance Study 2015 revealed that more than 30% of EU
alterative financing market players consider that there is a lack of existing
regulation. At the same time, the fact of relaxed regulatory requirements
has allowed online lending to develop worldwide.
It is expected that implementation of stricter policies and regulations may
lead to a decrease in the growth rates of volumes funded through
alternative financing. On the other hand, there is an alternative opinion that
structured regulatory requirements might increase investors confidence that
would lead to the increase in volumes of attracted capital.
P2P Consumer
lending market
P2P Consumer lending market in Europe (excl. UK) (1/2)

P2P Consumer lending development since 2013
EUR million
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
The French P2P Consumer lending sector has been a leader since industry
establishment in Continental Europe and growing steadily in 2013-2015, while 1Q3Q 2016 show slower growth.
Germany
The German market experienced significant growth in 2015 and continued growing
in 2016.
Latvia
P2P Consumer lending platforms in Latvia were launched in 2015. The volumes
funded in 1Q-3Q 2016 have been 7 times greater than in 2015. Two Latvian online
P2P consumer lending platforms totally reported EUR 107.3 million of funded loans
in 1Q-3Q 2016 that placed Latvia as third largest in Continental Europe.
Finland
During 2013-3Q 2016 the Finnish P2P Consumer lending sector has been growing
with a stable pace.
Estonia
The Estonian P2P Consumer lending sector stagnated in 2015 and 2016 after initial
growth in 2013-2014.
1Q-3Q 2016 2015 2014 2013
France
Italy
Poland
Italy, Poland, Lithuania and Slovakia are currently secondary players in the P2P
Consumer lending industry.
Lithuania
Slovakia
The Swedish online P2P Consumer lending platform TrustBuddy was closed in the
second half of 2015 after suspected misconduct within the company. Before this
event Sweden was placed among the industry leaders.
Sweden
Source:
AltFi Data
11
P2P Consumer lending market in Europe (excl. UK) (2/2)

P2P Consumer lending market in Europe by platforms
160.0
+4%
140.0
135.5
130.0
+33%
+53%
-2%
-9%
closed
130.2
6.0
4.9
5.0
EUR million
120.0
98.0
100.0
x5.5
3.7
3.5
x11
80.0
2.5
57.1
60.0
50.2
4.0
2.7
3.0
2.3
1.9 1.8
44.0
1.7 1.7
2.0
33.7
40.0
22.0
20.0
10.4
20.0 19.5
4.6
0.8 0.8
12.6 11.4
1.0
Younited
Credit
(France,
2011)
Auxmoney
(Germany,
2007)
Mintos
(Latvia,
2014)
Note:
Years in brackets mean years of platform launch
Source:
AltFi Data
Twino
(Latvia,
2015)
Fellow
Finance
(Finland,
2013)
Bondora
(Estonia,
2008)
Fixura
(Finland,
2009)
2015
TrustBuddy
(Sweden,
2009)
Smartika
Savy
(Italy, 2007) (Lithuania,
2014)
Kokos
(Poland,
2008)
Finansowo
(Poland,
2008)
Zlty Melon
(Slovakia,
2012)
Prestiamoci
(Italy, 2009)
1Q-3Q 2016
Currently the P2P Consumer lending market in Continental Europe is

dominated by 13 online platforms located in 9 countries providing
consumer loans in Europe and worldwide. (The Swedish TrustBuddy
platform was closed in 2015)
Only 6 from the 13 largest P2P Consumer lending platforms in Continental
Europe have shown growth in volumes funded during 1Q-3Q 2016
compared with 2015. Both Latvian platforms have shown the highest
growth rates, with Twino platform reporting eleven-fold growth.
12
P2P Consumer lending market development by quarters (excl. UK)

P2P Consumer lending market volumes 2013-3Q 2016
200.0
160
180.0
261
450
357
EUR million
160.0
177.9
146.6
140.0
126.0
120.0
100.0
80.0
60.0
40.0
91.0
89.3
85.5
1Q
2015
2Q
2015
3Q
2015
77.0
29.3
35.3
50.9
44.6
58.0
62.6
63.3
1Q
2014
2Q
2014
3Q
2014
91.2
20.0
1Q
2013
Source:
2Q
2013
3Q
2013
4Q
2013
4Q
2014
4Q
2015
1Q
2016
2Q
2016
3Q
2016
AltFi Data, volumes funded by quarters
Between 2013-2014 the alternative consumer lending segment

demonstrated a threefold increase in volumes funded, while there was no
significant growth in new volumes in 2015.
The quarterly volume of loans funded has again significantly increased in
2016, showing an average 25% quarterly growth rate.
As of 14 November 2016 the total accumulated volume of loans funded
through P2P Consumer lending amounts to EUR 522.2 million. So the
annual growth between 2015 and 2016 would be at least 46%.
13
P2P Consumer lending market in Europe per capita (excl. UK)

P2P Consumer lending market volume per capita
54.5
25.00
18.5
EUR
20.00
14.8
15.00
9.0
10.00
8.2
5.00
6.3
2.5
2.0
4.5
1.7
1.6
0.9
0.8
0.3
0.3
0.1
0.1
0.2
0.1
0.4
-
1.8
2.0
1Q-3Q 2016
Source:
2015
AltFi Data; Eurostat
Based on the volumes funded by P2P Consumer lending platforms in the

first three quarters of 2016, Latvia is the leader in volumes funded per
capita with a value of EUR 54.5 per capita which is 3.7 times higher than
Estonia, ranking second.
Compared with the 2015 results, when the leader was Estonia followed by
Latvia, Finland and Sweden, the volume per capita in Latvia in 1Q-3Q
2016 increased more than 7 times.
14
P2P Consumer
lending market in
Latvia

Alternative consumer lending platforms in Latvia

50.9
EUR million
50.0
40.0
35.0
25.0
30.0
21.4
16.1
9.1
0.7
1.7
1Q 2015
2Q 2015
3.9
3.7
AltFi Data
18.9
12.3
3Q 2015
4Q 2015
Mintos
1Q 2016
Twino is a privately-owned marketplace lender operating across Latvia,

Poland, Georgia, Kazakhstan, Mexico, Spain, Denmark, Romania and
Russia with the online investment platform managed from Latvia.
Twino started its lending activity in 2009 under the name of Finabay and
launched an online investment platform in 2015.
5.1
Source:
25.9
8.8
Another online platform Viventor, registered in Latvia and focusing on P2P

Business lending, launched its activity in 3Q 2015, reaching EUR 3.4
million of funded loans in 1Q-3Q 2016.
Twino
20.0
10.0
The alternative lending industry in Latvia began to develop in 2009, but has
shown a rapid growth in 2015 and 2016. As of November 2016 it is mainly
presented by two peer-to-peer consumer lending marketplaces: Twino and
Mintos.
2Q 2016
3Q 2016
Twino
Total loans funded by Latvia based platforms during 1Q-3Q 2016

amounted to EUR 107.3 million which is 7 times higher than comparable
volumes during 2015, when the platforms were first launched (EUR 15
million).
Average quarterly growth in volume of loans funded during 2016 has been
84%.
Both Latvian platforms have prior offline experience in the lending market,
which is one of factors for their tremendous growth.
The companys loan origination volume since 2009 exceeded EUR 352
million and the current number of employees globally is more than 550.
Mintos
Mintos is an online marketplace launched in the beginning of 2015,
operating across Europe working with both private and institutional
investors.
In 2016 Mintos submitted an application to obtain a license from the UK
regulator, Financial Conduct Authority. The company expects to obtain the
license in early 2017.
The largest loan types by amount are personal loans, secured car loans
and mortgage loans. The largest loan originators (together >50%) are
Mogo (non-bank car loan provider in the Baltics and Georgia) and
Creamfinance (consumer loans company operating in Latvia, the Czech
Republic, Poland, Georgia and Slovakia).
16
Alternative lending outlook in Latvia

Future development of alternative finance in Latvia
Risks and regulations
P2P Consumer lending is expected to remain the leading alternative

lending segment in Latvia in the near future.
In Latvia the local regulator Financial and Capital Market Commission

(FCMC) is developing a new regulation on alternative financing industry
that is expected to be more detailed than in other European countries. The
main intention of the regulator is to protect investors and ensure the
sufficiency of capital in order to create the basis that will help the industry to
develop. These are expected to be positive changes for Latvia based
alternative lending platforms due to the greater opportunity to attract more
investor money.
P2P Business lending has growth potential, but it will take time for Latvia to
accumulate know-how and start successfully compete in a P2P Business
environment.
To expand operations and ensure future growth, the Latvian platforms are
entering new markets in Continental Europe where banks are offering
relatively high interest rates, e.g. Poland, Czech Republic, Spain, Italy and
Scandinavian countries. In addition, the Russian market, after economic
difficulties and weakening of banks, has become attractive for development
of P2P lending industry.
The main restrictions that are expected to be set by the regulator are:
- minimum amount of share capital;
- obligation to partially invest a companys own money in issued loans;
- requirements related to the management team.
17
KPMG is one of the largest global networks of professional firms providing

audit, tax, legal and advisory services. The first KPMG office in the Baltics was
opened in Estonia in 1992, followed by Lithuania and Latvia in 1994 and
Belarus in 2007. Our KPMG practices in the Baltics and Belarus operate within
KPMG in Central and Eastern Europe. Since establishment, each of our
practices has demonstrated the ability to lead in our markets and respond to
the issues in the market place to deliver services required by clients at a high
quality.
We provide services in audit, tax, legal, risk and management consulting and
deal advisory. We serve clients across all industry sectors, including
subsidiaries of large international companies, successful local entrepreneurs,
state institutions and agencies, and non-governmental organizations.
Close cooperation of KPMG practices in Belarus, Estonia, Latvia and
Lithuania enables us to serve clients with one point of contact, appropriate
and relevant industry, technical, language and cultural know-how across the
four countries.
AltFi Data is the leading provider of data and analysis for the rapidly growing
alternative lending sector. We allow originators to credibly represent asset
performance and we allow investors to perform due
diligence and review real time alternative asset market trends.
AltFi Data provide a number of alternative lending indices including:
Liberum AltFi Returns Index;
Liberum AltFi Volume Index UK;
Liberum AltFi Volume Index Europe.
The AltFi Data Analytics tool allows loan originators to represent lending track
records to encourage due diligence and investment and allows investors to
review market trends.
KPMG Baltics SIA

7 Vesetas street
Riga, LV-1013
Latvia
AltFi Data Limited

Office 67, City Business Centre
2 London Wall Buildings
London, EC2M 5UU
Julija MasaneOse
Director, Deal Advisory
jmasane@kpmg.com
Aloysius Fekete
Chief Product Officer
aloysius@altfidata.com
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate
and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on
such information without appropriate professional advice after a thorough examination of the particular situation.
2016 KPMG Baltics SIA, a Latvian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
("KPMG International"), a Swiss entity. All rights reserved.
The KPMG name and logo are registered trademarks or trademarks of KPMG International.

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in cooperation with

Alternative lending market

The contacts at KPMG in

This report provides an overview of Alternative Lending industry trends in

Alternative lending market overview

P2P market in Europe (excl. UK)

P2P market in Europe by country (excl. UK)

Key risks of alternative lending market

P2P Consumer lending market

P2P Consumer lending market development by quarters (excl. UK)

P2P Consumer lending market in Europe per capita (excl. UK)

P2P Consumer lending market in Latvia

AltFi Data dataset on Liberum AltFi Volume Index Continental Europe

P2P Consumer lending development in Latvia

2nd Annual European Alternative Finance Industry Study Sustaining

Alternative lending outlook in Latvia

Document Classification: KPMG Public

Alternative lending market

Document Classification: KPMG Public

Alternative lending market

Methodology and data sources

Alternative finance that emerged outside of the traditional financial system

In our analysis we refer to all alternative finance segments as Alternative

Individuals or institutional funders

Individuals or institutional funders

Individuals or institutional funders

Individuals or institutional funders

Backers provide finance to

For our analysis we use the following main data sources:

Document Classification: KPMG Public

Alternative lending market

Alternative lending market overview

European online alternative finance market volumes 2013-2015

The alternative finance market

2nd Annual European Alternative Finance Industry Study Sustaining Momentum

P2P Consumer lending

P2P Business lending

Percentage on the right demonstrates average y-o-y growth

2nd Annual European Alternative Finance Industry Study Sustaining Momentum

Alternative lending market (continued)

Alternative finance market

Document Classification: KPMG Public

Alternative lending market

P2P market in Europe (excl. UK)

P2P Consumer lending is the largest component

Document Classification: KPMG Public

Alternative lending market

P2P market in Europe by country (excl. UK)

Alternative lending leaders

Alternative finance leaders

The leader of European P2P lending market in the first three

Alternative Finance Study 2015

In 2016 Latvia broke into the top 3 countries by the size of

Document Classification: KPMG Public

Alternative lending market

Key risks of alternative lending market

As the online alternative lending industry is relatively young and significant

Although the direct impact of online lending to the traditional financial

Document Classification: KPMG Public

P2P Consumer lending market

P2P Consumer lending market in Europe (excl. UK) (1/2)

1Q-3Q 2016 2015 2014 2013

Document Classification: KPMG Public

P2P Consumer lending market