How Fintech Revolution Is Making Means For A Possible $5 Bn Online P2P Lending Empire In Asia
A Glimpse Of Asia Versus The Worldwide P2P Lending Landscape, From 2000s To Provide
2017 will be touted while the 12 months of fintech startups in Asia. Although fairly young, the fintech marketplace is undergoing a stage of fast development and it is forecasted to cross $2.4 Bn by 2020, according to reports by KPMG Asia and NASSCOM. Asia happens to be house to significantly more than 500 fintech startups. Amidst the rising class of electronic wallets, UPI, mPoS, one sector that is gradually and quietly rearing its mind is P2P financing (peer-to-peer financing).
Presently, at a nascent stage, the P2P lending landscape in Asia can be poised to develop into a $4 Bn-$5 Bn industry by 2023. The domain’s beginning really goes back to 2012, once the very first peer-to-peer home loan company i-Lend was released. At the moment, the P2P financing room is populated by significantly more than 30 players including Faircent, LendBox, LenDenClub, IndiaMoneyMart, Monexo, Rupaiya Exchange, LoanBaba, CapZest, i2iFunding and so many more.
Alternative lending startups have already drawn $220.66 Mn in funding between 2015 and 2017, from industry stalwarts such as for example T.V. Mohandas Pai, Fusion Microfinance CEO Devesh paydayloanscalifornia.net Sachdev, Vikas Kapoor, Vikram Lakhotia, Tracxn laboratories, VC company M&S Capital Partners and much more. With this, almost $50 Mn had been guaranteed in H1 2017 by i-Lend (undisclosed), LoanTap ($1.06 Mn), MoneyTap ($12.30 Mn), LoanMeet (undisclosed), ZipLoan ($0.65 Mn), EarlySalary ($4 Mn), Billionloans ($1 Mn) as well as others.