The alternative finance market has expanded dramatically, growing from $216.08 billion in 2023 to $260.65 billion in 2024 at a CAGR of 20.6%. This growth is driven by the rise of online platforms, peer-to-peer lending, and increased use of cryptocurrency. The market is projected to continue its rapid expansion, reaching $559.92 billion by 2028 at a CAGR of 21.1%. Key factors include the increasing number of technology-driven lenders, decentralized finance adoption, and the popularity of initial coin offerings. Trends in the forecast period will focus on technological advancements and the growth of blockchain-based lending platforms.
Major Driver In The Alternative Finance Market
The alternative finance market is set to benefit from the increasing number of small and medium-sized businesses (SMBs). This growth is fueled by crowdfunding and peer-to-peer lending opportunities. The Department for Business and Trade reported that SMBs in the UK increased from 5.50 million in 2022 to 5.54 million in 2023, highlighting the potential for alternative financing solutions tailored to SMBs.
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Alternative Finance Market Competitive Landscape
PayPal Holdings Inc., Rocket Mortgage, Bread Financial Holdings, Coinbase Global Inc., Social Finance Inc., Affirm Inc., LendingClub Corporation, OnDeck Capital Inc., Fiverr International Ltd., Betterment Holdings Inc., Funding Circle Holdings plc, Prosper Marketplace Inc., RateSetter, Wealthfront Corporation, OurCrowd Ltd., Freelancer Technology Pty Limited, FundingKnight, Indiegogo Inc., Landbay Partners Limited, Assetz Capital, Kiva Microfunds, Kickstarter PBC
Key Alternative Finance Market Trend
The alternative finance market is experiencing rapid growth through the development of innovative financing platforms. In July 2021, Copernicus Group launched its alternative financing platform, Copernicus Credit, offering services such as crowdfunding and peer-to-peer lending. This user-friendly platform streamlines fundraising processes while ensuring robust security measures, providing individuals and businesses with new avenues for capital acquisition.
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Alternative Finance Market Segmentation
The alternative finance market covered in this report is segmented –
1) By Type: Peer-To-Peer Lending, Crowdfunding, Invoice Trading, Other Types
2) By Business Model: Traditional Lending, Alternate Marketplace Lending
3) By End User: Enterprise, Individuals
By Geography:The regions covered in the alternative finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the alternative finance market in 2023.
The Alternative Finance Global Market Report 2024 furnishes information about the global alternative finance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
