August P2P Lending News
As ever, August has been another interesting month for P2P in the media, with some great articles worth reading. Here's our selection of the must-read pieces to keep you in the loop.
Here in New Zealand...
- Heartland Bank credits peer-to-peer lender Harmoney for increase in lending
Mid this month, Heartland Bank announced a $54 million profit for its 30 June 2016 year. Their personal lending increased 55%, including loans offered through the Harmoney Platform. Heartland acquired a 10% shareholding in Harmoney in September 2014 as part of its strategy of operating in markets where big banks don’t typically compete. For the full story head to Stuff.co.nz.
- SocietyOne chief Jason Yetton says lending jumps tenfold
In Australia, P2P lender SocietyOne announced it has made A$100m in loans. Its objective is to take a 2 to 3% share of the A$100 billion Australian consumer finance business by 2020-21. Personal loans are a high margin business for banks and in Feburary 2014 Westpac Business Corporation invested in SocietyOne and became a major shareholder. Head to the Sydney Morning Herald for the full story.
- P2P forecast to grow 47-150% in next 12 months
UBS in Australia is forecasting a growth in P2P lending over the next 12 months of between 47% and 150%. SocietyOne's Jason Yetton backs Maile Carnegie on fintech disruption threat: "In the digital age, customer experience is the key battleground, customer data is the new currency, and individual customer engagement is and involvement is king." For the full story, head to AFR.
- Pantheon: Plenty of opportunities in fintech and P2P
"Fintech in general and p2p and marketplace lending in particular are still throwing up attractive opportunities for equity investment, according to Pantheon’s Alex Scott, whose private equity fund is actively putting cash into the space," says the team at Altfi. Check out the full article to find out why.
- RateSetter reaches another lending milestone as P2P popularity grows
"When peer to peer (P2P) first appeared in the UK in 2005, people were skeptical that such a scheme would ever work. A decade later it’s a very different story, with Zopa, the first P2P player in Britain, having now lent in excess of £1bn; and this week RateSetter celebrated its fifth anniversary by breaking the £800,000m barrier." The UK/Europe big players (Funding Circle, Zopa and RateSetter) are each lending upwards of £40m every month - head to the Independent to find out more about how they're performing.
- UK peer-to-peer platforms benefitting from government policies
In April, the UK government launched the new Innovative Finance Savings Account (IFISA), allowing UK consumers to invest up to £15,000 into alternative finance platforms - like peer-to-peer lenders - and earn tax-free returns. Check out Business Insider to see more about how the new regulations affect UK P2P lenders like Crowd2Fund and Crowdstacker".