The future of Peer-to-Peer lending
Held on Thursday, May 31, 2018
Giles Andrews (Zopa)
Sarah Walker (KPMG)
Daniel Lanyon (AltFi)
According to the P2P Finance Association, cumulative lending by its members was just under £9 billion at the end of March – or close to £10 billion if non-member platforms are included. And the total keeps growing – almost 60% year-on-year. The industry is ever evolving; Zopa, for instance, has applied for a banking license and has said it wants to offer deposit accounts and credit cards. That is (presumably) good. However, in the US, the FTC is accusing Lending Club of misleading customers with hidden charges, and there are suggestions – on both sides of the Atlantic – that P2P lenders are increasingly reliant on bond markets for funding, and that with this comes conflicts of interest.
Who knows what the future holds? Well, the short answer is that our panel probably does. I am delighted that we have been able to convince three of the most thoughtful observers/practitioners in the P2P area to share their insights:
- Giles Andrews is Chairman of Zopa, which he co-founded in 2004 (and of which he was CEO between 2007 and 2015). He is a former (high-end) car dealer – but we can forgive him for that since Zopa (as the first P2P lender in the world) has been a shining light for all those UK and international FinTechs that have since tried to take on the High St banks and the stick-in-the-mud incumbents.
- Sarah Walker is KPMG’s lead director for alternative finance here in London, responsible for a range of reports and surveys covering the FinTech area (including several with Nesta and CCAF).
- Daniel Lanyon is the editor of AltFi, focusing on fintech, alternative finance and the digitisation of financial services. He is a former journalist at The Times, the BBC and Reuters.
What happens to P2P is important – to investors, incumbents and consumers. And it is not immediately obvious where it will go next. If you would like to find out more (and, perhaps, share your own thoughts), please join us; I can promise a lively discussion. But let us know first, by emailing firstname.lastname@example.org or by calling the CSFI on 0207-621-1056. As usual, there will be wine and sandwiches.