The proliferation of technology across the banking sector has significantly improved over the past years and open banking has triggered a decoupling of services distribution from production. The advent of financial-based technology better known as ‘FinTech' has broken the traditional barriers between the borrowers and lenders for processing of loans application. The digital lending platforms have minimized the intervention of humans in the lending process with no executive to deal with and no mountains of paperwork to navigate through. Instead, the requisite documents such as bank statement and identity cards can be uploaded online directly on the platform. In addition, the borrower’s credit account report can also be fetched instantly, enabling the platform to approve and quickly disburse the unsecured personal loan without any physical interaction with the borrower. Most of the Government agencies across Europe have been supporting FinTech agencies to proficiently digitalize the lending process across the banking sector. For instance, in September 2015, the French government has established a FinTech panel and delivery support function team which will set an overarching FinTech strategy for the French and monitor and drive forward FinTech initiatives. Such factors are supporting the growth of the Europe lending as a service market.
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Likewise, several other countries are building up initiatives to promote the FinTech industry in their territories. For instance, at the 2016 Innovate Finance Global Summit, The UK’s economic secretary of treasury Mr. Harriett Baldwin announced new initiatives by the UK government to boost the FinTech sector in the region. As in, 2015 FinTech sector generated £6.6bn revenue with a workforce of over 60,000 employees. Government have identified the crucial role FinTech can play in increasing competition in financial services and boosting innovation and has already taken significant steps to support the sector. Due to such initiatives, the lending as a service market is expected to witness a lucrative growth during the forecast period.
The detailed research study provides qualitative and quantitative analysis of the Europe lending as a service market. The Lending as a Service Market has been analyzed from demand as well as supply side perspective. The demand side analysis covers market revenue across regions and further across all the major states. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across Europe.
Key Findings of the Report:
- In terms of revenue, the Europe lending as a service market is expected to reach US$ 15 Mn by 2027 owing to the stringent government rules and regulations for digital lending
- On the basis of end users industry, the vehicle loan segment is expected to witness the highest CAGR over the forecast period owing to the increasing exchange of consumers goods between the countries
- The primary market participants in the Europe lending as a service market auxmoney GmbH, Blackmoon Financial Group, CreditGate24 (Schweiz) AG, EZBob Ltd., Fast Invest, Fixura Ab Oy, Geldvoorelkaar.nl, Grupeer, Lendico, Mintos, Pollen, Inc., Bondora Capital OU, Funding Circle, Kabbage Inc., RateSetter, Social Finance, Younited Credit and Zopa Financial Services Limited.
Europe Lending as a Service Market
By Business Model
- Traditional Model
- Alternate Marketplace Model
By Loan Type
By End User Industry
- Home Loans
- Vehicle Loan
- Student Loan
- North America [U.S., Canada, Mexico]
- Europe [Germany, UK, France, Italy, Rest of Europe]
- Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
- South America [Brazil, Argentina, Rest of Latin America]
- Middle East & Africa [GCC, North Africa, South Africa, Rest of the Middle East and Africa]