The fintech lending market is expected to witness robust expansion by 2029, a report by A2Z Market Research has said.
The report, which analyzed data on the FinTech lending markets across the Middle East and Africa, North America, South America, Europe, and the Asia- Pacific observed that FinTech lenders had an upper hand over traditional lending platforms.
“Fintech lending uses financial technologies, including APIs, to help lenders make faster and more informed lending decisions. This may include using alternative data sources for credit risk weighting and connecting digital platforms to increase the speed of data exchange.
“Fintech lending empowers traditionally underserved P2P and business borrowers by providing alternative financing means and helping improve financial health and freedom. Lenders have access to more data, allowing them to securely provide capital to a wider range of borrowers.
“The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well-explained SWOT analysis, revenue share, and contact information are shared in this report analysis. It also provides market information in terms of development and its capacities.
The report identified some firms that it said are the top performing in the industry including ZestFinance, AVANT, SALT Lending, Braviant Holdings, NAV, Bond Street, Orchard, Vouch, Wonga, Earnest, OnDeck, Fundera, Lending Club, Credit Karma, C2FO, Kabbage, Affirm, Funding Circle, SoFi, PeerIQ, GoRefi, PROSPER, Fundbox, Tala, CrediFi, Borro, and Opploans.
“The cost analysis of the Global Fintech Lending Market has been performed while keeping in view manufacturing expenses, labor cost, and raw materials and their market concentration rate, suppliers, and price trend.
“Other factors such as supply chain, downstream buyers, and sourcing strategy have been assessed to provide a complete and in-depth view of the market.” the report added.