Virgin Money has been a facilitator of friends and family p2p loans in the US. The last official number on loan volume generated was 390 million US$. Virgin Money had aquired predecessor Circlelending in 2007. In the article Virgin Money Letting US Business Fade Away, P2PLending News.com now lists several signs that Virgin Money might exit the p2p lending market.
virgin money
P2P Lending Companies Show Strong Growth – Aug. 09
P2P lending services continue to grow. In some markets the speed of growth has even accelerated.
P2P-Banking.com has created the following overview table listing services in operation and ranked them by loan volume funded in the past 6 months.
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Source: P2P-Banking.com
For some service like the Korean Moneyauction and Popfunding no figures were available. Also omitted are some services that did not reply to information requests.
Note that Prosper.com was closed for most of the observed time span and did not make the minimum cutoff for the table. Also note that Zopa Italy is currently closed.
For a table listing more p2p lending companies check previous ‘P2P Lending Companies by Loan Volume – Jan. 09‘.
Especially british Zopa and the German services show strong growth lately. Smava nearly doubled loan volume in July compared to June (chart), whereas Auxmoney tripled it (chart). At Smava currently even 25,000 Euro loans (approx. 35,750 US$) are funded with bids in only 4 minutes (!) bidding time (example loan).
On the other hand MYC4‘s growth slowed in the last months (chart) due to problems with the providers loan picks.
Virgin Money joins Uncrunch campaign
Virgin Money announced that it will support the Uncrunch campaign.
P2P lending companies by loan volume – Jan 09
P2P lending is spreading internationally. While the biggest loan volumes are generated in the US market, many p2p lending websites have been established in other international markets.
P2P-Banking.com has created the following overview table listing services that are in operation and ranked them by loan volume. The loan volumes are not directly comparable for they are cumulative since launch of each service and represent different time spans.
In total approx. 740 million US$ have been funded through peer to peer lending/social lending services so far worldwide.
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Source: P2P-Banking.com
Since the previous version of this table especially Zopa (UK), Lending Club and Kiva thrived. With Prosper, Loanio and Fynanz halted, Lending Club profits from the situation.
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P2P lending companies by loan volume
P2P lending is spreading internationally. While the biggest loan volumes are generated in the US market, many p2p lending websites have been established in other international markets.
The services can be divided in three categories:
- p2p lending marketplaces (e.g. Prosper, Zopa, Lending Club, Smava) – participants driven mainly by economic motives
- social lending services enabling micro financing (e.g. Kiva, MyC4) – participants driven mainly by social motives
- other concepts (e.g. Virginmoney which is special in the way that it does not do the matchmaking between borrowers and lenders, but supports the process between persons that already had offline relations- slogan “We manage loans between family and friends“)
Sites funding student loans can fall into any of these three categories or combine motivations.
P2P-Banking.com has created the following overview table listing services that are in operation and ranked them by loan volume. The loan volumes are not directly comparable for they are cumulative since launch of each service and represent different time spans.
Asked for a figure, a Microplace spokesman pointed out “…it is important to note that MicroPlace is not a P2P site. We are a platform that offers investments to the retail public.“. No loan volume was quoted, but he stated “investments purchased on our site have enabled over 26,000 microfinance loans.”
In total approx. 685 million US$ have been funded through peer to peer lending/social lending services so far worldwide.
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Source: P2P-banking.com
If you are a representative of a p2p lending service and want your service to be included in the next update of this table, please send me an email with information about your company.
Circlelending now Virgin Money USA
Circlelending, bought by Virgin USA in May, has been renamed Virgin Money USA. According to Netbanker, we can expect the service to offer peer to peer lending like Prosper and Lendingclub in the future and this service might be used as an entry for more financial services. (Another source: NYTimes)