Cumulative peer-to-per (P2P) lending in the UK surpassed the £1bn (1.22bn) mark in the first quarter of 2014, according to a report published by the Peer to Peer Finance Association (P2PFA).
The figure of £1,207bn marked a 145.8% increase on the £491m figure registered at the end of the first quarter of 2013.
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The data also showed an increase in lending, with 94,000 lenders supporting over 5,100 and 82,000 business and consumer borrowers, respectively.
Overall, the report found UK businesses benefited from over £500m worth of funds, and suggested P2P lending to consumers alone "could well reach £1bn" by the end of the second quarter of 2014.
Christine Farnish, chair of the P2PFA, said: "Peer-to-Peer lending is becoming mainstream and a credible alternative to banks for consumer and business finance."
Regulated by the FCA as of April 1st this year, P2P lending was announced for future ISA inclusion in March’s Budget.
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