P2P Lenders Increasingly Looking to Offer Traditional Banking Options

P2P lending has evolved over the last ten years, with marketplace lenders increasingly offering traditional banking products; the market’s first online lender, Zopa, is taking the lead on offering traditional banking products with an announcement reporting the lender’s application for UK bank licensing to offer deposit accounts and a broader range of credit products; other marketplace lenders have also expressed interest in offering deposit products including SoFi and Affirm; as P2P lenders become more integrated into the financial ecosystem, it is likely that they will offer a broader range of products with traditional banking characteristics while continuing to be market innovators.  Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!