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Marketplace Lending (Consumer) - Mexico

Mexico
  • Total transaction value in Mexico's MarketMarketplace Lending (Consumer) market market is forecasted to reach US$36.39m in 2024.
  • When considering global comparisons, it is evident that the United States leads with a transaction value of US$28bn in 2024.
  • Key Market Indicators offer a glimpse into the social and economic landscape of Mexico and offer valuable insights into market-specific trends.
  • These indicators, in conjunction with data from statistical offices, trade associations, and companies, are fundamental in shaping the Statista market models.
  • Mexico's marketplace lending sector is experiencing a surge in consumer capital raising activities, driven by increasing demand for alternative financing solutions.

Definition:

Marketplace Lending platforms offer private users the option to place requests for loans in an online marketplace to find private investors who would invest at an appropriate interest rate. These services apply a credit score and list the financial requests by intended purpose before fixing a lending rate. One or more investors can then serve the credit request. Although banks act in cooperation with the platform providers, the lending is done, in principle, without direct exposure, risk audits or the formal requirements normally associated with credit lending. This is attractive for many users because the processes are expedited, there is less demand when it comes of the borrower’s creditworthiness and the conditions are often more flexible than with traditional bank loans. Users are defined in this case as active borrowers on an online platform; applicants or investors who are only partially recorded as users are not included. The amount of outstanding, short-term installments or consumer loans recognized during the applicable year is used here as a benchmark.

Additional Information:

Key players in the market are Lending Club, Zopa, Auxmoney and Prosper.

In-Scope

  • Online marketplace for personal loan applications and private investors
  • Peer-to-Peer loans with interest rates depending on internal credit scoring of the platform provider

Out-Of-Scope

  • Online comparison websites for bank loans
  • Traditional bank loans
  • Loans for business purposes (see Crowdlending)
Digital Capital Raising: market data & analysis - Cover

Market Insight report

Digital Capital Raising: market data & analysis

Study Details

    Capital Raised

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Average Deal Size

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Number of Deals

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Analyst Opinion

    Marketplace lending (consumer) in Mexico is experiencing significant growth and development.

    Customer preferences:
    Mexican consumers are increasingly turning to marketplace lending platforms for their borrowing needs. This is driven by several factors, including the convenience and accessibility of online lending platforms, as well as the ability to access credit quickly and easily. Additionally, marketplace lending often offers more competitive interest rates compared to traditional banks, making it an attractive option for borrowers.

    Trends in the market:
    One of the key trends in the marketplace lending market in Mexico is the rise of peer-to-peer lending platforms. These platforms connect borrowers directly with individual lenders, cutting out the middleman and reducing costs for both parties. This trend is fueled by the growing trust in online platforms and the desire for more personalized lending experiences. Another trend is the increasing use of alternative data in the underwriting process. Traditional banks in Mexico have historically relied heavily on credit scores and income verification to assess borrowers' creditworthiness. However, marketplace lenders are leveraging alternative data sources, such as social media profiles and transaction history, to make lending decisions. This allows them to serve a wider range of borrowers who may not have a traditional credit history.

    Local special circumstances:
    Mexico has a large unbanked population, with a significant portion of the population lacking access to traditional financial services. Marketplace lending platforms are filling this gap by providing financial services to underserved individuals and small businesses. This is particularly important in rural areas where brick-and-mortar banks may be scarce.

    Underlying macroeconomic factors:
    Mexico's growing middle class and increasing internet penetration are driving the growth of marketplace lending. As more people gain access to the internet and become comfortable with online transactions, the demand for online lending platforms is expected to continue to grow. Additionally, the Mexican government has been supportive of financial technology (fintech) innovation, creating a favorable regulatory environment for marketplace lenders. In conclusion, the marketplace lending (consumer) market in Mexico is experiencing rapid growth and development. Customer preferences for convenience, accessibility, and competitive interest rates are driving the demand for marketplace lending platforms. The rise of peer-to-peer lending and the use of alternative data in underwriting are key trends in the market. Mexico's large unbanked population and favorable macroeconomic factors, such as a growing middle class and increasing internet penetration, are contributing to the growth of marketplace lending in the country.

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

    Modeling approach / Market size:

    Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

    Additional notes:

    The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

    Financial

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    Digital Capital Raising: market data & analysis - BackgroundDigital Capital Raising: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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