Market Insights Financial Capital Raising Digital Capital Raising

Marketplace Lending (Consumer) - Nordics

Nordics

Total transaction value in the Consumer Marketplace Lending market in the Nordics is forecasted to reach US$225.00m in 2024.
When compared globally, it is evident that the United States leads with a transaction value of US$27,720m in 2024.
Key Market Indicators offer a glimpse into the social and economic landscape of the Nordics, shedding light on market-specific trends.
These indicators, coupled with information from statistical bureaus, trade groups, and businesses, form the basis for Statista's market projections.
In the Nordics, Marketplace Lending in Consumer Capital Raising is gaining traction due to tech-savvy population and high trust in online financial services.

Key regions: United Kingdom, United States, China, Brazil, Australia

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Analyst Opinion

The Marketplace Lending (Consumer) market in Nordics has been experiencing significant growth in recent years, driven by changing customer preferences and the unique local special circumstances in the region. Customer preferences in the Nordics have shifted towards digital solutions and convenience, which has contributed to the growth of the Marketplace Lending (Consumer) market.

Consumers in the region are increasingly comfortable with using online platforms for various financial services, including borrowing money. The ease of accessing loans through online platforms, combined with quick approval processes and competitive interest rates, has made marketplace lending an attractive option for many borrowers in the Nordics. Trends in the market indicate that marketplace lending platforms in the Nordics are expanding their product offerings beyond traditional personal loans.

They are now providing innovative solutions such as peer-to-peer lending, crowdfunding, and small business loans. This diversification of services has attracted a wider customer base and increased the overall market size. Local special circumstances in the Nordics have also contributed to the development of the marketplace lending market.

The region has a highly digitalized and tech-savvy population, which has created a favorable environment for fintech companies to thrive. Additionally, the high level of financial inclusion and stability in the Nordics has created a strong demand for alternative lending options. Traditional banks in the region have been relatively conservative in their lending practices, leaving a gap in the market for marketplace lenders to fill.

Underlying macroeconomic factors have also played a role in the growth of the marketplace lending market in the Nordics. The region has experienced low interest rates, making borrowing more affordable for consumers. This has encouraged individuals to seek out alternative lending options, such as marketplace lenders, to meet their financial needs.

Furthermore, the strong economic performance of the Nordics has created a favorable lending environment, with low default rates and a stable economy. In conclusion, the Marketplace Lending (Consumer) market in the Nordics is developing rapidly due to changing customer preferences, the unique local special circumstances, and underlying macroeconomic factors. The shift towards digital solutions, the expansion of product offerings, and the high level of financial inclusion in the region have all contributed to the growth of the marketplace lending market.

With favorable macroeconomic conditions and a tech-savvy population, the Nordics are likely to continue experiencing growth in the marketplace lending sector.

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.