Since 2011, alternative finance has been something of a success story in the UK, growing from a market size of £0.31bn in 2011 to £4.5bn in 2016. Gone are the days when alternative finance was seen as an ‘other’ option. Instead, we’re now seeing it become first choice for a large number of businesses and consumers.
This is not surprising given the boom in Fintech and the lack of trust in financial institutions following the 2008 crash. Late payments to SMEs also continue to be a problem, and the sentiment appears to be that this will only become more of an issue due to Brexit and a subsequent squeeze on income.