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The total value of loans processed by Peer-to-Peer lending platforms has now surpassed £2 billion, figures show this week.

Stats from AltFi Data reveal that the sector has shown an annualised growth rate of 158 per cent this year, as businesses and consumers take advantage of this emerging form of finance.

P2P lending allows individuals to lend money as part of a collective, cutting out much of the bureaucracy associated with a middle man.

To put the total figure into context, the total amount leant through P2Ps only passed £1bn in December, and £1.5bn in May.

Giles Andrews is the CEO and founder of Zopa, a pioneer of peer-to-peer lending.

He said: “To surpass the £2bn mark is a massive achievement for the UK market. This has been achieved by UK consumers willing to think outside the banks. What started out 10 years ago as an idea in a bran with Zopa is now one of the most innovative and disruptive industries in the world.

“The UK peer-to-peer lending industry is growing faster than ever and we look forward to continuing to reshape the future of finance in the UK.”