Page 22 - IMF-欧洲的金融科技：机遇与挑战（英文）-2020.11-35页.pdf

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27. Peer-to-Peer (P2P) lending is the leading business model, followed by invoice
trading and crowdfunding. In 2016, P2P consumer and business lending together accounted for
about two-thirds of total volume in Europe, followed by crowdfunding (17 percent) and invoice
trading (13 percent). Prolonged low interest rates prompt investors to search for higher yields
investment products, spurring P2P lending. Other forms, including the balance sheet model, are
quite small in Europe. All models reported growth in recent years, albeit at different rates.

Value of Alternative Finance Transactions in Europe Value of Alternative Finance Transactions in UK
(Euro millions, excludes UK) (GBP millions)
P2P consumer lending P2P business lending
P2P business lending
P2P consumer lending
Invoice trading
Equity-based crowdfunding Invoice trading
Reward-based crowdfunding
Equity-based crowdfunding
Real estate crowdfunding
P2P property lending Debt-based crowdfunding
Balance sheet business lending
Reward-based crowdfunding
Donation-based crowdfunding
2016
Debt-based securities Community shares
Balance sheet consumer lending Donation crowdfunding
2014
Mini-Bonds
Profit sharing Pension-led funding
0 100 200 300 400 500 600 700 0 200 400 600 800 1000 1200
Source: Statista. Source: Statista.