Market Share of Digital Lending Industry
The digital lending market is fragmented owing to the presence of several solution providers, none of which holds a majority share. Market players, such as Funding Circle Limited, On Deck Capital Inc., Prosper Marketplace Inc., LendInvest Limited, and Bizfi LLCare, are making several innovations to improve their offerings and gain maximum market traction. The emerging players in the market are strategically raising funds to provide innovative and technologically integrated solutions. The market players also view strategic collaborations as a lucrative path toward growth.
- July 2024: Salesforce, a leading CRM provider, unveiled its plans to launch 'Digital Lending for India.' This platform is designed to enable banks and lenders in India to adopt digital approaches to consumer lending. By doing so, they can streamline operations, reduce costs, and eliminate the challenges of managing outdated, disparate systems. 'Digital Lending for India' is tailored exclusively for the Indian market. Furthermore, it offers integration capabilities, allowing banks to merge their financial data with Salesforce's customer insights.
- May 2024: PhonePe launched its secure digital lending platform within its app. This platform allows over 535 million registered users to access loans across six categories, including mutual fund, gold, and car loans. The loans are provided in partnership with a network of banks, non-banking financial companies (NBFCs), and other fintech companies, including Tata Capital, L&T Finance, Hero FinCorp, and Muthoot Fincorp.
Digital Lending Market Leaders
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Funding Circle Limited (Funding Circle Holdings PLC)
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On Deck Capital Inc.
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Prosper Marketplace, Inc.
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LendInvest Limited
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Bizfi LLC
*Disclaimer: Major Players sorted in no particular order
