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Peer-to-peer lending exceeds £2bn

Peer-to-peer lenders have given more than £2 billion to businesses and individuals, according to data published by AltFi.

The total amount lent has doubled from £1 billion to £2.004 billion since December 2013.

The sector has experienced rapid growth so far this year, growing by an average annualised rate of 158%.

Peer-to-peer lenders connect individual borrowers or businesses with savers and investors.

Savers can receive a better return on their investments than they would using traditional methods, while borrowers benefit from lower interest rates.

Giles Andrews, chief executive of peer-to-peer lender Zopa, said:

"To surpass the 2 billion pound mark is a massive achievement for the UK market. This has been achieved by UK consumers willing to think outside the banks.

"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."

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