Crowdfunding could Revolutionize Lending!

8:44AM GMT 17 Dec 2012

Andrew Haldane said that he believed the rise of peer-to-peer lenders such as Zopa and Funding Circle – which match up companies needing money with investors – and crowdfunding, where small amounts are raised from a number of funders, will challenge major banks.

“The mono-banking culture we have had since the 1990s is on its way out,” Mr Haldane told The Independent.

“Instead, we are seeing a much more diverse eco-system emerging with the growth of new non-bank groups offering peer-to peer lending and crowdfunding which are operating directly with a wider public.”

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