If you have used Venmo to pay a friend back or Apple Pay to make a purchase at the store, you likely are familiar with the rise of financial technology (also known as fintech).
Increasingly, however, this disruption is not only playing out with traditional retail banking activities. It’s also becoming a new way for businesses to finance solar projects.
As banks grapple with this disruption, likely one of their biggest concerns is the growth of Peer-to-Peer (P2P), or marketplace lending, including companies such as Lending Club and Prosper. The industry rapidly has grown in the past year, and some analysts are projecting the industry to reach $1 trillion by the end of 2025.
In addition to the documented rise in peer-to-peer lending with traditional banking activities, this type of lending for debt financing solar energy projects is also growing — albeit more slowly, according to Peter Renton, founder of peer-to-peer lending news and analysis provider Lend Academy.
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