The alternative finance sector grew to $35.2 billion during 2016 according to a recent report.
The study, conducted by the Cambridge Centre for Alternative Finance (CCAF) and other bodies covers the US, Canada, Latin America and the Caribbean showed continued growth across the region. The market experienced a 23% rise last year though the pace of growth and the emergence of new platforms both slowed.
“This report highlights an alternative finance environment that has hit stride – having achieved a steady pace of growth that denotes a competency more akin to traditional players,” said Tania Ziegler, CCAF’s senior research manager.
“With platforms from the US driving volume, and Latin American platforms achieving triple digit growth, 2016 has proven that alternative finance in the Americas is becoming a staple channel for consumers, entrepreneurs and small businesses in need of finance.”