P2P lending is moving from mass growth to high-intent investors
P2P lending in Europe appears to be maturing, with capital flowing into a range of platforms that best match investor demand. These are the findings of Robocash analysts, who examined 11 European P2P platforms, including both established market leaders and new entrants. The analysis covered the platforms’ cumulative and annual funding volumes and the growth of investor bases* from 2024 to 2026.
Growth is continuing – but unevenly
Across the platforms studied, investor bases increased by an average of 30% compared to 2024, though the median growth rate was notably lower – around 17-20%. The growth is concentrated among a handful of platforms, primarily those founded between 2019 and 2020, while the largest and most established players are adding investors at a more moderate pace.
The funding picture reflects the investor trend. Based on comparable platforms, annual volumes grew by an average of around 25-30%, yet the median growth rate was considerably lower. In other words, a relatively small group of platforms are pulling the aggregate upward, while the majority are growing modestly or holding flat.
At the same time, investor count growth and funding volume growth show weak correlation across the dataset. Several platforms that expanded their investor base by 25–30% simultaneously saw their annual volumes decline. “This discrepancy suggests that new investors are arriving with smaller or more cautious capital allocations, which is consistent with the trend toward market dominance by participants who are highly motivated and selective”, Robocash analysts comment.
Older platforms stabilise; younger ones scale
The data reveals a moderately negative correlation between platform age and growth rate. Platforms founded in 2015-2016 show the slowest growth on both investor and volume dimensions. Platforms launched in 2019-2020 are among the fastest-growing, albeit from a lower base.
“This is partly a base-effect phenomenon – it is easier to double a small number than a large one. However, it also reflects a structural shift: established platforms are moving from growth mode to retention, while newer entrants are still competing for share in a market”, the experts add.
The trends outlined above point to the same underlying dynamic: P2P platforms are no longer competing only for user numbers, the winners are those that can attract a more high-intent audience. “The market is growing deeper through investors seeking longer-term income sources rather than simply trying out new tools.” the analysts concluded.
* Data sourced from P2PMarketdata, P2P Banking, and Todocrowdlending websites