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|UK alternative finance market for businesses projected to 'Reach £10 Billion by 2020'|
|Monday, 28 September 2015|
Fiserv, Inc., a leading global provider of financial services technology solutions, announced today that U.K. small and medium sized enterprises (SMEs) are likely to benefit from the substantial projected growth of alternate sources of funding such as peer-to-business (P2B) lending and crowd-funding over the next five years. This is according to Future Trends in U.K. Banking, a report commissioned by Fiserv and compiled by the Centre for Economics and Business Research (Cebr).The report looks at changing trends in the U.K. banking sector and the growing importance of alternative finance, particularly for the U.K.’s SMEs.
Despite generating 43 percent of all private sector turnover in the U.K., the credit environment for SMEs has remained challenging since the global economic crisis. With the introduction of new legislation in the last three years, SMEs are becoming aware of alternative financing options, which have started to grow in the U.K.
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