10 Second, peer-to-peer lending platforms, by contrast, act as intermediaries to connect borrowers with lenders and to assist investors in identifying and purchasing loans that meet their investment criteria. These lenders can be individuals, banks, or institutional investors.
11 Although data are limited on this sector, the data that are available suggest that the various types of online alternative lenders have captured a small but rapidly growing share of lending since the financial crisis. In aggregate, the outstanding portfolio balances of these lenders have doubled every year since the mid-2000s.