Market Insights Financial Capital Raising Digital Capital Raising

Marketplace Lending (Consumer) - Greece

Greece

The total transaction value in the MarketMarketplace Lending (Consumer) market market in Greece is expected to reach US$28.4m by 2024.
When compared globally, the United States is projected to have the highest transaction value, reaching US$26,720m in 2024.
Key Market Indicators offer a glimpse into the social and economic landscape of Greece, shedding light on market-specific trends.
These indicators, combined with data from statistical offices, trade associations, and companies, form the basis for the Statista market models.
Greece's Marketplace Lending sector in Capital Raising is experiencing a surge in consumer loan originations, driven by increasing demand for alternative financing options.

Key regions: Singapore, United States, Israel, United Kingdom, Australia

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Analyst Opinion

The Marketplace Lending (Consumer) market in Greece has been steadily growing in recent years, driven by changing customer preferences and favorable market trends.

Customer preferences: Greek consumers have increasingly turned to marketplace lending platforms for their borrowing needs. This shift in preference can be attributed to several factors. Firstly, the convenience and speed of the online application process have made marketplace lending an attractive alternative to traditional banks. Borrowers can easily compare loan offers and choose the one that best suits their needs, all from the comfort of their own homes. Secondly, marketplace lending platforms often offer more flexible lending criteria, making it easier for individuals with limited credit history or lower credit scores to access financing. Lastly, the competitive interest rates offered by marketplace lenders have also contributed to their popularity among Greek consumers.

Trends in the market: One of the key trends in the Greek marketplace lending market is the increasing demand for consumer loans. As the economy recovers from the financial crisis, consumers are regaining confidence and are more willing to take on debt for various purposes such as home improvement, education, and travel. This trend is expected to continue as the Greek economy continues to stabilize. Another trend in the marketplace lending market is the emergence of specialized lending platforms. These platforms cater to specific niches such as small business loans, student loans, or loans for medical expenses. By focusing on specific customer segments, these platforms are able to provide tailored loan products and better meet the needs of borrowers.

Local special circumstances: Greece's financial crisis in recent years has had a significant impact on the lending landscape in the country. Traditional banks have tightened their lending criteria and become more risk-averse, making it difficult for many individuals and small businesses to access financing. This has created a gap in the market, which marketplace lending platforms have been able to fill. The online nature of these platforms allows them to operate with lower overhead costs compared to traditional banks, enabling them to offer more competitive interest rates and more accessible lending criteria.

Underlying macroeconomic factors: The recovery of the Greek economy after the financial crisis has played a crucial role in the development of the marketplace lending market. As the economy stabilizes and consumer confidence improves, individuals and businesses are more willing to borrow and invest. Additionally, the low interest rate environment in Greece has made borrowing more affordable, further driving demand for marketplace loans. In conclusion, the Marketplace Lending (Consumer) market in Greece is experiencing growth due to changing customer preferences, favorable market trends, and the unique circumstances of the Greek financial landscape. As the economy continues to recover and consumer confidence improves, the marketplace lending market is expected to further expand, providing Greek consumers with more options for accessing financing.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.