Market Insights Financial Capital Raising Digital Capital Raising

Marketplace Lending (Consumer) - Turkey

Turkey

The total transaction value in the MarketMarketplace Lending (Consumer) market market in Turkey is projected to reach US$0.0 in 2024.
When comparing globally, it is evident that the highest transaction value is reached the United States (US$26,720m in 2024).
The Key Market Indicators offer a snapshot of the social and economic landscape of Turkey and shed light on significant market-specific trends.
These indicators, combined with data from statistical offices, trade associations, and companies, form the basis for the Statista market models.
Turkey's Marketplace Lending sector is experiencing a surge in alternative financing options for consumers seeking capital, reshaping the Capital Raising landscape.

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

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Analyst Opinion

The Marketplace Lending (Consumer) market in Turkey is experiencing significant growth and development.

Customer preferences: In Turkey, consumers are increasingly turning to marketplace lending platforms as a convenient and accessible way to access credit. These platforms offer a streamlined and digital lending process, which appeals to tech-savvy consumers who are looking for quick and hassle-free borrowing options. Additionally, marketplace lending platforms often provide competitive interest rates and flexible repayment terms, making them an attractive alternative to traditional banks.

Trends in the market: One of the key trends in the marketplace lending market in Turkey is the rise of peer-to-peer (P2P) lending platforms. These platforms connect borrowers directly with individual lenders, cutting out the intermediary role of banks. This trend is driven by the increasing popularity of P2P lending globally, as well as the growing trust and confidence in online financial transactions among Turkish consumers. Another trend in the market is the diversification of lending products offered by marketplace lending platforms. Initially, these platforms primarily focused on personal loans, but they have now expanded their product offerings to include other types of consumer loans, such as auto loans and home improvement loans. This diversification allows marketplace lending platforms to cater to a wider range of customer needs and preferences.

Local special circumstances: One of the unique aspects of the marketplace lending market in Turkey is the high rate of smartphone penetration. Turkey has one of the highest smartphone penetration rates in the world, with a large portion of the population relying on their smartphones for various financial transactions. This widespread smartphone usage has facilitated the growth of marketplace lending platforms, as consumers can easily access and apply for loans through mobile apps.

Underlying macroeconomic factors: The development of the marketplace lending market in Turkey is also influenced by underlying macroeconomic factors. The country has a young and growing population, which contributes to a strong demand for credit. Additionally, the Turkish government has implemented various initiatives to promote financial inclusion and support the growth of alternative lending platforms. These factors, combined with the increasing digitalization of the financial sector, have created a favorable environment for the development of the marketplace lending market in Turkey. In conclusion, the Marketplace Lending (Consumer) market in Turkey is experiencing significant growth and development, driven by customer preferences for convenience and accessibility, as well as the unique local circumstances and underlying macroeconomic factors. The rise of P2P lending platforms and the diversification of lending products are key trends in the market, while the high rate of smartphone penetration and government initiatives further support the growth of the marketplace lending market in Turkey.

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.