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Marketplace Lending (Consumer) - Uruguay

Uruguay

The total transaction value in the MarketMarketplace Lending (Consumer) market market is forecasted to reach US$0.0 in Uruguay by 2024.
When compared globally, the United States leads with a transaction value of US$26,720m in 2024.
Key Market Indicators offer a glimpse into the social and economic landscape of Uruguay, shedding light on market-specific trends.
These indicators, complemented by data from statistical offices, trade associations, and businesses, form the basis for Statista market models.
Uruguay's consumer marketplace lending sector is experiencing a surge in capital raising activities, attracting both local and international investors seeking alternative investment opportunities.

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

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Analyst Opinion

The Marketplace Lending (Consumer) market in Uruguay has been experiencing significant growth in recent years.

Customer preferences: Uruguayans have shown a growing preference for marketplace lending platforms as an alternative to traditional banking institutions. This can be attributed to several factors, including the convenience and accessibility offered by online lending platforms. In addition, marketplace lending provides borrowers with a faster and more streamlined application process compared to traditional banks. Borrowers also appreciate the transparency and competitive interest rates offered by marketplace lenders.

Trends in the market: One of the key trends in the marketplace lending market in Uruguay is the increasing number of platforms catering to specific borrower segments. For example, there are platforms that specialize in providing loans to small and medium-sized enterprises (SMEs), while others focus on personal loans for individuals. This trend reflects the growing demand for tailored lending solutions and the recognition that different borrower segments have unique needs and requirements. Another trend in the market is the emergence of partnerships between marketplace lenders and traditional financial institutions. This collaboration allows marketplace lenders to tap into the existing customer base of banks and credit unions, while traditional financial institutions benefit from the technological expertise and innovation offered by marketplace lenders. This trend is likely to continue as both sides recognize the value of collaboration in meeting the evolving needs of borrowers.

Local special circumstances: Uruguay has a relatively high level of financial inclusion, with a large percentage of the population having access to formal financial services. However, there are still segments of the population that are underserved by traditional banks, such as small business owners and individuals with limited credit history. Marketplace lending platforms have been able to fill this gap by providing access to credit for these underserved segments. This has contributed to the growth of the marketplace lending market in Uruguay.

Underlying macroeconomic factors: The growth of the marketplace lending market in Uruguay can also be attributed to favorable macroeconomic conditions. Uruguay has experienced steady economic growth in recent years, with low inflation and a stable financial system. This has created a conducive environment for marketplace lenders to operate and attract borrowers. In addition, the government has implemented policies to promote financial inclusion and innovation, which has further supported the growth of the marketplace lending market. In conclusion, the Marketplace Lending (Consumer) market in Uruguay is experiencing growth due to customer preferences for convenience and accessibility, as well as the emergence of tailored lending solutions and partnerships with traditional financial institutions. The local special circumstances of underserved segments and favorable macroeconomic conditions have also contributed to the growth of the marketplace lending market in Uruguay.

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.