Digital Lending Platforms Statistics 2026: Volume and Growth Data

Fintech lenders held a 42% share of unsecured personal loan originations in Q3 2025, up from roughly one-third a year earlier, according to TransUnion’s US credit data. Outstanding personal loan balances reached a record $281 billion in Q2 2026, up 9.6% year over year. Digital lending platforms statistics now describe a core part of consumer credit.

The platforms behind that shift reported record quarters. SoFi said total loan originations hit a record $14.8 billion in the second quarter, while Upstart originated $4.2 billion, up 50% year over year. The data below combines platform filings from SoFi, Upstart, Nu, Klarna, Pagaya and Happen with TransUnion credit bureau data, the Federal Reserve’s small business survey, CFPB buy now, pay later research and a global Bank for International Settlements estimate.

Key Takeaways

• The share of small business applicants that sought financing at online fintech lenders rose over the last five years, from 17% in the 2020 survey to 29% in the 2025 survey, per the Federal Reserve’s Small Business Credit Survey.
• Yet 60% said borrowing costs at these lenders were higher than expected, against 37% at small banks and 32% at large banks.
• Upstart originated 558,014 loans, up 50% year over year, with 91% of loans fully automated.
• BNPL dollar originations at six lenders grew from $2.7 billion in 2019 to $45.2 billion in 2023, per the CFPB.
• Happen, Inc., rebranded from LendingClub, held deposits of $10.8 billion, up 18% year over year, with 88% of deposits FDIC-insured.
• Nu’s total credit portfolio expanded 37% year over year to $39.4 billion.

Editor’s Choice

• SoFi members: a record 15.8 million, up 35%.
• Klarna gross merchandise volume: $36.6 billion in Q2 2026, up 18%.
• Nu customers: 139 million globally.
• US consumers with personal loans: 26.9 million in Q2 2026.
• Pagaya network volume: $3.5 billion, up 33%.
• Global big tech credit: $572 billion in 2019, per the BIS.

Digital Lending Platforms Statistics: Volume by Company

• SoFi said cross-buy accelerated, with 51% of new products opened by existing SoFi members.
• Klarna counted 120 million active consumers and 1.2 million+ merchants in the second quarter.
• Upstart posted total revenue of $365 million, up 42% on its loan volume.
• Pagaya reported $387 million in total revenue and other income alongside its record network volume.
• Happen, Inc. produced record pre-tax income of $75.7 million in its first quarter under the new brand.

Source: Nu Holdings, Klarna, SoFi, Upstart, Pagaya and Happen Q2 2026 results

About This Data

Compiled from 14 sources: 13 are regulators, central banks, credit bureaus, and company filings, and 1 is a BIS working paper. Source publication dates run from 2020 to 2026. Only primary data qualified, and market-research sellers were excluded. Figures are updated when sources publish new editions.

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Digital Lending Platform Growth Rates

• SoFi grew products 42% to a record 24.4 million as lending expanded.
• Upstart’s revenue from fees was $348 million, up 45%.
• Klarna’s U.S. GMV rose 27% year over year, faster than its global total.
• Pagaya lifted Adjusted EBITDA 43% to $124 million.
• Happen grew total assets 16% year over year to $12.5 billion.

Recent Developments

• Q2 2026 results: Klarna reported net income of $9 million versus a net loss of $(53) million in Q2 2025.
• Q2 2026 results: Nu added approximately 4 million customers in the quarter, and Mexico reached 15.8 million customers, with 16 million as of July.
• Q2 2026 report: TransUnion showed personal loan originations rose 19.5% year over year, driven by subprime (+29%) and super prime (+9%) borrowers.
• Q2 2026 results: Upstart reported net income of $16.5 million, up 195% from $5.6 million in Q2 2025.
• July 2026: Pagaya guided full-year 2026 GAAP net income of between $155 million and $180 million.
• Q2 2026: Happen, Inc. reported that it launched the Happen Bank brand and transferred its stock listing from NYSE: LC to Nasdaq: HAPN.

US Personal Loan Market Statistics

• TransUnion counted a record 7.2 million unsecured personal loan originations in Q3 2025, the second consecutive quarter of new highs.
• Subprime drove growth with a 32.5% increase in originations, while near prime and super prime segments each rose 21.5%.
• Personal loan growth was supported by record borrower and account volumes, up 8.3% and 10.7% year over year in Q2 2026.
• The fintech share of the market sits alongside a wider personal loan industry statistics picture of record balances.

Source: TransUnion Q2 2026 Credit Industry Insights Report

Personal Loan Borrower Statistics

• TransUnion tracked 33.3 million unsecured personal loans in Q2 2026, up from 30.1 million a year earlier.
• The borrower-level 60+ days past due delinquency rate was 3.81%, up from the prior year.
• Average debt per borrower was $11,694, and the average account balance was $8,437.
• Subprime borrowers and accounts grew 18.4% and 20.5%, even as the size of the average new subprime loan fell 6.8%.

Key finding: TransUnion data show lenders extending credit to more consumers, particularly in subprime, while maintaining underwriting discipline. The borrower count rose by 4.2 million between Q2 2023 and Q2 2026, so a rising delinquency rate partly reflects who is now borrowing.

SoFi Lending Statistics

• Record origination volume of $14.8 billion increased 69% year over year.
• Personal loan originations were up 54%, inclusive of $3.1 billion originated on behalf of third parties through the Loan Platform Business.
• Student loan volume was up 170%, the highest quarter of student loan originations in SoFi’s history.
• Home loan volume rose 74% year over year.
• SoFi’s member growth is broken out in the SoFi member and deposit data.

Upstart AI Lending Statistics

• More than 90% of loans are fully automated, with no human intervention by Upstart.
• Contribution Profit reached an all-time high of $193 million, up 37%.
• Contribution Margin was 55%, versus 58% in Q2 2025.
• Adjusted EBITDA was $76.9 million, up 45%.

Source: Upstart Q2 2026 results

By the numbers: Upstart originated 558,014 loans while 91% ran fully automated. That is 185,415 more loans than the 372,599 Upstart originated in Q2 2025. The slight dip in conversion rate shows the funnel widened faster than approvals.

Happen Bank (LendingClub) Lending Statistics

• Happen reported a 15.1% ROE and a 15.9% ROTCE for the quarter.
• Diluted EPS increased 52% year over year to $0.50.
• Credit outperformance versus its competitor set continued, with over 40% lower delinquencies.
• A record automation rate of over 90% and AI-powered agent support tools led to record origination efficiency.
• The company is ramping up its entry into the $500 billion home improvement market.

Source: Happen Q2 2026 results

Does P2P lending still exist?

Marketplace lending still exists, though LendingClub now operates under a bank brand. Happen, Inc. is the parent company of Happen Bank, a digital bank, and rebranded to Happen Bank from LendingClub. The BIS groups peer-to-peer and marketplace lending as digital lending models that have grown in many economies, and the peer-to-peer lending statistics track that market directly.

Pagaya Network Volume Statistics

• Pagaya reported $45 million GAAP net income, up $29 million year over year.
• Total revenue and other income rose 19% year over year.
• Pagaya describes itself as a global technology company delivering AI-driven product solutions for the financial ecosystem.

Source: Pagaya Q2 2026 results

Buy Now, Pay Later Lending Statistics

• Klarna reported revenue of $1.042 billion and transaction margin dollars of $446 million in Q2 2026.
• Adjusted operating income was $91 million, and operating income was $27 million versus a loss of $(46) million in Q2 2025.
• Provisions for credit losses were 0.52% of GMV versus 0.56% of GMV in Q2 2025.

CFPB BNPL Market Data

• Per the CFPB’s Buy Now, Pay Later Market report, in 2023, the lenders in the sample originated 335.8 million BNPL loans, with an average loan size of $135 when adjusted for inflation.
• Among consumers with a credit record, 21.2% financed at least one purchase with a BNPL loan in 2022, up from 17.6% in 2021.
• Approximately 63% of borrowers originated multiple simultaneous loans at some point during the year, and 33% took out loans from multiple BNPL lenders.
• Among borrowers ages 18-24, BNPL purchases made up 28% of total unsecured consumer debt, compared to an average of 17% among borrowers of all age groups, during the months in which they borrowed.
• Wider buy now, pay later statistics cover the provider market beyond Klarna.

Why it matters: The CFPB found that more than three-fifths of BNPL borrowers held multiple simultaneous BNPL loans at some point during the year.

Small Business Digital Lending Statistics

• In the Federal Reserve Banks’ 2026 Report on Employer Firms, applicants most often sought financing at large banks, followed by online lenders and small banks.
• Applicants who sought financing at small banks were more likely to be fully approved (57%) than those who sought financing from other lenders.
• Only 4% of online lender borrowers found costs lower than expected.
• Many firms said they turned to online lenders seeking faster decisions and a better chance of being funded.
• The 2025 survey, fielded from September to November 2025, yielded 6,525 responses from small employer firms with 1 to 499 employees.

Funding Circle UK SME Lending

• Funding Circle backed a record 18,000 SMEs in the first half, with a customer transaction every 20 seconds.
• Originations grew 43% to £1,050 million, up from £736 million in H1 2025.
• US firms show a similar pull toward online credit in the small business lending statistics.

Source: Funding Circle Half Year 2026 Results

Nubank Digital Lending Statistics

• In Brazil, Nu reached almost 118 million customers.
• In Colombia, Nu surpassed 5 million customers.
• The total credit portfolio grew 5% quarter over quarter.
• Nu’s customer growth is broken out further in the Nubank customer data.

Global Fintech and Big Tech Credit Statistics

• The Bank for International Settlements found that China, the United States and the United Kingdom are the largest markets for fintech credit.
• Big techs provide credit either directly or in partnership with financial institutions.
• Big tech credit was about 2.6 times the size of fintech credit in 2019.
• The BIS estimate predates the platform figures above, so it shows the starting base rather than current size.

Source: BIS Working Paper No 887, 2020

What are digital lending platforms?

Digital lending platforms are online lenders and marketplaces that originate credit without a traditional bank branch model. The BIS puts it this way: These types of credit, facilitated by online platforms rather than traditional banks or lending companies, are referred to as “fintech credit”.

The category now spans consumer lenders such as SoFi, AI underwriting marketplaces such as Upstart and Pagaya, BNPL providers such as Klarna, and digital banks such as Nu. The common thread is software-led underwriting and distribution, whether the loan ends up on the platform’s balance sheet or with a partner.

Is P2P lending risky?

Peer-to-peer and other digital lending carry measurable cost and credit risks for borrowers. In the Federal Reserve’s survey, 60% of small businesses that borrowed from online lenders said borrowing costs were higher than expected, and TransUnion put the borrower-level 60+ days past due delinquency rate on personal loans at 3.81% in Q2 2026.

The CFPB also found that 33% of BNPL borrowers took out loans from multiple BNPL lenders. Risk depends on the product and the borrower’s total obligations, so the figures describe the market, not any single platform.

Conclusion

Fintech lenders held a 42% share of unsecured personal loan originations in Q3 2025 in TransUnion’s US data, and SoFi’s quarterly originations reached a record $14.8 billion. The data point to digital platforms moving from alternative credit to mainstream lenders, many now funded by deposits.

The next test is credit quality as platforms push further into subprime and small business lending, where the Fed survey already shows cost surprises at online lenders. Quarterly filings and the next TransUnion report will show whether automation keeps delinquency in check.