Peer-to-Peer Lending Statistics 2026: Platform Volumes, Risk and Rules

Happen, Inc., formerly LendingClub, grew loan originations 29% year over year to $3,145 million ($3.15 billion) in the second quarter of 2026. Peer-to-peer lending statistics from 2026 filings show the model still growing in the US, the UK and India. LendingClub now operates as Happen Bank, while Prosper, Funding Circle and LenDenClub still fund loans through outside investors and lenders.

Prosper originated 2,425,781 borrower loans worth $32.1 billion from inception through June 30, 2026. On November 27, 2020, the China Banking and Insurance Regulatory Commission (CBIRC) announced that the number of P2P platforms had fallen to zero. The figures below come from company filings, a central bank circular and academic research, with older data labelled by year.

Key Takeaways

• At Happen, Inc., the former LendingClub, $2,039 million of $3,145 million in second-quarter 2026 originations were sold or held for sale, 64.8% of the quarter’s volume.
• Prosper’s second-quarter 2026 originations rose 15% to $809.8 million, from $703.4 million a year earlier.
• Funding Circle, a UK lender to small and medium-sized enterprises (SMEs), increased credit extended 52% to £1,690 million in the first half of 2026.
• India’s LenDenClub, a non-banking financial company peer-to-peer (NBFC-P2P) platform, reported loan disbursements of ₹1,929 crore in Q2 of fiscal 2026-27, 53% growth over the previous quarter.
• China’s P2P market reached its peak transaction volume of CNY 2.8 trillion in 2017 before the number of P2P platforms fell to zero by November 27, 2020.
• The Reserve Bank of India (RBI) ruled on August 16, 2024 that the entire loss of principal or interest on funds lent on an NBFC-P2P platform shall be borne by the lenders.

Editor’s Choice

• Happen second-quarter 2026 originations: $3,145 million.
• Prosper lifetime marketplace originations: $32.1 billion through June 30, 2026.
• Funding Circle Term Loans originations: £1,050 million in the first half of 2026, up 43%.
• LenDenClub cumulative disbursements: ₹21,989 crore as on September 30, 2026.
• Mintos assets under management: €795 million at the end of 2025.
• Kiva all-time crowdfunded loans: $2.4 billion across 2.9 million loans funded.

Peer-to-Peer Lending Platform Volumes in 2026

• Happen, Inc. reported $3,145 million ($3.15 billion) in origination volume for the second quarter of 2026, up 29% compared to the prior year.
• Prosper originated 50,768 borrower loans totaling $809.8 million in the three months ended June 30, 2026.
• Funding Circle backed a record 18,000 SMEs in the first half of 2026, extending £1,690 million (£1.69 billion) of credit.
• LenDenClub’s assets under management reached ₹2,433 crore as on September 30, 2026.
• Mintos ended 2025 with €795 million in assets under management and 664,000 registered users across Europe.
• Kiva reports $2.4 billion in loans and 6 million people impacted, all-time.

Source: Happen, Prosper Marketplace, Funding Circle, LenDenClub, Mintos

Each platform reports a different measure in its own currency, so the rows show scale rather than a ranking.

About This Data

Compiled from 11 sources: 8 company filings, results releases and factsheets, 1 central bank circular, 1 nonprofit impact report and 1 academic research brief. Publication dates run from spring 2022 to October 2026. Only primary or academic sources qualified, and pre-2024 figures are labelled by year. Figures are reviewed on a rolling basis and updated when sources publish new editions.

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LendingClub (Happen Bank) Loan Originations by Quarter

• Happen’s total loan originations rose from $2,433 million in the quarter ended June 30, 2025 to $3,145 million in the quarter ended June 30, 2026.
• For the third quarter of 2026, Happen guided to loan originations of $3.20 billion to $3.35 billion.
• Full-year 2026 guidance calls for loan originations of $12.2 billion to $12.6 billion.
• Happen produced record pre-tax income of $75.7 million in the second quarter of 2026.
• The bank is now underwriting and originating home improvement loans, a $500 billion market by its estimate.

By the numbers: Happen’s quarterly loan originations moved from $2,433 million in the second quarter of 2025 to $3,145 million in the second quarter of 2026, a gain of 29.3%. The jump came after three flat quarters, so a single strong quarter carries most of the year’s growth in volume.

Recent Developments

• July 27, 2026: Happen, Inc. reported second-quarter 2026 results, growing originations 29% year over year to $3,145 million ($3.15 billion).
• July 31, 2026: Mintos published its 2025 Consolidated Annual Report, which shows €795 million in assets under management at the end of 2025.
• August 11, 2026: Prosper entered into amendments to its Origination and Sale Agreements that extend their terms through February 1, 2029.
• September 8, 2026: Funding Circle presented half-year results showing credit extended up 52% to £1,690 million.
• September 2026 factsheet: LenDenClub’s factsheet with data as of September 30, 2026 shows Q2 fiscal 2026-27 disbursements of ₹1,929 crore and a stable 3.50% non-performing assets (NPA) ratio for the first half of fiscal 2026-27.

LendingClub Marketplace Loan Sales Statistics

• LendingClub officially became Happen Bank on June 22, 2026, and its stock began trading on Nasdaq under the HAPN ticker.
• The company describes its transition from a pioneering online lender to a diversified digital-first bank that combines deposits, lending and a capital-light marketplace bank model.
• In the second quarter of 2026, current period originations sold or held for sale reached $2,039 million, against $1,107 million held for investment, or 64.8% of the quarter’s volume sold or held for sale.
• Originations sold or held for sale reached $2,090 million in the fourth quarter of 2025.
• At June 30, 2026, loans serviced for others reached $8,231 million, within a total servicing portfolio of $14,596 million.
• At the end of the second quarter of 2026, Happen held deposits of $10.8 billion, up 18% year over year, with 88% of deposits FDIC-insured.
• Happen Bank, formerly LendingClub Bank, is a digital bank serving five million plus members.

Why it matters: Most new loans were still sold or held for sale in the quarter LendingClub became Happen Bank. Of $3,145 million originated in the second quarter of 2026, $2,039 million was sold or held for sale, which keeps the marketplace funding model at the center of the business behind the new Happen Bank brand.

Prosper Marketplace Loan Statistics

• According to its quarterly report filed with the SEC, Prosper’s second-quarter 2026 originations rose 18% by unit count and 15% in dollars from the second quarter of 2025.
• The company attributes the increase to third-party investor demand, updated underwriting models, lower interest rates and a new customer acquisition channel.
• Prosper’s personal loan serviced portfolio increased $487.4 million, or 12%, from June 30, 2025 to June 30, 2026.
• Whole loans outstanding increased $531.2 million, or 15%, over the same period.
• Note investors receive loan payments net of a servicing fee that is generally 1.0% of the outstanding balance.

Source: Prosper Marketplace Form 10-Q, quarter ended June 30, 2026

The split by Prosper Rating shows where that growth landed. A-rated loans made up 27% of second-quarter 2026 originations at $216.2 million, up from 18% a year earlier. Meanwhile, loans without a Prosper Rating fell to 6% from 15%.

Funding Circle Small Business Lending Statistics

• Funding Circle’s credit extended increased 52% to £1,690 million in the first half of 2026, from £1,111 million.
• Assets under management increased to £3,253 million in the first half of 2026, from £2,961 million at December 31, 2025.
• Profit before tax grew fourfold to £24.1 million, a 17.4% margin, against 6.5% in the first half of 2025.
• In Term Loans, its small business lending product, originations grew 43% to £1,050 million, from £736 million.
• FlexiPay and Credit Card transactions increased 71% to £640 million.
• Funding Circle has £2.4 billion in committed forward flows from institutional investors.

The first half extends an earlier run of growth. Funding Circle’s credit extended increased 29% to £2,453 million in 2025, from £1,899 million in 2024. Annualised net returns to institutional investors were about 5% above cost of capital.

Source: Funding Circle Full Year 2025 Results, March 2026

India Peer-to-Peer Lending Statistics

• LenDenClub is regulated by the RBI and has operated since 2015, across 29 states and 5 union territories.
• Its cumulative amount disbursed reached ₹21,989 crore as on September 30, 2026, up from ₹17,153 crore in September 2025.
• LenDenClub has disbursed 3.3 crore loans and counts 4.98 crore registered borrowers and 49.23 lakh registered lenders.
• In September 2026 alone, the platform disbursed 391,170 loans.
• Fiscal 2025-26 revenue was ₹351 crore, with a profit of ₹35 crore.
• The platform maintained 99.5% T+1 settlement during the quarter.

Key finding: LenDenClub’s loan disbursements reached ₹1,929 crore in Q2 of fiscal 2026-27, a 53% rise over the previous quarter. That one quarter added more to cumulative disbursements than the six months from September 2025 to March 2026.

Peer-to-Peer Lender and Borrower Demographics in India

• Lenders aged 26 to 35 make up 34.0% of LenDenClub’s lender base.
• Men account for 72.0% of lenders, women 26.6% and the factsheet’s Other category 1.4%.
• The more-than-₹5 lakh bucket is 62.0% of the factsheet’s amount-lent distribution.
• Existing lenders make up 68.8% of the lender base, against 31.2% new lenders.
• On the borrower side, 48.9% of borrowers are aged 25 to 34.
• 79.9% of loans sit between ₹10,000 and ₹1 lakh in value.

Borrowers skew younger and more male than lenders. Men make up 84.3% of borrowers, and 97.2% of borrowers fall in the factsheet’s under-6-months category.

Source: LenDenClub Platform Performance Factsheet, September 2026

Mintos and European Peer-to-Peer Investing Statistics

• Mintos describes itself as a European multi-asset investment platform offering loans, bonds, real estate, ETFs and Smart Cash.
• Loans remained the largest asset class on Mintos in 2025.
• Among Mintos’s retail investors, 30% of active customers now hold two or more asset classes on Mintos.
• 39% of customers who joined in Q1 2025 have diversified across asset classes, compared to 10.5% of those who joined in Q1 2024.

Source: Mintos Consolidated Annual Report 2025, July 2026

Kiva Crowdfunded Microloan Statistics

• Kiva, which runs loan crowdfunding for small borrowers, has funded 2.9 million loans worth $2.4 billion, all-time.
• The nonprofit says it supports 1 person every 90 seconds.
• In the 60 Decibels Microfinance Index (2022), which assessed outcomes for 5,200 people from 26 of Kiva’s Lending Partners, 90% of borrowers surveyed said their quality of life had improved.
• 88% said their business income had increased, and 85% said they were better able to manage their finances.
• Over 20 years, Kiva funded $638 million in loans in Africa, reaching 2.4 million people.

Worth noting: Lending through Kiva involves risk of principal loss, and Kiva does not guarantee repayment or offer a financial return on the loan. The outcome figures come from borrower surveys at Kiva’s lending partners, so they describe self-reported change, not audited repayment results.

P2P Lending Volume by Country: China’s Boom and Collapse

• China’s P2P market started to flourish in 2013 and reached its peak transaction volume of CNY 2.8 trillion in 2017.
• Thousands of P2P platforms connected over 4 million lenders and borrowers.
• China’s P2P lending totaled $327,800 million in 2017, against $17,340 million in the US and $6,005 million in the UK.
• From 2013 to 2018, the P2P trading volume in China was larger than the sum for the rest of the world.
• Platform collapse and fraud occurred frequently, causing monetary losses for millions of individual lenders.

Japan’s P2P lending reached $873 million in 2018 and Germany’s $813 million, a fraction of the US or UK totals in the same year.

Peer-to-Peer Lending Risk and Default Statistics

• LenDenClub’s non-performing assets ratio stood at 3.47% as of September 30, 2026, in the factsheet’s platform stats to date, while the same factsheet puts NPA for the first half of fiscal 2026-27 at 3.50%.
• Happen’s net charge-offs on loans held for investment improved to $40.6 million in the second quarter of 2026, from $46.1 million.
• Happen reports over 40% lower delinquencies than its competitor set.
• Under RBI rules, an NBFC-P2P shall not assume any credit risk arising out of transactions on its platform.

Source: LenDenClub, Happen, Kiva, Reserve Bank of India

What are the risks associated with peer-to-peer lending?

Under RBI rules, the entire loss of principal or interest on P2P loans is borne by the lenders. Kiva warns of risk of principal loss and does not guarantee repayment. Platform failure is the other risk, as China’s collapse showed.

Peer-to-Peer Lending Regulation Statistics

• In its circular reviewing the P2P lending directions, the RBI found that some platforms violated the funds transfer mechanism and promoted P2P lending as an investment product with tenure linked assured minimum returns.
• Funds in lenders’ and borrowers’ escrow accounts may not remain there for a period exceeding T+1 day.
• In the US, Utah signed Senate Bill 230 into law on March 23, 2026, eliminating the requirement to refund transaction fees above 5% of borrower loan principal on prepayment.
• The law became effective on May 6, 2026.
• According to an HKUST brief, China’s market ended up with zero surviving platforms, and the key reason for the collapse was that almost all P2P platforms deviated from the role of information intermediary and became shadow banks offering principal guarantee.

Source: Reserve Bank of India, Prosper Marketplace Form 10-Q, HKUST Institute for Emerging Market Studies

India’s 2024 rules bar platforms from taking on credit risk, the principal-guarantee role the HKUST brief links to China’s collapse.

Is P2P lending profitable?

Three of the platforms covered here reported a profit in their latest results. Happen produced record pre-tax income of $75.7 million in the second quarter of 2026. Funding Circle’s profit before tax grew fourfold to £24.1 million in the first half of 2026.

LenDenClub reported a fiscal 2025-26 profit of ₹35 crore on revenue of ₹351 crore. Platform profit is not lender return: investors carry the credit losses, and the RBI bars Indian platforms from promising a minimum return.

Conclusion

Happen’s originations reached $3,145 million ($3.15 billion) in the second quarter of 2026, and Prosper’s lifetime volume reached $32.1 billion. LenDenClub’s quarterly disbursements grew 53% over the previous quarter. Where China’s platforms offered principal guarantees, India’s rules now leave the entire loss with lenders.

The next markers are Happen’s third-quarter 2026 results against its own guidance and how India’s platforms grow under the RBI’s lender-loss rule. China’s P2P platform count fell to zero by November 27, 2020.