More than £700m was lent during the period, of which more than £472m of loans went to businesses.

Cumulative lending by the end of September 2017 was £7.1bn, up from the £4.2bn recorded in September 2016.

•   Lendy reports 164% profit increase
•   Funding Circle posts 59% revenue rise
•   Lendy announces repayment of its largest P2P loan

Robert Pettigrew, director of the P2PFA, said: “The performance of P2PFA platforms – in terms of the level of lending and the number of borrowers – has seen continued steady growth during the last quarter…

“With all P2PFA members seeking full authorisation having received the regulator’s stamp of approval, it is clear that the sector is well-placed for further responsible growth and development in the interests of its customers, both borrowers and lenders.”

The P2PFA was launched in 2011 and members include Folk2Folk, Funding Circle, Landbay, Lending Works, MarketInvoice, ThinCats and Zopa.