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Digitization Technology will boost Alternative Finance Market, market rate Will record 11% at future

The Alternative Finance Market is projected to grow by USD 190.82 billion during 2020-2024 progressing at a CAGR of 11% during the forecast period.

Major Market players in the market are IrcleUp Network Inc., Crowdfunder Inc., and Fundable LLC, Funding Circle Holdings plc. Fundrise LLC, GoFundMe Inc., Indiegogo Inc., Kickstarter PBC, LendingClub Corp. and Patreon Inc.

Digital financial support for SMEs-

SMEs are facing an ongoing battle thanks to Covid-19. As the backbone of fintech, gaining access to capital is of life-saving importance, whether that is credit or government support (CBILS). They need streamlined, multi-expert platforms to help them to find the best financial support and know-how available to them.  But, SMEs have very little resources so platforms offering support will do well as they solve this issue, at a crucial time. In particular, those that can bring businesses, lenders and accountants together to help SMEs gain know-how and to overcome the delays and confusion when it comes to finding financial support. 

Digitization of the trade finance value chain- 

Trade finance has existed for hundreds of years (even longer than lockdown!), but it is behind the times when it comes to streamlining administration and practical execution.  The virus has massively exposed the fragility of the current system. Prior to Covid-19 digitizing trade finance was seen as a nice to have in terms of realizing cost savings, increasing efficiencies and reducing fraud.  It is now more relevant than ever as we try to operate globalised trading systems without physical documents whilst navigating cumbersome regulations and agreements.

This report provides a detailed analysis of the market by type (P2P lending, crowdfunding, and invoice trading) by end user it classifies into institutional users and individual user. By geography it has been (APAC, North America, Europe, South America, and MEA). China had the largest alternative finance volume by country, having generated a total of USD 785.43 billion in 2019. The United States will play an important role which cannot be ignored. This region might affect the development trend of alternative finance.

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