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A synthetic indicator of market leaders in the crowdlending sector

Samuel Ribeiro-Navarrete (Universitat Politècnica de València, Valencia, Spain)
Daniel Palacios-Marqués (Universitat Politècnica de València, Valencia, Spain)
José María Martín Martín (Universidad de Granada, Granada, Spain)
José Manuel Guaita Martínez (Universitat Politècnica de València, Valencia, Spain)

International Journal of Entrepreneurial Behavior & Research

ISSN: 1355-2554

Article publication date: 14 June 2021

Issue publication date: 2 August 2021




This study contributes to the limited literature on crowdlending by providing a data-driven analysis of the sector. A synthetic DP2 indicator is proposed to identify the leaders of the crowdlending market, the key factors behind their success and the medium-term competitive implications.


The study examines 17 crowdlending platforms and eight performance indicators. The information provided by these indicators is aggregated using a synthetic indicator based on the P2 Distance (DP2) method.


Mintos, Evoestate, Peerberry, Bondster and Fellow Finance are the leading platforms. This method reveals the key variables in the identification of market leaders, namely year-on-year variation in the number of investors and year-on-year variation in lending per investor. The leaders in terms of lending volumes should not take their current situation for granted. Small and medium-sized platforms are pushing hard and may overtake the incumbents as market leaders.

Practical implications

Financial intermediation through crowdlending is becoming an increasingly popular alternative to traditional models. Changes in the sector are expected in the coming years due to the rise of platforms with a moderate amount of lending and solid year-on-year improvement. To become leaders and to attract both lenders and borrowers, platforms are encouraged to improve the information that they provide.


This paper offers the first analysis of market leadership in the crowdlending sector. It analyses the competitive market of the crowdlending sector based on its actors and key factors. These factors explain the differences in the market position of different platforms. Based on this analysis, the trends in this sector can be identified. This study is exploratory, so it offers empirical data that can be useful in the development of theories that apply to the sector.



The authors thank for their support in providing the data for this study.


Ribeiro-Navarrete, S., Palacios-Marqués, D., Martín Martín, J.M. and Guaita Martínez, J.M. (2021), "A synthetic indicator of market leaders in the crowdlending sector", International Journal of Entrepreneurial Behavior & Research, Vol. 27 No. 6, pp. 1629-1645.



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