FINANCE

by France at € 154 million , Germany at € 140 million , Sweden at € 107 million , the Netherlands at € 78 million , and Spain at € 62 million . Alternative finance in Europe excluding the UK grew from € 338 million in 2013 to € 620 million in 2014 and has averaged growth of 115 percent over the past three years . Peerto-peer consumer lending is the largest market segment at € 275 million in 2014 , followed by reward-based crowdfunding at € 120 million , peer-to-peer business lending at € 93 million and equitybased crowdfunding at € 83 million . Across Europe , excluding the

ALTERNATIVE FINANCE MODELS IN EUROPE ( EXCLUDING THE UK ) VOLUME IN € M AND AVERAGE GROWTH RATE 2012-2014

12 April 2015