UK peer-to-peer platforms make loans of $709 million in first-quarter

LONDON (Reuters) - Britain's peer-to-peer lending platforms facilitated loans of more than 459 million pounds ($709 million) during the first quarter of 2015, taking total lending by the industry to more than 2.6 billion pounds.

Peer-to-peer lending has grown rapidly in Britain since the 2007-9 financial crisis, providing an alternative source of finance for small firms and individuals as banks cut back on lending to strengthen their balance sheets and meet tougher regulatory demands.

"We are continuing to see strong appetite in the consumer market and a significant increase in lending flow to businesses too," Christine Farnish, chair of the Peer2Peer Finance Association, said on Thursday.

(Reporting by Matt Scuffham; Editing by Jon Boyle)