1 ABOUT THE AUTHORS BRYAN ZHANG Bryan Zhang is a Director of the Cambridge Centre for Alternative Finance and a Research Fellow at the Cambridge Judge Business School. He has co-authored five industry reports on alternative finance. PETER BAECK Peter Baeck is a researcher at Nesta, where he focuses on crowdfunding, peer-to-peer lending and the role of digital technologies in public and social innovation. TANIA ZIEGLER Tania Ziegler, Research Programme Manager, Cambridge Centre for Alternative Finance, Cambridge Judge Business School. Her research interests include small business economics and SME utilization of alternative funding models. JONATHAN BONE Jonathan Bone is a researcher at Nesta, where he focuses on innovation and economic growth with a specific focus on alternative finance and start-ups. KIERAN GARVEY Kieran Garvey, Policy Programme Manager, Cambridge Centre for Alternative Finance, Cambridge Judge Business School. His research interests include the application of alternative finance within developing countries, renewable energy and early stage ventures. SPECIAL THANKS The Cambridge-Nesta research team would like to thank Robert Wardrop, Stian Westlake, Christopher Haley, Raghavendra Rau and Mia Gray for their feedback and guidance throughout the study. We could not have completed the study without the support from Alexis Lui and John Burton who have been instrumental in analysing and visualising data. We are also grateful for the help and support from Warren Mead, Sarah Walker, Pete Shepherd, Audrey King and their brilliant team at KPMG in the UK. We would also like to thank Christine Farnish and Sam Ridler from the P2PFA, Julia Groves from the UKCFA, as well as Janine Hirt and Julia Morrongiello from Innovate Finance. The Cambridge Centre for Alternative Finance wishes to thank CME Group Foundation and DFC Global for their generous donation towards our research endeavours.