New Volumes Out

Marketplace lending platforms enable institutional and private investors to invest directly in debt instruments. With the CHF 22,4 billion in loan volume recorded in 2025, market volume continues its steady growth in two consecutive years (2024: CHF 21,4 billion). Over the past six years, the market has doubled in size, according to the latest edition of the Marketplace Lending Report by the Swiss Marketplace Lending Association (SMLA) and the Lucerne University of Applied Sciences and Arts (HSLU). This report remains the most comprehensive analysis of online debt financing for Swiss companies, public entities, and individuals.

Brokered Mortgage Loans: Steady and Resilient Growth
With a volume of CHF 7,7 billion in 2025, the segment has recorded steady, albeit moderate, growth over recent years. This development reflects the segment’s increasing maturity and its established position within the Swiss mortgage market. The Basel III final further supports demand for low-risk, well-collateralised mortgage exposures. Mortgage brokerage platforms also continue to benefit from participation by institutional investors, which seek access to mortgage investments but often lack the distribution capabilities of traditional banks. Supported by continued demand for self-occupied residential real estate, the market is expected to continue growing at a moderate pace in 2026.

Crowdlending growth is increasingly driven by Real Estate Financing
Crowdlending continues to grow, resulting in CHF 479,8 million newly issued loans in 2025 (+18%). The growth is primarily driven by real estate loans. The authors of the study expect real estate development financing to remain the key volume driver in 2026. Demand for alternative financing solutions is likely to be supported, at least in part, by regulatory developments. Crowdlending platforms are well positioned to benefit from this funding gap by offering financing solutions to developers and project sponsors, affected by the implementation of Basel III Final.

Private Placements for Large Corporations and Public Entities: Continued Expansion
With a volume of CHF 14,2 billion loans and bond financing for mid-sized to large companies and public-sector bodies in 2025, the segment makes up roughly two-third of the total marketplace lending volume in Switzerland. The competitive landscape remains stable, reflecting the segment’s high degree of maturity. Looking ahead, the authors of the study expect volumes in 2026 to remain at levels similar to recent years, with limited but positive growth potential.

Regulatory change and market consolidation create new opportunities for marketplace lending
The implementation of the final Basel III framework is prompting Swiss banks to reassess their capital allocation, particularly for loans with higher risk weights. This increases the cost of certain lending activities and consequently creates openings for marketplace lending platforms that can offer competitive pricing and greater flexibility across multiple segments. Additionally, the merger of UBS and Credit Suisse has led to a banking relationships consolidation and, in some segments, to reduced lending capacity. Over the medium-term, marketplace lending platforms can benefit through borrowers increasingly seeking to diversify financing sources.

The growing regulatory focus on Private Credit
Private credit is attracting increasing attention from supervisory and financial stability authorities. The rapid growth of the market has sparked international discussions regarding transparency, valuation risks, liquidity, leverage, and potential spillover effects on the traditional financial system. While the segment still represents a relatively small share of the overall credit market compared to the United States or the United Kingdom, its development is also being monitored more closely in Switzerland. The growing attention paid to the topic in publications by the Swiss National Bank (SNB) and financial stability bodies suggests that authorities are analysing the market more closely today than they did a few years ago.