Two of the leading investment banks are looking at a move into the fast-expanding peer-to-peer lending sector, underlining how even established institutions are racing to embrace technology to disrupt traditional finance.
Société Générale and Goldman Sachs are among several banks discussing a plan to back Aztec Money, an emerging peer-to-peer financing platform that has created an online market place where people can bid for company invoices, according to three people familiar with the project.
When peer-to-peer structures were first set up a decade ago, the rationale was to bypass banks by using state of the art technology to link those who have money to invest with individuals or companies that need it.