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Pur, S., Huesig, S., Schmidhammer, C. Towards a Theory on Dominant Business Model Emergence of Marketplace Lending in Germany. Credit and Capital Markets – Kredit und Kapital, 56(1), 63-102. https://doi.org/10.3790/ccm.56.1.63
Pur, Sabine; Huesig, Stefan and Schmidhammer, Christoph "Towards a Theory on Dominant Business Model Emergence of Marketplace Lending in Germany" Credit and Capital Markets – Kredit und Kapital 56.1, 2023, 63-102. https://doi.org/10.3790/ccm.56.1.63
Pur, Sabine/Huesig, Stefan/Schmidhammer, Christoph (2023): Towards a Theory on Dominant Business Model Emergence of Marketplace Lending in Germany, in: Credit and Capital Markets – Kredit und Kapital, vol. 56, iss. 1, 63-102, [online] https://doi.org/10.3790/ccm.56.1.63
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Towards a Theory on Dominant Business Model Emergence of Marketplace Lending in Germany

Pur, Sabine | Huesig, Stefan | Schmidhammer, Christoph

Credit and Capital Markets – Kredit und Kapital, Vol. 56 (2023), Iss. 1 : pp. 63–102

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Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.56.1.63
Language
English
Pages
40
Keywords

Author Details

Sabine Pur, IU International University of Applied Sciences, Research Assistant, Juri-Gagarin-Ring 152, 99084 Erfurt.

Prof. Dr. Stefan Huesig, Chemnitz University of Technology, Chair of Innovation Research and Technology Management, Thueringer Weg 7, 09126 Chemnitz.

Prof. Dr. Christoph Schmidhammer, Deutsche Bundesbank University of Applied Sciences, Schloss, 57627 Hachenburg.

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Abstract

In this paper, we analyze the business models of Germany’s biggest lending platforms smava, auxmoney, and Lendico to identify a standard business model as a dominant design in this industry. We use a mixed method approach in which a case study at firm level is conducted to analyze and contrast the business models together with their business model components. This qualitative analysis is complemented with a quantitative test of their total asset annual growth rates to triangulate the qualitative analysis. The results indicate that all three companies started with a similar approach but evolved over time into entirely different business model variants. This seems to contradict the previous theory of the emergence of standard business models and dominant designs. At first glance, an increasing convergence of business models over time into a standard business model in the German lending platform industry was not consistent with our results. However, we suggest to explain this contradiction by taking a closer look at the global context of the industry. The origin of lending platforms was pioneered outside the German market by firms such as Zopa (UK) or later Prosper and Lending Club (USA). We hypothesize based on initial evidence that the German lending platforms have largely adopted the business models of the early movers and later modified them according to their local value network such as local market, regulation, and competition conditions. Thereby we propose that the deficient standard business model as a dominant design or a winner takes all market outcome in the lending platform industry might depend on localized demand and regulative heterogeneity.

Table of Contents

Section Title Page Action Price
Sabine Pur / Stefan Huesig / Christoph Schmidhammer: Towards a Theory on Dominant Business Model Emergence of Marketplace Lending in Germany 63
Abstract 63
I. Introduction 64
II. Theoretical Framework 67
1. Concept of Business Models and the Business Model Canvas 67
2. Dominant Design and Standard Business Models 69
3. Business Models in Digital Two-Sided Markets 70
III. Qualitative Analysis: The Case of Lending Platform Industry in Germany – an Emerging Dominant Business Model? 71
1. Methodology and Data 71
2. Case 1: auxmoney 72
3. Case 2: smava 73
4. Case 3: Lendico 74
5. Cross Case Analysis 74
6. Discussion and Results of the Cross Case Analysis: Dominant BM at Lending Marketplaces in Germany in 2016? 80
7. Further Development of Lending Marketplaces since 2016 81
IV. Quantitative Analysis: A Dominant Design Convergence of Business Models in the German Lending Platform Industry? 82
1. Descriptive Analysis 82
2. Granger Causality 84
3. Growth Rate Differences 85
V. Discussion of the Mixed Method Analysis, and Conclusions 87
VI. Outlook, and Implications 89
Appendix 90
References 91

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