Story perspectives
Nonbank Institutions Surge to 50% of Global Credit
9/30/2025
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Story summary
- Nonbank financial institutions now account for nearly 50% of global credit by 2023, up from 43% after the 2008 crisis.
- Nonbanks do not take deposits and lack banks' safety nets.
- Private credit funds back firms too large for banks but too small for bonds.
- Fintech lenders expand credit access through data use and automation worldwide.
