Up to £700m of funding has been made available to sustain this change.
The P2P platform, operated by Business Loan Network (BLN), has now closed to new investors.
Existing investors using the P2P platform will continue to receive interest and capital repayments on the loans in the usual way.
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All existing systems, controls and staff will remain in place to ensure investors’ interest and capital is collected when due or otherwise actively recovered.
Jill Sandford, chief executive at BLN, said: “The number of loans funded by the P2P platform has fallen significantly over the last two years and it is no longer cost effective or practicable to raise funds in this way.”