Analysts project that digital lending growth will slow down over the next several years as lenders look to build sustainable and profitable businesses focused on quality borrowers,  a new report from S&P Global Market Intelligence says.

The  2017 U.S. Digital Lending Landscape white paper forecasts that digital lenders will originate $62.84 billion in new loans in 2021, up from $29.31 billion in 2016, representing a compound annual growth rate (CAGR) of 16.5% through 2021. The report found that 15 of the most prominent U.S. digital lenders grew originations at a compound annual growth rate of 129.4% during the five-year period ended Dec. 31, 2016, but it is projected that growth will slow for the industry as lenders focus on building sustainable businesses with higher quality borrowers.

Personal-focused lending is projected to grow at a CAGR of 12.4% to $24.31 billion by 2021. The small and medium enterprise and student-focused lending segments are projected to grow faster, with respective CAGRs of 21.5% and 18.4%.

“The growth of fintech has transformed the way consumers and businesses gain access to financial services, which drives innovation across the board,” said Eric Turner, Fintech Analyst at S&P Global Market Intelligence. “Fintech has grown to a point where both Congress and regulators have started to take a closer look at how to create regulation that protects consumers without stifling innovation. Over the past year, we have researched and analyzed key drivers within the fintech space such as mobile banking, digital lending, blockchain, cryptocurrency and more. A common theme across some of these segments is lack of consistent regulation, but also continued desire to innovate on the part of small startups and large institutions alike. Going forward, we will see widespread innovation thanks to partnerships between incumbent institutions and startups.”