Over the five-year period ending December 31, 2021, we project a CAGR of 12.4% for the segment. SME-focused lenders are projected to grow the fastest over the next five years, with an estimated CAGR of 21.5% for the five-year period ending December 31, 2021. We have seen rapid acceleration in products offered by payments companies PayPal Holdings Inc. and Square Inc. These companies largely target users of their payment processing platforms, offering loans to businesses with strong sales over a given period. Student-focused lenders remain the most diversified platforms in the digital lending sector. Product offerings in this segment include student loan refinance, direct student loans, personal loans, and even wealth management and mortgage products. We estimate that student-focused lenders will originate $22.83 billion in new loans in 2021, growing at a CAGR of 18.4% during the five-year period ending December 31, 2021.