Fifty-nine crowdfunding and peer-to-peer lending platforms have been authorised under EU-wide rules, as the deadline approaches for all firms to obtain the new licence.
As of 19 September, data from the European Securities and Markets Authority showed a significant increase in the number of authorised platforms, now up to 59 from 21 in March this year.
The European Crowdfunding Service Providers Regulation (ECSPR) was introduced in November 2021 with the aim of harmonising the industry across the bloc. All nationally licensed crowdfunding and P2P lending platforms must attain an ECSPR licence by 10 November 2023.
The latest firms to receive the ECSPR licence include Romania’s Stock.estate, PeerBerry’s sister company Crowdpear, which is based in Lithuania, and HeavyFinance, also based in Lithuania.
They join other authorised platforms including Sweden’s SaveLend, Lendahand in the Netherlands, and Crowdcube Europe – the Spanish subsidiary of UK-based Crowdcube.
Dublin-headquartered P2P lending marketplace Lendermarket is among firms currently undergoing the approval process.
Earlier this year, Tara Cantwell, legal and compliance manager at Lendermarket, said ECSPR is ‘more robust’ than equivalent UK regulations, because of its additional requirements on borrower due diligence.
Links: https://alternativecreditinvestor.com/2023/10/03/59-firms-have-eu-crowdfunding-licence/