Look&Fin plans expansion after gaining ESCP license
Look&Fin is planning an expansion of its services after gaining its European Crowdfunding Service Providers (ESCP) license.
The Belgium-based peer-to-peer lending platform joins more than 31 other crowdlending platforms which have been authorised under the new ESCP rule.
The new regulation allows P2P and crowdfunding platforms to operate in all of the 27 European member states and to carry out cross-border transactions. All platforms must be compliant with the regulation by November 2023.
Look&Fin told investors that it now expects to maintain growth of more than 100 per cent per year.
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“The arrival of this status is a huge breath of fresh air for our expansion,” said Frédéric Lévy Morelle , chief executive of Look&Fin.
“Thanks to this simplification of operating in Europe and the possibility of integrating new services, we will be able to move up a gear.
“Our investment offer will now be even more diversified and our financing offer will be one of the most competitive in Europe.
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“Over the past three years, we have multiplied our turnover times five and this regulatory change should enable us to maintain this level of growth for the years to come.”
Following the ESCP approval, Look&Fin plans to offer its services to all investors across the European Union, while financing companies established in other member states.
The platform also plans to provide “many new services that were not available before.”
Read more: 21 crowdfunding platforms now approved under new EU rules