59 firms have EU crowdfunding licence
59 crowdfunding and peer-to-peer lending platforms are now authorised under the EU-wide rules, as the deadline approaches for all firms to attain the new licence.
Data from the European Securities and Markets Authority, as of 19 September, showed significant traction in the number of approvals, up from 21 authorised platforms in March this year.
The European Crowdfunding Service Providers Regulation (ECSPR) was introduced in November 2021, aiming to harmonise the industry across the bloc. All nationally licensed crowdfunding and P2P lending platforms must attain an ECSPR licence by 10 November 2023.
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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 in Lithuania.
They join authorised platforms including Sweden’s SaveLend, Lendahand in the Netherlands and Crowdcube Europe – the Spanish subsidiary of UK-based Crowdcube.
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Dublin-headquartered P2P lending marketplace Lendermarket is among the firms that are currently undergoing the approval process.
Earlier this year, Tara Cantwell, legal and compliance manager at Lendermarket, said she considers the ECSPR to be “more robust” than UK equivalent regulations due to their additional requirements around borrower due diligence.