Crowdfund Insider

There are Now 30 ECSPR Approved Investment Crowdfunding Platforms in the EU

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We last looked at the ECSPR [European Crowdfunding Service Providers Regulation] approved crowdfunding platforms in March 2023. At that time, 21 approved securities crowdfunding platforms were allowed to provide services across all European Union member states.

ECSPR allows a platform to list securities from private firms looking to raise up to €5 million. The new rules are expected to boost online capital formation or access to capital for smaller firms while increasing entrepreneurship.

The number of approved platforms is now at 30, according to the European Securities and Market Authority (ESMA).

So who is new?

Invesdor GmbH: Invesdor is a full-stack platform offering both debt and equity services. A potential powerhouse in the new ECSPR environment, Invesdor has grown via acquisitions in recent years. Invesdor was previously approved for a MiFID passport. Definitely an OG of European crowdfunding.

FinReg Solutions AB – eAktiebok.se has been in business since 2013. The platform aims to provide both primary issuance as well as secondary trading for early stage firms. Companies that raise money on the crowdfunding platform expect to list their shares on the marketplace within 18 months of the funding round.

CrowdyBee – This Paris-based platform has yet to launch its website.

Crowdestate AS – This real estate crowdfunding platform claims to offer investors an average annual return of over 9% from a wide range of real estate investment projects from across the European Union.

Bolsa Social, S.L. – Founded in Spain in 2014, Bolsa Social says it is the first crowdfunding platform authorized by the CNMV in Spain. The impact-focused platform provides both loans and equity securities for companies aiming to provide a positive social impact.

CrowdAboutNow – This is an early-stage platform that says its investors are people who believe in local and traditional entrepreneurship.

Urbanitae – This investment platform is for debt and equity investing in real estate. Currently, all offerings are for properties in Spain its home country. Urbanitae says it is the top real estate platform in Spain, garnering 60% of the market share.

SEGO Venture (SOCIOSINVERSORES) – It appears that Sociosinversores has rebranded to Sego Venture. This Spanish platform offers investments in both private firms and real estate.

Geldvoorelkaar.nl – This Dutch platform is an online lending platform service for both SMEs and property offerings.

Tessin – This is another real estate lending platform that offers debt financing secured by property.

A couple of items of note:

Germany, the largest economy in the EU, still is unrepresented as no platforms have been approved by BaFIN. CI reported earlier this year that progress was being made in creating rules in Germany to accommodate securities crowdfunding under ECSPR, but it appears it is still short of the goal.

The Netherlands has 9 approved platforms and leads the EU with approved providers. On the other hand, Italy has yet to make an appearance on the list.

ESMA continues to respond to inquiries regarding ECSPR as platforms look for greater clarity on the rules.

In May, ESMA posted an update on the questions with new responses to several items, including SPVs (special purpose vehicles) and proof of funds for a CSP (crowdfunding service provider).

The most recent document is available here.

The List of ECSPR Approved Platforms, as of June 2023 is below.

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