Today, 14 Italian crowdfunding platforms have been authorised to operate in Europe under the new European crowdfunding regulation that went into effect on November 10th, 2023.
According to the new regulation published by CONSOB, the Commissione Nazionale per le Società e la Borsa, the public authority responsible for regulating the Italian financial markets. Platforms will be required to publish the Key Investment Information Sheet (KIIS) for each campaign, a sheet containing key information about the offering company and the relative risks of the investment. This document, which will have to be drafted in Italian for campaigns on Italian portals, will have to be made available to all investors on the portal, within the individual project pages, and simultaneously to CONSOB.
In addition, platforms will have to provide CONSOB annually, by the end of January, with certain periodic operational information, including a list of projects funded through the crowdfunding platform, specifying for each project the project owner, the amount raised, the instrument issued, aggregate information on investors and the amount invested.
Finally, CONSOB has established precise requirements regarding platform communications and marketing activities. For example, communications must contain the service provider’s name, the indication of the risk of loss of invested capital (partial or total), and the sources of information used.
Below is the list of platforms authorised to date, in alphabetical order:
- BacktoWork, an equity crowdfunding platform which encourages investment in startups, SMEs and real estate projects by private and professional investors
- BuildBull, an equity real estate crowdfunding platform which aims to bring together small and large investors with the most important players in the international real estate industry
- Concrete Investing, a real estate equity crowdfunding platform
- CrowdFundMe, equity crowdfunding platform listed on Euronext Growth Milan
- Doorway, a venture capital investment platform authorised by CONSOB
- Ener2Crowd, a crowdfunding platform that finances 100% green projects with the largest community of ethical investors in Italy and Europe
- Fundera, equity crowdfunding platform of the F&P Merchant Group and specialised in the placement of minibonds
- Leone Investments, one of the newest real estate lending crowdfunding platforms, founded in 2022
- Mamacrowd, an equity crowdfunding platform active in Italy
- ReCrowd, a real estate lending crowdfunding platform active in Italy
- Rendimento Etico, a real estate crowdfunding platform
- Trusters, a real estate lending crowdfunding platform, controlled by CrowdFundMe as of the beginning of November 2022
- Walliance, a real estate platform, recently transformed into SIM (Stock Brokerage Company)
- Yeldo Crowd, a YELDO Group company that grants you direct access to institutional-grade real estate investments.
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The CONSOB document implementing the European Regulation on crowdfunding is available (in Italian) at the following link: https://www.consob.it/documents/1912911/1950567/reg_consob_2023_22720.pdf/24669272-bb2b-bde0-cb3a-257e5812eed2
The list of platforms authorised is available at the following link: https://www.consob.it/web/area-pubblica/crowdfunding-gestori