Estateguru gains pan-EU crowdfunding licence
Estateguru has received its European Crowdfunding Service Providers Regulation (ECSPR) licence, meaning it is allowed to operate across all EU member states under the new, unified rules.
The European peer-to-peer lending platform, which is headquartered in Estonia, said that the permissions were granted by the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon).
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“The ECSPR licence marks a significant milestone for Estateguru, enabling the platform to expand its services and provide investment opportunities to a wider user base throughout the EU,” said chief executive Mikhel Stamm.
“The recently introduced ECSPR regulations provide for greater transparency for investors and introduce new obligations to ensure consumer protections and safeguard the interests of investors.”
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Estateguru said it had been proactive in planning for this regulatory change, having already implemented complaint-handling protocols, customer checks, suitable marketing messages, and other changes in order to fully comply with the ECSPR regulations.
“As Estateguru becomes among the first ones on our home markets to receive a licence, the company solidifies its position as a trusted and compliant crowdfunding service provider, both in the region and all of Europe,” Stamm said.
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The regulatory approval comes after a busy few months for the platform.
Last month, Estateguru reported that it had passed its €700m (£620m) lending milestone in the first quarter of this year, after completing 178 projects with a loan volume of €23m.
In March, Estateguru announced that it has raised capital from its founders, existing shareholders and other investors to safeguard the business against macroeconomic challenges and support its plans for growth.
It also secured a new funding line with Czech investment bank J&T Banka to fund real estate-backed loans in the Baltics.