Crowdfunding means raising money from many people through online platforms.
There are four types: reward-based (a product or perk), equity-based (shares in the company), lending-based (loans) and donation-based.
In the EU, equity and lending crowdfunding is governed by Regulation 2020/1503: campaigns of up to €5m over 12 months through a licensed platform, licensed in Spain by the CNMV.
Crowdfunding suits early-stage projects with a clear mass-market product.
Startups often struggle to find investment in the early stages.
One of the most modern and accessible ways to raise funds is crowdfunding platforms, which let you raise capital from many people interested in supporting new ideas.
Below: the types of crowdfunding, how a campaign works, what to prepare, how it is regulated in Spain and the EU, and the pros and cons for founders and investors.
What crowdfunding platforms are
Online services through which startups and other projects raise money from a broad audience.
The principle is simple: many people put small amounts into projects they like or believe in, and the startup gets the capital to launch or grow.
- Reward-based — backers receive a reward: a product, service or early access. Examples: Kickstarter, Indiegogo and Spain’s Verkami.
- Equity-based — investors acquire shares in the company and can expect dividends or gains if the business grows.
- Lending-based — investors lend to the startup, to be repaid with interest.
- Donation-based — no reward is expected.
How crowdfunding is regulated in Spain and the EU
The platform’s jurisdiction matters: it affects the terms for both the startup and investors.
US platforms are regulated by the SEC. In Europe there is a single regulation on crowdfunding service providers, Regulation (EU) 2020/1503, supervised by the European regulator ESMA and national authorities — in Spain, the CNMV.
The key points for founders and investors:
- It covers equity and lending crowdfunding. Reward and donation campaigns fall outside it.
- The cap is €5m. The Regulation does not apply to offers by one project exceeding €5m over 12 months (art. 1); larger amounts follow the general rules on offering securities.
- The platform must be licensed. Check it in the CNMV or ESMA register before running a campaign.
- Protection for non-sophisticated investors. The platform tests their knowledge and ability to bear losses. If an investment exceeds €1,000 or 5% of the investor’s net worth, whichever is higher, they get a risk warning and must give explicit consent (art. 21). A non-sophisticated investor has 4 calendar days to change their mind without giving reasons (art. 22).
For a founder, equity crowdfunding is a full capital transaction: investors come into the SL as members or through a structure offered by the platform, which must fit the articles and the shareholders’ agreement.
How equity and loans are structured in Spain: How to structure startup investment in Spain.
Crowdlending in Spain: loans from private investors
Crowdlending is lending-based crowdfunding: a company borrows not from a bank but from many private investors through an online platform, and repays them on a schedule with interest.
Unlike reward crowdfunding, the money must be paid back; unlike equity crowdfunding, investors get no shares. The founder keeps control but takes on debt.
| Reward crowdfunding | Equity crowdfunding | Crowdlending | |
|---|---|---|---|
| What the investor gets | A product or perk | Shares in the company | Interest and repayment of the loan |
| Who it suits | A mass-market product before launch | A startup with growth potential | A company with revenue and a clear cash flow |
How crowdlending is regulated
- The same Regulation. Lending platforms in the EU operate under Regulation (EU) 2020/1503, just like equity platforms: it expressly covers facilitating loans (art. 2).
- Business borrowers only. The Regulation does not apply where the borrower is a consumer (art. 1(2)(a)): companies and entrepreneurs borrow through a licensed platform for their business.
- The cap is €5m. No more than €5m over 12 months per borrower, counting both loans and equity offers (art. 1(2)(c)).
- Licence. In Spain a platform is licensed by the CNMV and entered in its register of crowdfunding service providers; ESMA keeps an EU-wide register.
- An investor document. For each loan the borrower prepares a key investment information sheet (KIIS) of no more than six A4 pages (art. 23): amount, rate, schedule, risks.
Platforms in the CNMV register that lend to businesses
As of 25 October 2026 the CNMV register lists 27 crowdfunding service providers. Some of them work only with equity or real estate. Judging by their websites, the following lend to companies:
- Colectual (reg. no. 21) — loans to small and medium-sized businesses, some backed by an SGR guarantee;
- Ecrowd Invest (no. 17) — loans for energy-efficiency and sustainability projects;
- MytripleA Financiación (no. 10) — loans, factoring and confirming for companies;
- EvenFi (no. 5) — loans and equity, raises from €50,000 to €5m;
- Crowdfunding Bizkaia (no. 14) — loans to companies in Biscay, with an SGR guarantee for the full amount;
- Bolsa Social (no. 6) — loans and equity for companies with a social or environmental impact;
- Fundeen (no. 3) — loans and equity in renewable energy projects.
This is not a ranking or a recommendation. The register changes, so check the platform in the CNMV register before applying.
Rates and terms
A benchmark from the platforms’ websites as of 25 October 2026: Colectual quotes project rates of 3.3–7.5% a year (APR), and from 2.25% for SGR-guaranteed loans; Bolsa Social quotes a weighted average loan rate of 6.3%; energy projects on Ecrowd Invest and Flobers show rates of 5–8.5% and terms from 3 months to 5 years.
That is the investor’s return. For the company the loan costs more: the platform fee and any guarantee fee come on top.
Ask the platform for the full cost and compare it with a bank and an ENISA loan — see Support programs for startups and small businesses in Spain.
What the platform checks
- The owners’ record. Under the Regulation (art. 5) the platform obtains evidence that the company, shareholders with 20% or more and members of the management body have no criminal record in commercial law, insolvency, financial services, anti-money laundering, fraud or professional liability.
- Jurisdiction. The company must not be established in a non-cooperative jurisdiction or a high-risk country for money laundering.
- Finances and debt. In practice platforms look at recent annual accounts, existing debt and payment history, and set the rating and rate themselves.
- Security. An SGR guarantee, a personal guarantee from shareholders or collateral — requirements depend on the platform and the project.
- The source of repayment. Which cash flow will cover the instalments. If the loan bridges the gap between paying suppliers and getting paid by customers, show when that gap closes — more in Cash gap.
Tax: interest is a company expense
Loan interest reduces corporate income tax as a financial expense, but with a limit.
Under article 16 of the Corporate Income Tax Law (Ley 27/2014), net financial expenses are deductible up to 30% of operating profit, but €1m per tax period is always deductible, and any excess carries forward to later years.
For a small company borrowing a few hundred thousand euros the limit rarely bites: its net financial expenses are below €1m.
Interest paid to private investors resident in Spain is, as a rule, subject to 19% withholding tax.
Check the platform agreement to see who withholds and files the returns — the company or the platform on its behalf.
How a campaign works
- Registration and project set-up. The founder registers on the platform and describes the project: goals, amount, timeline and terms.
- Review and moderation. The platform checks the project against its requirements and the law.
- Launch. Once approved, the project becomes available to investors.
- Receiving the funds. If the project reaches its target, the founder receives the money.
Working with platforms takes a lot of time. Listing a project on ten different platforms can take weeks or months, given their different requirements and moderation.
What to prepare
- A business plan with a clear development plan and return forecast. In effect, this is preparing the project for investment: a concept, a roadmap, a financial model and a commercial offer.
- Financial statements — transparency builds investor trust.
- Legal documents — incorporation documents, equity participation terms and whatever else the platform requires.
Money, investors and expectations
Fees. Platforms earn a commission on successful campaigns — a percentage of the amount raised plus payment fees — and some charge listing or extra service fees.
Tariffs vary, so compare them before choosing and include them in your calculation: the amount raised is not what lands in your account.
What investors get. Equity, loan interest or another reward.
Their rights and protections depend on the platform type and jurisdiction, so the terms and risks must be studied before investing.
Who invests. Usually individuals with average incomes who are willing to risk a small amount for potential gain or to support an interesting project.
Their motives vary: supporting innovation, making a return, being part of a project.
They usually have no professional financial training, so transparency and accessible information are decisive. Offer clear terms and explain the benefits plainly.
Promises. Make only realistic, achievable promises: inflated expectations disappoint investors and damage your reputation. Under-promise and over-deliver.
Emotion. In crowdfunding the emotional side is key: the startup’s story, the founder’s personal motivation and the campaign’s visuals create a response and a desire to support it.
Fraud. Fraudulent projects do appear on platforms. Warning signs: no transparent information, inflated promises, no legal documents.
Investors should check projects carefully; a licensed EU platform is an extra filter.
Pros and cons for founders
| Pros | Cons |
|---|---|
| A broad investor base — money from thousands of people instead of finding one or two large investors | Time and resources — materials, marketing, community engagement |
| Marketing effect — interest in the product before it reaches the market | Platform fees — make the money more expensive than it looks |
| Flexibility — often softer terms than funds or banks, without large debt or giving up a big stake | Heavy competition for investor attention on popular platforms |
| Low entry threshold — accessible even at the earliest stages | Many small participants — relationships to maintain and, in equity campaigns, a crowded cap table |
Pros and cons for investors
| Pros | Cons |
|---|---|
| Low entry threshold — you can invest a small amount | High risk — early-stage projects, a real chance of losing the money |
| Supporting new ideas — access to projects you would not otherwise find | Limited rights — less control than venture or strategic investors |
| High return potential — if the project succeeds, especially early on | No liquidity — hard to sell the stake if the project does not take off |
Crowdfunding versus other sources
Raising money through crowdfunding can cost more than traditional sources: fees, campaign marketing and the time it takes to prepare.
But compared with venture capital, where founders may give up a large stake or accept tough terms, crowdfunding offers more flexibility and control.
It is often combined with other sources — angel money and ENISA loans plus a campaign that also tests demand. An overview of investor types: How to find an investor for a startup.
Frequently asked questions
What types of crowdfunding are there?
Four: reward-based (a product or perk), equity-based (shares in the company), lending-based (a loan with interest) and donation-based. Startups mostly use the first three.
How is crowdfunding regulated in Spain?
Equity and lending crowdfunding fall under EU Regulation 2020/1503, with platforms licensed in Spain by the CNMV. The Regulation covers campaigns of up to €5m over 12 months; reward and donation campaigns are outside it.
How much can you raise through crowdfunding?
Through a licensed EU equity or lending platform, up to €5m over 12 months per project. The real amount depends on the project, audience and campaign quality.
What do platforms charge?
A commission on successful campaigns — a percentage of the amount raised plus payment fees — and sometimes listing or extra service fees. Tariffs differ, so compare them before choosing.
What protections does an investor have on a European platform?
A non-sophisticated investor takes a knowledge test, receives a risk warning when investing more than €1,000 or 5% of their net worth, and can withdraw within 4 calendar days without giving reasons.
What is crowdlending?
A loan to a company from many private investors through an online platform. Investors receive interest and repayments on a schedule, but no shares in the company. In the EU these platforms operate under Regulation 2020/1503, up to €5m over 12 months per borrower; in Spain they are licensed by the CNMV.
Which crowdfunding platforms operate in Spain?
As of 25 October 2026 the CNMV register lists 27 crowdfunding service providers. Platforms lending to businesses include Colectual, Ecrowd Invest, MytripleA, EvenFi, Crowdfunding Bizkaia, Bolsa Social and Fundeen; for equity, Crowdcube, Startupxplore and Capital Cell. Check the platform in the CNMV register before applying.
Key points about crowdfunding
- Four types: reward, equity, lending, donation.
- In the EU, equity and lending crowdfunding follows Regulation 2020/1503 — up to €5m over 12 months, a licensed platform (the CNMV in Spain).
- You need a business plan, financial model, statements and legal documents.
- Fees and marketing make the money more expensive — count what actually reaches your account.
- Under-promise and over-deliver: crowdfunding investors are non-professionals, and transparency is everything.
Sources
- Regulation (EU) 2020/1503 on European crowdfunding service providers — arts. 1, 21, 22.
- CNMV — register of licensed platforms.
- CNMV — register of crowdfunding service providers (checked 25 October 2026).
- ESMA, Q&A 2747 — due diligence on project owners under art. 5 of Regulation 2020/1503 (checked 25 October 2026).
- Ley 27/2014 on Corporate Income Tax — art. 16, limit on deducting financial expenses (checked 25 October 2026).
- Platform websites: Colectual, Bolsa Social, Ecrowd Invest, Flobers — rates and terms, benchmark as of 25 October 2026.
