Funding Report for November 2025

Investor appetite returns as November funding rebounds to €314 million

November’s rebound to €314 million in online funding masks an uneven market. Headline growth of 16 percent month-over-month and 17 percent year-over-year was driven disproportionately by a single platform: CG24 Group, which recorded an exceptional spike in real estate lending. Without that outlier, market growth would have been modest and concentrated in a handful of platforms.

Real estate debt surged 88 percent compared to October, but this jump does not reflect broad-based momentum. Outside CG24, activity in the sector was mixed, with some major players slowing. Consumer debt held steady, showing neither acceleration nor decline, and SME lending continued its gradual recovery from earlier lows.

The underlying picture: investor appetite is returning, but selectively, with capital flowing into specific platforms rather than lifting the entire market.

November 2025 Market Highlights

• Total funding in November 2025: €314,174,186.
• November 2025 was 16% higher than last month.
• November 2025 was 17% higher than the same month last year.
• November's funding distribution across categories revealed:
  • Consumer Debt: €214M (↗ 2%)
  • SME Business Debt: €17M (↗ 11%)
  • Real Estate Debt: €81M (↗ 88%)
• After a period of decline, the market rebounded this month.

November 2025 Milestones

• Letsinvest surpasses €100m in total lending. A steady trajectory for Baltic real estate debt as the platform continues scaling without volatility.
• Income Marketplace reaches €200m in funded loans A significant marker for a platform that has shifted toward a more curated and structured approach to loan onboarding.

November Updates

This month’s interviews and analyses highlight the growing focus on real estate debt, NPL transparency, and institutional-style underwriting across European private credit platforms.

• Indemo and the move toward loan-level transparency
  Indemo CEO Sergejs Viskovskis explains how the new 1 Debt : 1 Note structure gives investors exposure to individual non-performing mortgage loans in Spain, strengthening transparency and enabling more deliberate diversification.
• Ventus Energy: assessing a fast-scaling Baltic green lender
  Analysis of Ventus Energy’s mezzanine and senior-loan structure, collateral setup and expansion across solar, wind, biomass and BESS, including the implications of its newly registered Estonian fund.
• CapitalRise and the democratisation of prime UK property finance
  CEO Uma Rajah outlines how CapitalRise sources high-value UK real estate debt, how it defines “prime” and how it manages underwriting and risk.
• Swaper: reviewing returns, originators and buyback reliance
  Updated evaluation of Swaper’s yields, reported investor returns, loan originator exposure and the platform’s dependence on buyback commitments.

Direct Crowdfunding: November 2025 Funding Amounts

CG24 Group’s outlier month reshapes the entire real estate category. Without it, the sector would have posted flat growth at best, with several major platforms declining. SME and small-business lending showed pockets of strong performance, led by Ventus Energy and InSoil. Here is the amount of capital raised on each direct crowdfunding platform over the past month:

Loan Reselling Platforms: November 2025 Funding Amounts

Mintos continues to dominate the loan-reselling segment, accounting for more than half of total volume. PeerBerry, Robocash, TWINO and Esketit declined, while Loanch and Swaper posted modest gains, indicating a fragmentation of investor allocation within the non-regulated loan originator space. Here is the amount of capital raised on each marketplace reselling loans over the past month:

Total funding amount over the last year (€ million)

Here is the development in capital raised over the past 12 months:

Funding amount by category and license in November 2025

Here is a breakdown of the capital raised on all platforms participating in the monthly funding report of November 2025, categorized by platform and licensing status:

^*The data contained in this report is directly provided by the third-party companies and has not been independently verified by P2PMarketData. This data is submitted either manually via the Platform Portal or through API integration.