P2P Lending in Estonia

June 10th, 2020
3 minutes read

The Estonian Market for Crowdfunding

According to data from the latest report by Cambridge Centre for Alternative Finance (CCFA) on the global market of alternative finance and crowdfunding, Estonia had a total funding volume of €142.4 million in 2018, up from €81.2 million in 2017, which corresponds to an impressive growth rate of 75.3%. This places Estonia’s crowdfunding market as number 13 in Europe and as number 28 in the worldwide crowdfunding statistics. The countries topping the list in Europe are the United Kingdom, the Netherlands, Germany, France, and Italy.

Interestingly, Estonia was ranked as number 4 worldwide in terms of funding volumes on a per capita basis with $120.77/per capita only surpassed by Latvia ($132.12), the UK ($155.93) and the US ($186.88), which provides an idea of the relative market size. The high volume per capita is thus indicative of high adaptation, usage, and penetration of crowdfunding in Estonia despite the relatively small total funding volume. Also, Estonia and the two other Baltic states Latvia and Lithuania are home to some of the largest European-based peer-to-peer lending platforms operating on an international scale.

Best Peer-to-Peer Lending Platforms in Estonia

Here, you will find a list of the best peer-to-peer lending platforms in Estonia. When choosing the best peer-to-peer lending sites in a country we consider a variety of factors that you can find in the Methodology below.

More P2P Lending Platforms in Estonia

Below, you will find a list of the remaining peer-to-peer lending platforms located in Estonia. If a new platform has been launched since this article was published and you do not see it here, please feel free to submit the platform by using the submit formula.

Logo of Boldyield
Sharing Data
Logo of Brickfy
Sharing Data
Logo of CoinLoan
Sharing Data
Logo of Crowdlendio
Sharing Data
Logo of EvoEstate
Sharing Data
Logo of LEORM
Sharing Data
Logo of Monestro
Sharing Data
Logo of Omaraha
Sharing Data
Logo of Quanloop
Sharing Data
Logo of TFGCrowd
Sharing Data
Logo of Wisefund
Sharing Data

Taxation on P2P Lending in Estonia

In Estonia, P2P lending is taxed as interest income according to §17 of the Estonian Income Tax Act that says that “(1) Income tax is charged on all interest accrued from loans, leases and other debt obligations, as well as securities and deposits, including such amount calculated on the debt obligations by which the initial debt obligations are increased.” This means that if you are a private investor, P2P lending is subject to a tax rate of 20%. This applies to Estonian residents, whereas foreign investors must pay tax according to the rules of their home country.

In many cases, your chosen investment platform has guides to how you can find the numbers needed for the yearly tax declaration.

Keep in mind that this should not be considered tax advice and can be outdated, why you should always contact a tax adviser when handling your taxes.

Regulation on P2P Lending in Estonia

Estonia has no specific law or regulation that directly addresses P2P lending or other crowdfunding business models. At the same time, there are no common rules for peer-to-peer lending or crowdfunding in the European Union, why it is more general legal acts that affect this space in Estonia. Here, it is worth highlighting the Creditors and Credit Intermediaries Act, which was passed in February 2015. This act imposes an obligation on peer-to-peer lending platforms (lending-based crowdfunding platforms) that provide or intermediate credit to consumers to obtain a credit origination license from the Estonian Financial Supervision and Resolution Authority.

If you are interested in learning more about how crowdfunding is regulated in Estonia and the Baltics, take a look at this research article by Tomas Sadzius & Linas Sazius: Crowdfunding Regulation in the Baltic Region.


At P2PMarketData we are dedicated to providing an unbiased overview of the Peer-to-Peer Lending market and platforms. Among other, in our mission to bring more transparency to the market for online lending we track over 70 platforms funding volumes.

When choosing the best platforms in a country we have considered a variety of factors such as:

  • Number of investors
  • Minimum investment requirement
  • Historical annual returns
  • Diversification opportunities
  • Reinvestment opportunities
  • Educational and informational offerings
  • Platform fees
  • Total capital invested
  • Features (such as secondary market and automatic investing)
  • General transparency (the difficulty of finding who the owners are, how they make money on the platform (fees), terms & conditions and more)
  • Management team

We also look into the company’s online reputation (for example customer reviews, news, complaints, average monthly searches and social media).