The Italian Market for Peer-to-Peer Lending
According to data from the latest report by Cambridge Centre for Alternative Finance on the global market of alternative finance and crowdfunding, Italy had a total funding volume of €475.5 million in 2018, up from €240.7 million in 2017. This makes Italy the fifth-largest crowdfunding market in Europe and the 15th largest crowdfunding market in the world. The countries ahead of Italy in Europe are the UK, the Netherlands, Germany, and France.
Italy’s crowdfunding volume primarily came from debt-based crowdfunding models, which represented 93% of volume raised, whereas only 4% came from equity-based crowdfunding models, and 4% from non-investment models (reward crowdfunding and donation crowdfunding). The largest business models in Italy were invoice trading with €309.1 million, P2P business lending with €67.7 million, and P2P consumer lending with €64.1 million.
Below, you will find a complete list of all Italian peer-to-peer lending platforms.
Table of Contents
Best P2P Lending Platforms in Italy
Here, you will find a list of the top peer-to-peer lending platforms in Italy. Under each platform, you will find a brief description of the platform and the type of peer-to-peer lending available for investing on the platform. The list is sorted alphabetically, but to promote platforms contributing to transparency in the market, we have placed the platforms sharing data about their funding volume and other relevant statistics on the top. If you see a platform missing, please feel free to submit the platform by using the submit formula located in the sidebar of this page.
BorsadelCredito facilitates crowdfunding in the area of SME business lending to Italian companies with a minimum investment of €1,000. The platform offers financing for business development, working capital, new investments, and debt restructuring among others. BorsadelCredito was founded in 2013 by Ivan Pellegrini as an Italian company. The office and company is located in Milano, Italy and exclusively offers financing to Italian companies. All loans are in Euro(EUR).
Any natural or legal person of at least 18 years old in possession of an Italian tax code or a bank account opened in a country of the SEPA area (Single Area for Payments in Euro) can invest on BorsadelCredito.
Any company registered in Italy with a financing volume between €10,000 and €300,000 and a duration of 1 to 60 months can apply for a loan on BorsadelCredito.
Criptalia facilitates crowdfunding in the area of SME busines lending to Italian companies at a minimum investment of €20. The platform offers financing exclusively for business development with different solutions, including loans, convertible loans and bonds. The platform only offer financing for growth and not for working capital, taxes, cashflow, debt restructuring and other non growth related needs. Criptalia was founded in 2018 by Diego Dal Cero, Matteo and Vallin as an Italian company. The company is located in Bergamo, Italy but also has an office in Barcelona, Spain. All loans are in Euro(EUR).
Any natural or legal person of at least 18 years old can invest in Criptalia. Professional investors and institutional investors are also welcome on the platform.
Any company that have a history of at least 3 years and can present the last two years of positive financial statements can apply for a loan between €30,000 and €5,000,000 with a duration from 2 to 5 years.
Soisy facilitates crowdfunding in the area of consumer lending at a minimum investment of €10. The platform offers a unsecured lending solution for the e-commerce industry that enables costumers to purchase products and services on credit as installment payments. Soisy was founded in 2015 by Andrea Sandro, Marco Anzelmo and Pietro Cesati as an Italian company. The office and company is located in Milan, Italy and exclusviely offers financing to e-commerce companies in Italy that has Italian costumers. All loans are in Euro(EUR).
Credimi facilitates crowdfunding in the area of SME busines lending and receivable financing for Italian companies. The platform offers different financial services, such as discounting promissory notes, receivable financing and lines of credit. Credimi was founded in 2015 by Edmondo Porcu, Francesca Todeschini, Gianmarco Molinari, Ignazio Rocco di Torrepadula, Jacopo Anselmi, Roberto Arnetoli, and Sabino Costanza as an Italian company. The office and company is located in Milano, Italy and exclusively offers financing to Italian companies or invoices issued by a company registered in Italy. All loans and invoices are in Euro(EUR).
Prestiamoci facilitates crowdfunding in the area of consumer lending at a minimum investment of €1,500. The platform offers unsecured consumer loans to citizens of Italy with good finances for home improvements, travels, vehicles, and restructuring debt among others. Prestiamoci was founded in 2007 by Michele Novelli as an Italian company. The office and company is located in Milano, Italy and exclusively offers financing to Italian residents. All loans are in Euro(EUR).
Any natural or legal person of at least 18 years old that has a bank account in Italy and is a resident of Italy can invest on Prestiamoci.
Any company that fulfils the following requeriments can apply for a loan at credimi
- At least one financial statement filed
- At least one tax statement filed
- Minimum turnover of €100,000 per year
Re-Lender facilitates crowdfunding in the area of real estate lending and SME business lending to industrial, ecological, and technological companies at a minimum investment of €50. The platform offers financing to companies and entrepreneurs for business development, acquisition, working capital, construction, and reconstruction among others. Re-Lender was founded in 2019 by Francesco Marella and Paolo Manetta as an Italian company. The headquarter and company is located in Milano, Italy but they also have an office in Madrid, Spain. All loans are in Euro(EUR).
Smartika facilitates crowdfunding in the area of consumer lending at a minimum investment of €100 and a maximum of €75,000. The platform offers unsecured financing to persons with no specific cause, whether the use of funds are for car financing or furniture it is possible to get a loan as long as they find you credit worthy. Smartika was founded in 2007 by Maurizio Sella as an Italian company. The office and company is located in Milano, Italy and exclusively offers financing to Italian residents. All loans are in Euro(EUR).
Any natural or legal person of at least 18 years old that is a resident of Italy, has an Italian bank account and a tax code in Italy can invest on Smartika.
Any natural or legal person of at least 18 years old that fullfill the following requirements can apply for a loan in this platform:
- Be maximum 75 years old at the end of the amortization plan
- Be an Italian resident
- Have a demonstrable income from employment
- Be the holder or co-holder of a bank or postal account in Italy
Taxation on Peer-to-Peer Lending in Italy
The 2018 Italian budget law changed the taxation on interest earned from investments in peer-to-peer lending from progressive taxation to a fixed withholding tax of 26%. Before this period, interest earned from P2P lending was taxed as personal income, which means the tax rate would range between 23% and 43% (excluding possible additional tax from the regional and municipal level). Thus, since 1 January 2018, most platforms have been acting as with as withholding agents charging a withholding tax of 26% on each instalment payment. This means that Italian investors will normally not have to include returns from Italian peer-to-peer lending platforms in the tax in their tax return as this is done automatically by the platform.
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.
You can read more about how the 2018 Italian budget law has impacted peer-to-peer lending in Italy here (in Italian).
Italien Regulation on P2P Lending and Crowdfunding
Since there is still a lack of common rules for crowdfunding in the European Union, regulation of peer-to-peer in Italy is based on national legislation though this might change in the foreseeable future as the European Commission in March 2018 presented a proposal for a regulative framework on crowd and P2P finance as part of their Fintech Action Plan. Italy was the first country in Europe to introduce specific regulation for crowdfunding, which was, however, focused on equity-based crowdfunding. Regulation on peer-to-peer lending was only recently introduced in the form of new provisions for the collection of savings from parties other than banks. Many platforms will be authorised as payment institutions supervised by the Bank of Italy.
Below, you will find an overview of some of the most important aspects of the regulatory framework for crowdfunding in Italy. These highlights can also be found in the impact assessment accompanying the proposal for a regulation on crowdfunding in the EU.
- Bespoke Regime: Yes.
- Entry into force: 17 December 2012 (Law) and 26 June 2013 (Consob Regulation).
- Passport: Yes if MiFID (Markets in Financial Instruments Directive) platforms. No for platforms registered under exemption (Art.3 MiFID).
- Authorisation: Authorisation by Consob (banks and authorised investment companies do not need authorisation but must be enrolled in the Register of platforms).
- Minimum capital requirements: None.
- Services provided: Reception and transmission of orders.
- Financial instruments: Shares or units (quotas) of the equity capital of innovative start-ups and innovative SMEs; units or shares of collective investment undertakings or other companies investing at least 70% in innovative start-ups and innovative SMEs.
- KYC rules (suitability or appropriateness; AML checks): For retail investors: Appropriateness test by platforms (facultative: in alternative the appropriateness test is made by banks or investment firms which receive the orders). Investors must read the financial investor education material published on Consob’s website and state one’s awareness that the entire investment may be lost. AML checks performed by banks receiving the orders and payments.
- Size of offer (limitations or prospectus requirements): Lower than €5 million.
- Maximum investable amounts: No limit. Exemption from appropriateness test for investments under the following thresholds: (i) Natural persons: €500 per individual order and €1,000 in annual total orders; (ii) Legal persons: €5,000 per individual order and €10,000 in annual total orders. Based on self-declaration by investors.
- Disclosure to investors by the issuer: Publication of information (in a short, correct and clear way, using the Consob standard form). All the information is provided by the offeror under own responsibility and there is no requirement of prior approval by Consob. Offerors allowed to use other communication tools such as films, interviews, slides, pitches.
- Information requirements & risk warnings by platforms: Information about: activities performed; investors’ fees; taxation benefits; general risks related to crowdfunding investments For each offer, information on: risks; issuer and the financial instruments offered; the offer; services offered by the platform in relation to the offer.
- Due Diligence: Platforms must provide detailed information on strategies for the selection of the offers to be presented on the platform.
- Conflict of interest: Platforms must follow specific rules of conduct similar but lighter than ones provided for investment firms. Platforms must work with diligence, fairness and transparency, avoiding any conflicts of interest which could arise in the management of the platform that may affect the interests of the investors and the issuers, and ensuring equal treatment of the beneficiaries of the offers who are in identical conditions.
- Professional requirements: Integrity requirements for the controlling shareholders. Integrity and professional requirements for the persons who perform managerial and supervisory functions.