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FinTechs belonging to this category operate crowdfunding, crowdinvesting and crowdlending platforms on which money is raised to invest in various projects, mainly start-up companies and real estate projects.
Crowdfunding is not a legal term, but often used as the general term for donation-based crowdfunding (the investor donates the money to the project), reward-based crowdfunding (the investor receives an often symbolic consideration for his investment), equity-based crowdfunding (crowdinvesting: the investor participates in the profits of the financed project or acquires shares or debt instruments) or lending-based crowdfunding (crowdlending: the investor is reimbursed at the end of the project with or without interest).
Introduction
Attitude of the country towards crowdfunding, crowdinvesting and crowdlending platforms
Peru has a crowdfunding law since 2020. The Regulator is the SMV.
This kind of services are new and not mostly known by the market, however there is a public interest in such services due to the information coming from foreign jurisdictions. That is the reason some experts are continuously requesting the regulators to provide a legal framework.
The mentioned law regulates two (2) types of crowdfunding: equity crowdfunding/crowdinvesting and crowdlending. The law establishes obligations for companies that are responsible for the management of the platforms and the applicable conditions to the services. Although the regulation for the two (2) crowdfunding types is similar and there is only one regulatory authority (SMV), in case of crowdlending, previous opinion from the SBS may apply under consideration of the SMV.
Anti-money laundering regulation will also apply for this sort of business.
Legal affairs
Obligations and requirements to provide crowdfunding, crowdinvesting and crowdlending platforms described above
A license is needed for providing such services, connecting investors to a specific project, seeking a financial return. The license is granted by the SMV. To provide crowdfunding services the minimum share capital in cash shall be the equivalent of USD 80,000 approximately.
Additional comments regarding the legal situation for crowdfunding, crowdinvesting and crowdlending platforms or what FinTech’s must be aware of in this business area
The companies are subject to the anti-money laundering system and are obliged to implement it within the company and the platform.
Economic conditions
Market size for crowdfunding, crowdinvesting and crowdlending platforms and biggest companies in this business area
The market is relatively new. The law appeared in 2020 before the pandemic of the Covid19 and there is enough space for new companies.
Additional comments regarding the economic situation for crowdfunding, crowdinvesting and crowdlending platforms or what FinTech’s must be aware of in this business area
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