Country _ Name
Crowdfunding / crowdinvesting / crowdlending
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 defined financial service, but generally used to describe 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).


Attitude of the country towards crowdfunding, crowdinvesting and crowdlending platforms

As of August 2021, the Romanian Ministry of Finance has published for public consultation a draft law on crowdfunding activities. For the time being, the draft law is currently submitted with the Romanian Parliament.

Legal affairs

Obligations and requirements to provide crowdfunding, crowdinvesting and crowdlending platforms described above

Crowdfunding, crowdinvesting and crowdlending platforms are regulated under Regulation (EU) no. 2020/1503 on European crowdfunding service providers for business which entered into force as of 10 November 2021.

At the national level, the Ministry of Finance has drafted legislation which intends to establish additional measures including the designation of the competent authority, the penalty regime, the establishment of certain deadlines for the submission of documents for authorisation, the conditions for withdrawal of authorisation, requirements for publicity announcements, and the language in which the key investor information sheet can be made available to potential investors.

The draft law designates the Financial Supervisory Authority of Romania (the “FSA”) as the competent authority to carry out the functions and tasks under Regulation (EU) no. 2020/1503. To provide crowdfunding services, it will be necessary to obtain an authorisation from the FSA as a provider of crowdfunding services.

We expect that a Romanian legal entity applying for authorisation as provider of crowdfunding services shall be established as a joint stock company or limited liability company, in accordance with the provisions of Company Law no. 31/1990 and may be authorised by the FSA if it meets all the conditions set out in Article 12 of Regulation (EU) no. 2020/1503. Also, if any type of such platforms operates with personal data of individuals, a prior registration as a personal data operator with the National Supervisory Authority for Personal Data Processing is necessary.

Donation-based and reward-based crowdfunding: In principle, donation-based and reward-based crowdfunding activities should not fall under the legal framework of the capital markets or the crediting activities and therefore no specific license should be required. Platforms offering such services should nevertheless comply with any applicable data protection and consumer legislation requirements.

Investment-based crowdfunding: Although we are aware of relatively few crowdinvesting platforms operating in Romania, the setting up of a platform whereby investors may acquire shares and other transferable securities or admitted instruments for crowdfunding purposes may classify as a crowdfunding service or activity and consequently it would fall under the scope of Regulation (EU) no. 2020/1503. Activities which may fall under the provisions of Regulation (EU) no. 2020/1503 include: (i) the facilitation of granting of loans; (ii) the placing
without a firm commitment of transferable securities and admitted instruments for crowdfunding purposes issued by project owners or a special purpose vehicle; or (iii) the reception and transmission of client orders in relation to those transferable securities and admitted instruments for crowdfunding purposes. Also, it is possible that investment-based crowdfunding platforms must comply with provisions of Law no. 126/2018, to the extent that their services qualify as “reception and transmission of orders in relation to one or more financial instruments”, “placing of financial instruments without a firm commitment basis” and “setting up of a multilateral trading facility”.

Lending-based crowdfunding: In relation to lending-based crowdfunding, Regulation (EU) no. 2020/1503 will apply to crowdfunding services that consist of the facilitation of granting of loans, including services such as presenting crowdfunding offers to clients and pricing or assessing the credit risk of crowdfunding projects or project owners. Loans included within the scope of Regulation (EU) no. 2020/1503 should be loans with unconditional obligations to repay an agreed amount of money to the investor, whereby lending-based crowdfunding platforms merely facilitate the conclusion by investors and project owners of loan agreements without the crowdfunding service provider at any moment acting as a creditor of the project owner. The facilitation of granting of loans that falls within the scope of Regulation (EU) no. 2020/1503 is to be distinguished from the activity of a credit institution, which grants credits for its own account and takes deposits or other repayable funds from the public. Considering that a crowdlending platform is accepting funds from the public and undertakes to reimburse the investors with the principal and interest, a credit institution or a non-banking financial institution license is required under Romanian law. Moreover, the electronic storage of a monetary value (i.e. before the loan is made to the relevant entity) would also fall under the e-money legal provisions. Both the Romanian laws and regulations on credit institutions and those on the e-money activities are in line with the European legal framework.

Additional comments regarding the legal situation for crowdfunding, crowdinvesting and crowdlending platforms or what FinTech’s must be aware of in this business area

Crowdfunding service providers will be able to use the European passporting procedure to provide such crowdfunding activities in other European jurisdictions, including Romania.

Economic conditions

Market size for crowdfunding, crowdinvesting and crowdlending platforms and biggest companies in this business area

The transaction value of the Romanian crowdfunding segment is projected to reach EUR 0.8 million in 2022. However, this projection does not include the investment-based crowdfunding and the lending-based crowdfunding. 

For the entire crowdfunding market in Romania, the last relevant data we identified dates back to 2017, when the total transaction volume was of over EUR 10 million.

The biggest crowdfunding platforms are:, and

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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