European P2P Lending Statistics 2026

This page collects the key numbers on the European P2P lending and crowdlending market in one place: official EU market data, the regulatory landscape, returns, defaults and platform failures, plus aggregate data from the 19 platforms tracked by CrowdIndex. All figures were verified in July 2026. Platform-level data comes from our own published reviews; market-level data is linked to its primary source, and where a widely quoted figure cannot be traced to a primary source we say so instead of repeating it. Journalists, researchers and analysts are welcome to cite this page (see how to cite below).

Key figures at a glance

• EUR 4.25 billion was raised by 181 crowdfunding service providers across 21 EU member states in 2024, the most recent year with an official EU-wide figure (ESMA Market Report on Crowdfunding in the EU 2025, published December 2025).
• There is no official EU market size for 2025 yet. ESMA reports a year in arrears, so the 2025 figure is not expected before December 2026. The best available proxy is roughly EUR 3.5 billion across the ~29 self-reporting platforms tracked by P2PMarketData (see market size below for how that number is built and why the widely quoted “EUR 3.2 billion” does not hold up).
• 229 providers held “authorised” status in the EU at the end of 2024 (ESMA, 2025 report, footnote 2). Italy’s POLIMI Osservatorio counted 237 authorised providers as of 30 June 2026, led by France (57), Italy (37) and Spain (27).
• 58% of EU crowdfunding volume is lending-based, 23% other debt-based instruments, 12% equity (ESMA, 2025 report).
• France is the largest EU crowdfunding market at ~EUR 1.45 billion raised in 2024, ahead of the Netherlands (~EUR 1 billion) and Spain (~EUR 450 million). Five countries (France, Netherlands, Spain, Italy, Lithuania) generate over 80% of total EU volume (ESMA, 2025 report).
• 88% of EU crowdfunding investors are retail investors; the average investment ticket is around EUR 660 (EUR 2,660 for sophisticated investors) (ESMA, 2025 report).
• Only 8% of funding was raised cross-border on average in 2024, despite the ECSP licence being passportable across the EU (ESMA, 2025 report). Most licensed platforms remain national businesses.
• The 19 platforms tracked by CrowdIndex report a combined cumulative funded volume of roughly EUR 20.9 billion and more than 1.3 million registered investor accounts (platform-reported figures, June 2026; see methodology note below).
• 6 of the 19 major platforms we track operate without any EU investment licence, including one with active regulator warnings.
• At least ten European P2P platforms have failed, frozen withdrawals or attracted regulator warnings since January 2020, from the 2020 Estonian collapse cluster (Envestio, Kuetzal, Monethera, Wisefund, Grupeer) to the 2025-2026 Italian enforcement wave.

Market size: official EU numbers vs the real market

The most reliable official dataset is the annual ESMA Market Report on Crowdfunding in the EU (European Securities and Markets Authority). For 2024 it reports EUR 4.25 billion raised through 181 active ECSP-licensed providers across 21 member states, with lending-based projects making up 58% of volume.

An important caveat that most market-size citations miss: ESMA’s numbers cover only ECSP-regulated crowdfunding. Several of the largest European marketplace lenders operate outside the ECSP framework entirely: under MiFID II investment-firm licences (Mintos, Twino, Debitum, Indemo, Nectaro), under Swiss SRO supervision (Maclear), or with no EU licence at all (PeerBerry, Robocash, Hive5 and others). Mintos alone reports over EUR 12.4 billion in cumulative funded volume, three times ESMA’s entire annual ECSP figure. The true size of European online retail lending is therefore materially larger than the official ECSP statistics suggest.

Why there is no reliable “2025 market size” yet

ESMA reports a full year in arrears. Its 2025 edition, published in December 2025, contains 2024 data; the equivalent figure for 2025 is not expected until roughly December 2026. Anyone quoting an official EU total for 2025 today is quoting something else.

A figure of EUR 3.2 billion for 2025 has circulated since February 2026 and is now widely repeated. We checked it and could not reproduce it:

• It is attributed to P2PMarketData, which has never published an annual total. That source publishes monthly funding reports only.
• Summing all twelve of its 2025 monthly reports gives EUR 3.48 billion, not EUR 3.2 billion. (January to November alone comes to EUR 3.17 billion, which is the closest match, but there is no indication that the original author stopped at November.)
• The article carrying the figure contradicts itself: its own component numbers (EUR 2.7 billion consumer, EUR 192 million SME, EUR 514 million real estate) add up to roughly EUR 3.46 billion.
• A near-identical press release of the same text is headlined “EUR 3 billion”.

What we would cite instead, with its limits stated plainly: the twelve 2025 monthly reports from P2PMarketData sum to approximately EUR 3.5 billion in new funding. That covers roughly 26 to 29 self-reporting platforms including UK and Swiss ones, so it is neither EU-only nor regulator-verified. P2PMarketData states on every report that the figures “have not been independently verified”. It is a usable order of magnitude, not an official statistic.

National figures for 2025, where regulators actually publish them

Three EU countries publish usable national data, and they disagree about the direction of the market:

Lithuania is the outlier on the way up: EUR 379.4 million funded across 2,948 projects, with the average ticket rising 16.9% to EUR 4,454 while the number of transactions fell 6.1%. Fewer investors are putting in more money each. Its series runs EUR 1.3 million in 2017 to EUR 379.4 million in 2025.

Italy is the outlier on the way down: EUR 164.19 million against EUR 259.75 million the year before, the weakest collection since 2020, with the number of authorised portals falling from 42 to 37.

France looks flat overall, but the barometer’s own risk note is the more citable number: 20 to 25% of real-estate crowdfunding projects are in insolvency proceedings, and one project in two shows significant difficulty. Real estate was 47.9% of French collection in 2025.

The 2026 trend so far points down. P2PMarketData’s May 2026 report shows EUR 216.8 million, its lowest month in a year and down about 24% year on year.

The regulatory landscape in 2026

Across the 19 major platforms tracked by CrowdIndex, the regulatory split as of June 2026 is:

Three details worth citing:

• All five MiFID II platforms in our tracking are supervised by the same regulator: Latvijas Banka (the central bank of Latvia). Riga is the de facto regulatory capital of European marketplace lending.
• Only MiFID II platforms offer investor compensation (up to EUR 20,000 under EU Directive 97/9/EC). An ECSP licence imposes conduct and disclosure rules but includes no compensation scheme. Swiss SRO membership covers anti-money-laundering supervision only.
• Headquarters concentration: of the 19 tracked platforms, 6 are based in Latvia, 4 in Lithuania, 3 in Estonia, 3 in Croatia, and 1 each in Ireland, Hungary and Switzerland. 13 of 19 are headquartered in the three Baltic states.

For a plain-language explanation of what each licence does and does not protect, see our guide P2P regulation explained.

Returns: advertised vs realised

Advertised interest rates across the 19 tracked platforms range from roughly 9% to 18% per year in June 2026. The most common advertised band is 10-15%.

The number that matters more is the gap between advertised and realised returns, which platforms rarely volunteer:

• InSoil advertises ~13.1% while its own published data points to ~4.5% net realised returns after delays and recoveries.
• Reinvest24 claimed ~14.6% average returns; independent tracking of completed deals suggests ~7.4% realised, and withdrawals have been frozen since 2024.
• At the credible end of the spectrum, Maclear’s advertised 14.5-14.9% has so far matched investor-reported payouts, with a single default (0.15% of volume) covered in full.

As a rule of thumb supported by our review data: on well-run platforms realised returns typically land 1-3 percentage points below the advertised rate; on troubled platforms the gap can exceed 8 percentage points. The full analysis is in P2P lending realistic returns.

Defaults, recoveries and platform failures

Default and recovery disclosure is the least standardised metric in the industry. Documented June 2026 data points from our reviews:

• EstateGuru: 60.2% of its loan portfolio in recovery, the highest among tracked licensed platforms.
• InSoil: 18.5-24.1% of the portfolio in recovery or overdue more than 90 days.
• Capitalia: 1.18% realised capital loss with 12.9% in recovery, one of the few platforms publishing a realised-loss figure.
• InRento: 0% capital loss over five years of operation, the cleanest record among ECSP real-estate platforms we track.
• Maclear: one default of EUR 150,000 (0.15% of funded volume), repaid to investors in full.

Platform failures since 2020:

• At least ten European P2P platforms have failed, frozen withdrawals or attracted regulator warnings between January 2020 and mid-2026.
• The 2020 Estonian crash took down Envestio (~EUR 33 million from ~13,000 investors), Kuetzal, Monethera and Wisefund within weeks of each other; Grupeer and FastInvest froze withdrawals the same spring.
• The 2025-2026 Italian enforcement wave: Recrowd suspended by Banca d’Italia (July 2025), Rendimento Etico’s licence revoked by Consob (March 2026), Re-Lender in liquidation (February 2026).
• Reinvest24 has had withdrawals frozen since 2024 and warnings from three national regulators (Estonia’s EFSA, Spain’s CNMV, Norway’s Finanstilsynet).

Full case-by-case history: European P2P platforms that failed.

Investor demographics

From the ESMA 2025 market report: 88% of EU crowdfunding investors are retail (non-sophisticated) investors, 11% sophisticated. The average investment ticket is approximately EUR 660 overall and EUR 2,660 among sophisticated investors.

Across the 19 platforms CrowdIndex tracks, platform-reported registered investor accounts add up to more than 1.3 million (June 2026). This figure overstates unique individuals because active P2P investors typically hold accounts on several platforms.

Entry thresholds are low: the median minimum investment across the 19 tracked platforms is EUR 10; the highest is EUR 500 (InRento). 10 of the 19 platforms operate a functioning secondary market for early exit.

The 19 platforms tracked by CrowdIndex

Platform-reported headline figures as captured in our June 2026 reviews. Volume figures mix assets under management and cumulative funded volume depending on what each platform discloses, and should be read as lower-bound, platform-reported numbers.

Concentration is extreme: Mintos alone accounts for roughly 59% of the combined reported volume, and the top three platforms (Mintos, PeerBerry, Robocash) for about 82%. The median tracked platform has funded around EUR 117 million. The median founding year is 2017; the oldest platform is EstateGuru (2013) and four launched as recently as 2022.

How each platform earned its rank is explained in our methodology.

Frequently asked questions

How big is the European P2P lending market? The last official EU-wide figure is EUR 4.25 billion raised in 2024 by 181 crowdfunding service providers across 21 member states (ESMA). There is no official 2025 figure yet; ESMA publishes a year in arrears and the 2025 number is expected around December 2026. The best available proxy for 2025 is approximately EUR 3.5 billion, from summing twelve monthly reports by P2PMarketData across ~29 self-reporting platforms. Both figures exclude the large non-ECSP lenders such as Mintos, so the real market is bigger than either number.

How many ECSP-licensed platforms are there in Europe? 229 providers held authorised status at the end of 2024 (ESMA). The most recent independent count is 237 as of 30 June 2026 (POLIMI Osservatorio), concentrated in France (57), Italy (37) and Spain (27). Counts published elsewhere vary because some include applications in progress and some include lapsed authorisations.

What returns do European P2P lending platforms actually deliver? Advertised rates across the 19 platforms we track run from 9% to 18% per year, most commonly 10-15%. Realised returns are lower. On well-run platforms the gap is typically 1 to 3 percentage points; on troubled platforms it exceeds 8 points. InSoil advertises ~13.1% against ~4.5% net realised; Reinvest24 claimed ~14.6% against ~7.4% realised on completed deals.

What are default rates on European P2P platforms? There is no standardised disclosure, which is itself the finding. Italian platforms self-declared default rates ranging from 0.65% to 32.43% for 2024 vintages and 6.51% to 37.65% for 2025 vintages (POLIMI, July 2026). In France, 20 to 25% of real-estate crowdfunding projects are in insolvency proceedings. Among platforms we track, EstateGuru reports 60.2% of its portfolio in recovery, while InRento reports 0% capital loss over five years.

How many European P2P platforms have failed? At least ten have failed, frozen withdrawals or attracted regulator warnings since January 2020. The 2020 Estonian cluster took down Envestio, Kuetzal, Monethera and Wisefund within weeks. The 2025-2026 Italian enforcement wave suspended Recrowd, revoked Rendimento Etico’s licence and put Re-Lender into liquidation.

Is P2P lending regulated across the EU? Partly. The ECSP Regulation (EU 2020/1503) covers business lending and equity crowdfunding with a single passportable licence, but it carries no investor compensation scheme. Consumer-loan marketplaces sit outside it: some hold MiFID II investment-firm licences (which do carry compensation up to EUR 20,000), some hold Swiss SRO membership covering anti-money-laundering only, and some hold no investment licence at all. Six of the 19 platforms we track fall into that last group.

How to cite this page

Cite as: CrowdIndex, “European P2P Lending Statistics 2026”, crowdindex.org/statistics/, accessed [date]. You may reproduce individual statistics with attribution and a link. For the underlying per-platform data, custom data cuts or comments, contact [email protected] (see Press and Research).

This page is reviewed and updated quarterly. Figures marked as platform-reported are taken from each platform’s public disclosures at review time and are not independently audited.

Data sources

• ESMA Market Report on Crowdfunding in the EU 2025 (published December 2025, containing 2024 data): EU-wide ECSP volumes, authorised-provider count, investor demographics, country breakdown, cross-border share.
• ESMA register of crowdfunding service providers: the authoritative list of licensed providers. Note that the register does not publish a headline count; the counts on this page come from the ESMA market report and from POLIMI, both cited inline.
• Lietuvos bankas annual review of crowdfunding service providers (published 7 April 2026): Lithuanian 2025 volumes, project and transaction counts, average ticket. Supervisory reporting rather than survey data.
• POLIMI Osservatorio Crowdinvesting, 11th report (presented 21 July 2026): Italian volumes for July 2025 to June 2026, authorised portal counts by country, self-declared platform default rates by vintage.
• Forvis Mazars and France FinTech, “Baromètre du crowdfunding en France 2025” (March 2026): French 2025 volumes and real-estate distress rates. Industry survey covering 51 platforms with estimates for non-respondents.
• P2PMarketData monthly funding reports: cross-platform monthly volumes. Self-reported and explicitly not independently verified; used on this page only as a stated-limit proxy.
• EU Regulation 2020/1503 (ECSPR): the ECSP framework.
• CrowdIndex platform reviews (19 platforms, June 2026): platform-reported volumes, returns, defaults, regulatory status. Each review lists its own primary sources.
• Regulator records cited for enforcement actions: Banca d’Italia, Consob, EFSA (Estonia), CNMV (Spain), Finanstilsynet (Norway).