Crowdfunding in Europe: regulatory panorama in 2026
European crowdfunding in 2026: a changing market
The European crowdfunding landscape has changed profoundly in recent years. With more than 30 billion euros raised cumulatively on the continent and hundreds of active platforms, crowdfunding has established itself as a significant financing channel for SMEs and real estate projects.
But this growth has been accompanied by a consolidation of the market. Several platforms have gone out of business, merged or been acquired. This dynamic makes the issue of service continuity and extinctive management all the more crucial.
PSFP harmonization: assessment after two years of application
The PSFP regulation, which has been fully applicable since November 2023, reached a stage of maturity in 2026. The main observations are:
A gradual but effective adoption
The majority of significant European platforms have obtained their PSFP approval. However, the process has been slower than expected in some Member States, due to the complexity of the cases and the workload of national regulators.
Practices that are still heterogeneous
Despite regulatory harmonization, disparities remain between countries. Interpretations of continuity requirements vary from regulator to regulator. Some countries impose more stringent capital requirements, others are more prescriptive about the content of migration tests.
The cross-border challenge
One of the major objectives of the PSFP regulation was to facilitate cross-border activity. In 2026, the PSFP European passport is operational, but cross-border platforms face practical challenges: language diversity, legal differences in loan contracts, coordination between national regulators.
Regulatory trends to watch
- Strengthening ESG requirements : regulators are increasingly interested in the environmental and social transparency of projects financed by crowdfunding
- AI coaching : the use of scoring and recommendation algorithms by platforms is beginning to receive regulatory attention
- Revision of the PSFP regulation : the first discussions on a revision of the regulation are expected, with potentially an increase in the threshold of 5 million euros per offer
- Convergence of supervisory practices : ESMA is working to harmonize the approaches of national regulators
The impact on extinctive management
The consolidation of the European crowdfunding market has direct implications for extinctive management. The number of platforms ceasing their activity is likely to increase in the coming years, due to competition, increased regulatory requirements and market maturity.
This trend reinforces the need for specialized service providers capable of taking charge of extinctive management at the European level. Cross-border platforms need a partner capable of managing multi-country portfolios, with different legal contracts and investors of various nationalities.
Runoff faces European challenges
Positioned from the start as a European solution, Runoff is designed to meet the cross-border challenges of fire management. Supported by Capsens, the European leader in fintech, the solution integrates the regulatory specificities of various European markets and offers multilingual user areas.
Runoff's ability to manage loan portfolios governed by different national laws is a major asset in a market that is tending towards European integration.
Perspectives for investors
For investors, the regulatory landscape in 2026 is globally reassuring. The protective frame is stronger than it has ever been. The obligation of extinctive management, migration tests, regular audits: these are all safeguards that contribute to securing crowdfunding investments.
European crowdfunding is entering a phase of regulatory maturity. For platforms and investors alike, this evolution is synonymous with more security and more trust.
