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20 m euros already raised on crowdfunding platforms for project development

2020-08-24

During the seven months of this year, four crowdfunding platforms with RE mortgages operating in Lithuania, raised about 20.2 million euros, according to Profitus and Lithuanian Bank data. In July alone, 3.1 million euros were lent for businesses and RE project development throughout these platforms - less than in June but more than in March, April or May 

'In the last two years, every month 2.5 m is raised in the Lithuanian market. The dynamics of this sum - are clearly changing, because the market itself is fairly new. But at the same moment, it is an opportunity - alternative financing in Lithuania only makes about 1% of the borrowing market, while, for instance, in the neighbouring countries, Latvia, Estonia, it reaches about 5-6 per cent' - claims crowdfunding platform Profitus founder and director Viktorija Vanage.

During the first half-year which was under the lockdown, in the RE financing market almost 17 m euros was raised - more by 3% when compared to the second half-year of 2019 and more than half than during the same period last year when 11.2 m were raised.

'During the lockdown as people have more time and spend more time online, more frequently found an opportunity to invest on crowdfunding platforms. Therefore, the total number of projects financed during the lockdowns was very high and the projects were financed quickly' - says V. Vanage.

During the whole period of operating, Profitus raised over 14.5 m euros for loans. During the first half-year of this year, 4.5 m euros were raised.

Since the start of the year crowdfunding platforms financed 147 RE projects in Lithuania. Out of them, 25 were financed only in July. Compared to earlier periods, evident growth is seen - in 2019 the first half-year 71 projects were financed, while in the second half-year 102 projects. This year Profitus lent a third of the whole market loans - 48 loans.

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