Bank of Finland discontinued collection of data on crowdfunding and peer-to-peer lending

In 2024, crowdfunding platforms registered in Finland mediated financing to domestic parties in the amount of only EUR 23.8 million. The volume of crowdfunding decreased significantly (66.3%) from 2023. This was the lowest volume in the history of the statistics (2017–2024). On the other hand, the Bank of Finland’s statistics failed to provide a comprehensive picture of the crowdfunding and peer-to-peer lending markets in Finland, as the statistics excluded foreign providers offering services to Finns. The Board of the Bank of Finland decided to end the data collection because the share of crowdfunding and peer-to-peer lending in the domestic financial markets has shrunk to a marginal level.

Data collection began in Finland when crowdfunding became more common and regulation was eased

The Crowdfunding Act (734/2016) prepared by the Ministry of Finance entered into force on 1 September 2016, easing the regulation of companies mediating crowdfunding. At the same time, peer-to-peer lending between private individuals became significantly more widespread. The Ministry of Finance collected annual data on the sector in 2013–2016, when crowdfunding grew as a form of corporate finance in Finland. From 2017 onwards, the Bank of Finland began compiling statistics on crowdfunding and peer-to-peer loans. The last statistical data were collected for 2024, directly from the intermediaries of peer-to-peer loans and crowdfunding.

The Bank of Finland monitors the peer-to-peer lending market as part of the financial markets

At present, both foreign and domestic companies submit information on peer-to-peer loans mediated to Finns to the Tax Administration's Positive Credit Register. The advantage of the register data is that peer-to-peer lending can be monitored without separate surveys directed at companies.

Volumes of financing mediated through crowdfunding and peer-to-peer lending in Finland*

	2021, EUR million (12-month change)	2022, EUR million (12-month change)	2023, EUR million (12-month change)	2024, EUR million (12-month change)
Total	376.9 (34%)	230.4 (-39%)	70.7 (-69%)	23.8 (-66%)

* The figures include domestic parties seeking finance.

Further information

Usva Topo, tel. +358 9 183 2056, email: usva.topo(at)bof.fi.