Recital 22

(22) Since 2008, crowdfunding has developed as a form of finance available to consumers, typically for small expenses or investments. A provider of crowdfunding credit services operates a digital platform open to the public in order to match or facilitate the matching of prospective lenders, acting in the course of their trade, business or profession or not, with consumers that seek funding. Such funding could take the form of consumer credit. Where providers of crowdfunding credit services directly provide credit to consumers, the provisions of this Directive concerning creditors should apply to them. Where providers of crowdfunding credit services facilitate the granting of credit between creditors acting in the course of their trade, business or profession, and consumers, the obligations for creditors under this Directive should apply to those creditors. In such a situation, providers of crowdfunding credit services act as credit intermediaries, hence the obligations for credit intermediaries under this Directive should apply to them.

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Source: EUR-Lex CELLAR · retrieved 2026-07-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.