By Lisa Walls-Hester on Tuesday 12 July 2016
Crowdcube is now internationally regulated in two countries, by the Financial Conduct Authority (FCA) in the United Kingdom and by the CNMV in Spain.
The platform announced that its Spanish business has just been authorised by the regulatory body of the Spanish stock market (CNMV) as a crowdfunding platform.
Crowdcube Spain Director Pepe Borrell said, "We are very pleased with this new accreditation, because, for the first time in history, Spanish start-ups and SMEs can benefit from a regulated market, where capital increase operations can be undertaken in an orderly way. “There are an increasing number of businesses that opt for equity crowdfunding instead of turning to traditional sources of financing.”
Following the enforcement of the Law to Promote Business Financing in April 2015, CNMV authorisation has been necessary for Crowdcube Spain in order to operate as a participatory funding platform. At the same time, the CNMV is the regulatory body of the sector and oversees the activity of all the platforms.
Darren Westlake, co-founder, and CEO of Crowdcube said, “Having Spanish regulation in strengthens our position in Europe regardless of whether we are in or out of the European Union. In just five short years we have firmly established our position as a global fintech pioneer and a leader in the UK and Spain but we’re not stopping there. We have ambitious plans for the future and we welcome investors in Spain and the UK to join us in our next exciting phase of growth.”