Crowdfunding service provider authorisation in Estonia

A company that runs an online platform matching investors with businesses that seek loans or equity funding needs an authorisation as a European crowdfunding service provider. In Estonia the authorisation is granted by Finantsinspektsioon (the Estonian Financial Supervision and Resolution Authority) under an EU regulation that applies directly, and it can then be used in other EU Member States after a notification.

Information as of 11 November 2026. Every numbered statement of this page was checked in the official text named below and re-checked by a second reviewer on 2026-11-11. The page is general information, not legal advice; the authority decides on every application.

What the activity is

Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR) defines a crowdfunding service as the matching of business funding interests of investors and project owners through a crowdfunding platform, consisting of the facilitation of granting of loans, or the placing without a firm commitment basis of transferable securities and admitted instruments for crowdfunding purposes, together with the reception and transmission of client orders for them¹. "Admitted instruments for crowdfunding purposes" are freely transferable shares of a private limited liability company².

A provider may also offer individual portfolio management of loans under a discretionary mandate within parameters set by the investor³.

Not covered by the ECSPR⁴:

crowdfunding services to project owners that are consumers;
crowdfunding offers above EUR 5,000,000, calculated over 12 months per project owner as the sum of its crowdfunding offers and platform loans and its exempt public offers of securities under the Prospectus Regulation (EU) 2017/1129.

The legal act and the authority

Regulation (EU) 2020/1503, applicable from 10 November 2021 and directly binding in every Member State⁵. The application form is set out in Commission Delegated Regulation (EU) 2022/2112⁶.
Väärtpaberituru seadus (Securities Market Act, VPTS). Under § 8, Finantsinspektsioon supervises compliance with the act and with the EU acts listed in § 230(1); point 14 of that list is Regulation (EU) 2020/1503⁷. Finantsinspektsioon acts as the competent authority within the meaning of the Regulation⁸. The VPTS also sets liability for the key investment information sheet (§ 28¹) and penalties for breaching the Regulation (§ 237⁸⁴)⁹. Crowdfunding service providers are outside Part III of the VPTS on investment firms¹⁰.
Finantsinspektsiooni seadus (Financial Supervision Authority Act, FIS) sets the procedural fee and the annual supervision fee¹¹.

Authorisations are notified to the European Securities and Markets Authority (ESMA), which enters them in its public register of crowdfunding service providers. The register shows the provider's name and legal form, the platform's name and web address, the authorising authority, the services authorised and the Member States notified for cross-border services¹².

Who must apply

Crowdfunding services may be provided only by legal persons established in the European Union and authorised under Article 12 of the ECSPR; a natural person cannot be a provider¹³. A legal person established in Estonia applies to Finantsinspektsioon¹⁴.

Exemptions and related rules named by the Regulation:

activities outside its scope (section 1)⁴;
project owners borrowing and investors lending through the platform do not need a credit institution authorisation for that reason¹⁵;
the Article 11(1) prudential minimum does not apply to providers already subject to the capital rules of Regulation (EU) No 575/2013 or (EU) 2019/2033, or to the own-funds rules of the E-Money Directive 2009/110/EC or the Payment Services Directive (EU) 2015/2366¹⁶;
an entity already authorised as a bank, investment firm, e-money or payment institution need not resubmit documents the authority already holds, if they remain up to date¹⁷.

Requirements for the applicant

Prudential safeguards (Article 11). At all times at least the higher of EUR 25,000 and one quarter of the preceding year's fixed overheads, which include three months' cost of servicing loans where the provider facilitates loans¹⁸. The safeguards may be Common Equity Tier 1 own funds, an insurance policy covering the Union territories where offers are actively marketed or a comparable guarantee, or a combination¹⁹.

Management body. Proof of the absence of a criminal record is required for the natural persons involved in the management and for shareholders with 20 % or more of the capital or voting rights²⁰. The management body sets policies for effective and prudent management, including segregation of duties, business continuity and conflicts of interest, and systems to assess loan risks²¹.

Conflicts of interest. The provider may not participate in offers on its own platform or accept as project owners its 20 % shareholders, managers, employees or persons linked to them by control²².

Outsourcing, payments and custody. The provider remains fully responsible for outsourced functions²³. Payment services must be provided by the provider or a third party that is a payment service provider under Directive (EU) 2015/2366²⁴. Funds for securities transactions are deposited with a central bank or credit institution, and custody is held by an entity authorised under Directive 2013/36/EU or 2014/65/EU²⁵.

Key investment information sheet (KIIS). For each offer the provider gives investors a KIIS drawn up by the project owner, with the Annex I content, a prescribed disclaimer and risk warning, at most six sides of A4 paper if printed, in an official language of the authorising Member State or another language that authority accepts²⁶. The provider must have procedures to verify that it is complete, correct and clear²⁷.

AML/CFT. Since 1 July 2026 a crowdfunding service provider is a financial institution under the Rahapesu ja terrorismi rahastamise tõkestamise seadus (Money Laundering and Terrorist Financing Prevention Act, RahaPTS)²⁸. It must prepare a risk assessment, adopt procedural and internal control rules, and appoint a contact person of the Financial Intelligence Unit (Rahapesu Andmebüroo) reporting directly to the management board²⁹. Finantsinspektsioon supervises AML/CFT compliance of the financial institutions it supervises³⁰. The ECSPR also requires due diligence on project owners³¹.

Seat. The application is made in the Member State where the legal person is established; other Member States may not require a physical presence for cross-border services³². Other location requirements are specified for the client's case.

Documents filed with the application

Article 12(2) of the ECSPR lists the content³³:

Identity: legal and trading names, website and physical address; legal form; articles of association.
Business: programme of operations (services, platform, where and how offers are marketed); how payment services are provided.
Governance and controls: governance and internal control, including risk-management and accounting procedures; IT and data security; operational risks; business continuity plan; outsourcing; complaints handling.
Prudential: description of the safeguards and proof that they are met.
Management: identity of the managers and proof of their good repute, knowledge, skills and experience.
Investor protection: rules keeping conflicted persons out as project owners; KIIS verification procedures; procedures for investment limits of non-sophisticated investors.

Finantsinspektsioon requires the application to be filed through its application portal (since 18 March 2026) and in Estonian³⁴.

State fee and processing time

The FIS sets a procedural fee (menetlustasu) of EUR 3,000 for an application for crowdfunding service provider authorisation, and EUR 1,500 for extending an authorisation to further services³⁵. Finantsinspektsioon's own page (last edited 18 March 2026) still states EUR 1,000³⁶; the amount payable is confirmed with the authority at filing.

Statutory time limits under Article 12 of the ECSPR³⁷:

within 25 working days of receipt, the authority checks completeness; if incomplete, it sets a deadline for the missing information and may refuse to review an application that stays incomplete;
within three months of a complete application, it adopts a reasoned decision granting or refusing authorisation;
the decision is notified within three working days.

These are the law's time limits, not a promise of a result or a date.

Cross-border provision (Article 18). An authorised provider notifies Finantsinspektsioon of the Member States, the persons responsible there, the starting date and its other activities. The authority forwards this within 10 working days to the host authorities and ESMA; the provider may start from receipt of the confirmation or at the latest 15 calendar days after notifying³⁸. Finantsinspektsioon charges no fee for this notification³⁹.

What LexorCorp Global OÜ does and how to order

LexorCorp Global OÜ prepares the application documents for an activity licence: it checks the act's requirements from the official text, drafts the application and its documents, assembles it, and handles the submission and the written follow-up of the authority's questions. It does not give legal, audit or tax advice and does not meet the capital, staff or premises requirements for the client. Finantsinspektsioon decides on the authorisation; neither the licence nor a date can be promised. The procedural fee is paid by the applicant.

Crowdfunding authorisation has no separate price row on the site: the price is given on request. Request it from the list of licensable activities at /guides/licensed-activities-in-estonia. All communication takes place by email.

Sources

Regulation (EU) 2020/1503 Art. 2(1)(a) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 2(1)(n) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 2(1)(c), Art. 3(4) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 1(2)(a),(c) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 51 — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Finantsinspektsioon, The operating licence for crowdfunding — text in force from page last edited 18.03.2026
VPTS § 8; § 230(1) p 14 — text in force from 21.07.2026 (RT I, 11.07.2026, 30)
Finantsinspektsioon, The operating licence for crowdfunding — text in force from page last edited 18.03.2026
VPTS § 1(2), § 28¹, § 237⁸⁴ — text in force from 21.07.2026 (RT I, 11.07.2026, 30)
VPTS § 47(1) p 17 — text in force from 21.07.2026 (RT I, 11.07.2026, 30)
FIS § 38(2), § 45³(2) — text in force from 01.10.2026
Regulation (EU) 2020/1503 Art. 12(9), Art. 14(1)-(2) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 3(1), Art. 2(1)(e) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 12(1) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 1(3) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 11(3)-(4) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 12(14) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 11(1) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 11(2) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 12(2)(l), 12(3) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 4(1)-(2) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 8(1)-(2) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 9(3) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 10(4)-(5) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 10(2)-(3) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 23(2),(6),(7) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 23(11) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
RahaPTS § 6(2) p 8¹ — text in force from 21.07.2026 (RT I, 11.07.2026, 93); point 8¹ in force 01.07.2026
RahaPTS § 2(1) p 2, § 13(1), § 14(1), § 17(2) — text in force from 21.07.2026 (RT I, 11.07.2026, 93)
RahaPTS § 64(2) — text in force from 21.07.2026 (RT I, 11.07.2026, 93)
Regulation (EU) 2020/1503 Art. 5(1)-(2) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 12(1), 12(12) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 12(2)(a)-(r) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Finantsinspektsioon, The operating licence for crowdfunding — text in force from page last edited 18.03.2026
FIS § 45³(2), § 45⁴ — text in force from 01.10.2026; § 45³(2) wording in force since 14.07.2024
Finantsinspektsioon, The operating licence for crowdfunding (EN and ET versions) — text in force from page last edited 18.03.2026
Regulation (EU) 2020/1503 Art. 12(4),(5),(8),(10) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Regulation (EU) 2020/1503 Art. 18(1)-(4) — text in force from OJ L 347, 20.10.2020; only modification: Delegated Reg. (EU) 2022/1988 (Art. 48(1) transitional period, expired 10.11.2023)
Finantsinspektsioon, The operating licence for crowdfunding — text in force from page last edited 18.03.2026

Official sources

The laws this article names, each linked to its official text, as read on 9 October 2026. For the Estonian acts we read the English translation in Riigi Teataja; the legally binding text is the Estonian one.

Regulation (EU) 2017/1129 — EUR-Lex
Financial Supervision Authority Act — Riigi Teataja, English translation
Directive (EU) 2015/2366 — EUR-Lex
Money Laundering and Terrorist Financing Prevention Act — Riigi Teataja, English translation

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