The participatory financing platforms who are dedicated to granting business loans, known by the name crowdlending, are confronted with the problem of finding a bank that is willing to deposit the investor money.
The Law for the Promotion of Business Financing, in force since April 2015, obliges crowdlending to what:
Deposit the money in a financial institution accredited by the Bank of Spain,.
https://www.boe.es/buscar/act.php?id=BOE-A-2015-4607
To ensure that investor contributions go to the companies directly, in this way, the platforms do not have access to the funds raised.
However, due to the scarcity of entities that can offer these services in Spain, the companies of crowdlending authorized by the CNMV, have had to resort to foreign entities, such as the French Lemon Way, which is also accredited by the Bank of Spain as a paying agent.
The problem is that In Spain no entity offers this service.
Therefore, the only solution would be for the companies that are dedicated to crowdlending (and that are authorized by the CNMV) will be registered as a payment entity so as not to have to resort to a third party.
Spanish banks do not offer this service
The main reason why Spanish banks do not offer this service is because they do not want to facilitate the work of these companies loans, logically because it is direct competition.
Lemon Way has been a pioneer in offering this service inside and outside of Spain, since it has a powerful technological development that makes it very competitive in costs and in the commissions it charges to the platforms.
Something fundamental for these companies, whose still incipient business demands to be highly efficient.
