Catalan Government endorses 17 funding initiatives as an alternative to traditional banking

Barcelona (CNA).- 17 funding initiatives which aim to be an alternative to traditional banking have been endorsed by the Catalan Government. The Catalan Business and Occupation department, through the public business innovation agency, ACCIÓ, has recognised the quality of 17 alternative systems. These first initiatives which have received public accreditation are private investors’ networks, crowd-funding platforms, crowd-lending systems and invoice traders. This first-time initiative aims to promote and facilitate access to alternative funding systems Small and Medium-sized Companies (‘PIMES’ in Catalan) and Catalan companies. The Catalan Government aims to develop these alternative platforms, which are considered a key factor for innovation and internationalisation.

This week Crowdcube and The Crowd Angels are the two crowdfunding platforms which have obtained the Catalan Government’s certification. Arboribus and Loanbook have been recognised in the crowdlending field; Finanzarel and Novicap in invoice trading and regarding private investors’ networks, there are BANC, BCN BA, Economistes BAN, Eix Technova, ESADE BAN, Foro capital PIMES, Red de Inversores Privados and Family Offices IESE Business School, Keiretsu Forum, Lánzame (‘Launch me’), Reus Tarragona BA and Seedrocket.

All these 17 alternative platforms will benefit from this certification until the 31st of December 2016, when they will be analysed again to check if they still meet the requirements, according to Catalan companies’ needs. With this certification, the Catalan Government wants to highlight the quality of the alternative funding systems, reinforce their reliability and make them more visible. The goal is to promote and facilitate Small and Medium-sized Companies (‘PIMES’ in Catalan) and Catalan companies’ access to alternative funding, away from traditional banking. It also benefits the investors, as it will allow them to invest in the real economy in a more direct way.

Alternative funding market in Europe grew by 144% 

Alternative funding is a growing trend in Europe. Proof of this is the data published by Oxford University on its European Alternative Finance Benchmarking Report. According to this document, the alternative funding market in Europe grew by 144% between 2013 and 2014, with transactions worth 2,957 million euros. The Catalan Government aims to promote these alternative platforms, which are considered a key factor for innovation and internationalisation, “and, therefore, for businesses competitiveness” emphasised the Catalan Business and Occupation department.