The Spanish Securities Exchange Commission (CNMV, Spain’s financial regulator) has authorized MytripleA as a Platform for Participatory Financing, the formal name for a crowdlending platform. This is one of the first actions to implement Law 5/2015 Promotion of Corporate Financing.
Payment Institution license of MytripleA
MytripleA already benefits from a Payment Institution license (which can be passported within the EU) granted by the Bank of Spain, which authorizes MytripleA to make loan disbursements and receive loan installments within the regulatory environment for banking payments. This is an additional regulatory requirement in Spain, which is not required by other European countries.
MytripleA becomes the first and only crowdlending platform to have both of the required authorizations
With this new authorization, MytripleA becomes the first and only crowdlending platform to have both of the required authorizations in Spain. Competitors entering Spain, will not be able to use the the so-called passporting provisions from a financial regulator outside of Spain and will need to apply for a Platform for Participatory Financing license before being able to operate in compliance with Spanish regulations.
Law 5/2015 Promotion of Corporate Finance
Law 5/2015 Promotion of Corporate Finance provided a unified legal framework for crowdlending platforms and securitized funds, and made CNMV responsible for their creation, authorization and supervision. Crowdlending has experienced rapid growth across Europe. The Spanish market last year grew 266% according to the website P2P Banking. Within the new regulatory framework and with the supervision of CNMV, a greater degree of awareness of the alternative financial services is expected.
MytripleA´s activity
MytripleA provides loans to companies with funds raised from private and institutional investors. The platform started operations in April 2015 and since then has made loans to 143 Spanish SMEs for over 4 million euros of loan value. MytripleA has over thousand registered investors who have earned an annual return of 7.61%. This performance has been made possible by a rigorous and innovative approach to risk analysis. MytripleA is the fastest growing lending platform in Spain, according to Indexa.
Sergio Anton, CEO and co-founder of MytripleA, said: «Alternative financing is growing rapidly in Spain and we are very happy to have received the formal approval of CNMV. It is very important to continue offering our investors and companies the highest standards of quality and regulatory compliance. With this approval, we can continue our rapid expansion within the regulatory framework».
Article also in Spanish: MytripleA única con Licencia del Banco de España y de CNMV
