The year 2023 is approaching! So it’s time to make an assessment of 2022. But we’re not calling it closed! We still have a week of intense activity with two operations in progress. However, we can already confirm a triple-digit growth in Fellow Funders. This year brings important news to the entrepreneurship and alternative financing sector.
After months of waiting, the application of the European Regulation for PFPs (the Spanish acronym for Crowdfunding Platforms) was approved in Spain. At Fellow Funders, we already operate according to this regulation, adopting the new terminology as PSFP (the Spanish acronym for Crowdfunding Service Provider). We became the first Spanish platform to be registered by the CNMV (the Spanish National Securities Market Commission). This regulation resulted in the entry into force of the Law on the creation and growth of companies (Ley de Creación y Crecimiento de Empresas), known as the Crea y Crece Law, on October 19.
These regulatory changes will allow us to offer you more attractive projects of higher amounts, minimize the limitations for unsophisticated investors and ensure that investors receive accurate information about each project. We have been fulfilling this requirement since our inception thanks to our multi-sector equity crowdfunding platform Fellow Funders, where we perform a rigorous analysis of the companies for which we do funding rounds and share it with our investors.
Today, on the 23rd of December 2022, the long-awaited Law on the promotion of the emerging companies’ ecosystem (Ley de Fomento del Ecosistema de las Empresas Emergentes), known as the Startups Law, comes into force and incorporates tax benefits for investors, entrepreneurs, and start-up companies. It also introduces changes to the tax regime for inpatriates, the possibility of applying for temporary trial licenses for regulated sectors, and tax improvements in the carried interest of investors. We estimate that these regulatory developments will attract new investment flows, resulting in an expected increase in volumes of 20% by 2023.
Moreover, one year after its launch, the Fellow Funders Real Estate area proved to be a success, surpassing our €20M target for 2022. We have consolidated our proposal and expanded our coverage to developers with 360º services and solutions.
The incorporation of new talent into our organization has increased our team by 132%. As a result, we have strengthened all areas of our company overall, especially in the area of technology, in order to adapt our platform and services to the latest developments and provide all our investors and developers with a unique user experience. You will be able to discover and enjoy this new initiative fairly soon.
2023 will bring substantial changes in the investment experience and the monitoring of investees for our investors. Will you miss it?
Fellow Funders CEO