P2PRadar finds EU licenses cluster around marketplace P2P lenders

P2PRadar says 9 of the 10 European P2P marketplace platforms in its table hold an EU-level authorization, while only 2 of 12 in-house lenders do. The comparison matters as EU crowdfunding rules mark their fifth anniversary on November 10 and investors weigh both supervision and who actually originates the loans.

Why it matters: - The licensing gap suggests that lending model and regulatory status often move together in Europe’s P2P market. - For retail investors, the distinction matters because a license does not guarantee repayment, and a platform’s structure can shape both risk and supervision. - P2PRadar says the findings are based on an independent classification of 25 euro-denominated platforms as of October 23, 2026.

What happened: - P2PRadar published a public table covering 25 European peer-to-peer lending platforms. - The classification counts 9 of 10 marketplace platforms as holding an EU-level authorization. - The classification counts 2 of 12 in-house lenders as holding an EU-level authorization. - The release lands as EU crowdfunding rules approach their fifth anniversary on November 10.

The details: - Of the 25 platforms, 13 hold an EU-level authorization. - Eight platforms are authorized as European Crowdfunding Service Providers under Regulation (EU) 2020/1503. - Five platforms are authorized under Markets in Financial Instruments Directive II. - Two platforms hold national licenses. - Ten platforms hold no license of any of the three types listed in the table. - Marketplaces, where independent lenders list loans on the platform, account for 10 platforms. - In-house lenders, where the platform’s own group provides or originates the loans, account for 12 platforms. - Three platforms combine both models. - Two of those mixed-model platforms are EU-authorized. - P2PRadar says the full classification, definitions and a downloadable dataset are available in the License Tracker. - P2PRadar scores platforms using four weighted factors: trust and transparency at 35%, track record at 30%, operating maturity at 20% and governance and controversies at 15%. - In the current table, marketplaces average 72 out of 100. - Platforms combining both models average 68. - In-house lenders average 43. - P2PRadar says regulatory status is one input to the trust factor, so part of the score gap comes from the methodology itself. - The methodology says high advertised returns, bonuses, signup promotions and affiliate status do not increase a score. - The methodology also says a higher score is not capital protection. - The table marks a capital-at-risk line, which P2PRadar describes as a speculative-risk warning and not an accusation. - Francesco Navari, founder of P2PRadar, said: "Yield is the easiest number to compare and the least informative." - Navari said investors should first ask who lends and who supervises. - Navari also said the answers are linked in the table. - P2PRadar says a license register shows who is authorized, but not whether loans come from independent lenders or the platform’s own group. - The company recommends checking whether a platform appears in the ESMA register of authorized crowdfunding service providers or in a national MiFID II register. - P2PRadar also recommends checking whether the lender is independent of the platform and what the platform publishes about defaults and recoveries over several years. - Navari said: "A license is a starting point, not protection." - Navari said a license shows who supervises the platform, but does not remove the risk that the lender or the platform’s own group cannot repay.

Between the lines: - The data point toward a market where supervision is more common among marketplace models than among platforms that originate loans through their own group companies. - The methodology also means the score ranking is not a pure regulatory ranking, since licensing is only one component of the trust score. - The fact that some unlicensed platforms score above licensed ones suggests investors should look beyond the label and into structure, disclosure and performance history. - P2PRadar discloses that some links on the site are affiliate links and that it may receive a commission when a reader registers or invests through them, at no extra cost to the reader. - P2PRadar says affiliate status does not raise a score and that not every listed platform is a partner.

What's next: - The platform says its figures may change as platforms and regulators update their information. - P2PRadar says its site is informational and does not provide personalized financial advice. - The company says it will remain a source for interviews on license status and lending models in European P2P lending. - Investors comparing returns are likely to keep focusing on whether the lender is independent, how the platform is supervised and how losses are reported over time.

The bottom line: - In P2P lending, the biggest divide is not just yield. It is who is lending, and who is watching them.