Top 5 Peer-to-Peer (P2P) Lending Platforms in Norway 2023

If you’re a Norwegian investor interested in P2P lending, there are several top platforms available to choose from. These platforms provide opportunities for investing in peer-to-peer lending in Norway.

Best local platforms for peer-to-peer lending in Norway

In Norway, there are several P2P lending platforms that cater to various financing needs such as small business financing, personal debt, and real estate. Here are some of the well-known P2P lending platforms in Norway:

History of peer-to-peer lending in Norway

The interest in peer-to-peer (P2P) lending in Norway began in the early 2010s, following the global trend of the emergence of alternative financing solutions. Peer-to-peer lending platforms provided an opportunity for borrowers to access loans and investors to fund these loans in return for interest income, without the need for traditional financial intermediaries like banks.

The growth of P2P lending in Norway was fueled by the increasing demand for alternative financing options, especially for small and medium-sized enterprises (SMEs), which often faced challenges in obtaining financing from traditional banks.

The Norwegian P2P lending market has evolved over time, with several platforms emerging to cater to different segments of the market. Some of the notable platforms include Kameo, Monio, and FundingPartner. These platforms have facilitated loans for various purposes, such as business financing, real estate projects, and consumer loans. The Norwegian regulatory environment has also adapted to accommodate P2P lending, with the country’s financial supervisory authority, Finanstilsynet, providing guidelines and licensing requirements for platform operators.

Comparison with other markets

Despite the growth in P2P lending, the market in Norway remains relatively small like most neighboring countries like Sweden and Finland. The Norwegian market is also characterized by a lower number of active platforms compared to other countries.

There are several factors contributing to these differences between Norway and its neighboring countries. One possible reason is the relatively high level of financial inclusion in Norway, with most people having access to banking services and traditional credit options. Additionally, Norway has a well-developed social welfare system that provides a safety net for individuals and businesses in financial distress, which may reduce the need for alternative financing options like P2P lending.

Best foreign platforms for P2P lending in Norway

When it comes to P2P lending in Norway, investors are always on the lookout for platforms that offer low fees and high returns. Here are some of the most popular platforms in Norway:

Lendermarket: This platform is a favorite among Norwegian investors due to its user-friendly interface and low fees. It offers a diverse range of P2P lending options, including high-return loans.
Esketit: Popular for short-term loans, Esketit offers investment opportunities in projects with high potential returns.
Reinvest24: This crowdfunding platform focuses on equity investments in real estate projects in Norway and throughout Europe.
AxiaFunder: A unique platform that focuses on litigation crowdfunding, AxiaFunder is ideal for Norwegian investors looking for something different.
PeerBerry: This platform offers various options for P2P lending, including personal, business, and real estate loans. It also provides investors with the option to invest with a buyback guarantee.

These platforms offer a range of options for P2P lending in Norway, allowing investors to access low-cost loans and potentially higher returns. Before selecting a platform, it’s important for investors to research each option thoroughly to determine which one best suits their investment goals and needs.

Regulation of P2P lending in Norway

In Norway, the peer-to-peer (P2P) lending landscape is regulated under the financial services sector and supervised by the Norwegian Financial Supervisory Authority (Finanstilsynet). P2P lending platforms must adhere to a range of laws and regulations, including acquiring appropriate licenses, complying with restrictions, and ensuring consumer protection.

Although Norway is not an EU member, it is part of the European Economic Area (EEA), which means that investment-based and lending-based crowdfunding services related to business financing in the country may still need to comply with EU legislation (Regulation 2020/1503) regarding Crowdfunding Service Providers.

A comprehensive list of fully regulated Crowdfunding Services Providers can be accessed here.

FAQ about P2P lending for Norwegian investors:

Using foreign P2P lending platforms in Norway has several benefits. Firstly, it provides lenders with access to a larger pool of potential borrowers, which means more investment opportunities. Secondly, foreign platforms may offer better rates and terms than domestic lenders, making them more attractive to investors. Lastly, European P2P lending platforms can offer greater diversity and international exposure to investors. This can help increase investment liquidity and reduce risks associated with certain investments.

Opting for a local P2P lending platform in Norway can be highly beneficial as it offers hassle-free access to local borrowers and lenders. It is particularly useful if you wish to contribute to your own community. Moreover, such platforms can offer customized services to Norwegian borrowers who are well-versed with the local market, taxes, and regulations. Additionally, using a local platform can help minimize the expenses involved in transferring funds from overseas lenders, owing to exchange rate conversions. However, the extent of this benefit may vary depending on the currency in which you intend to invest.