22 February 2017
Visit EBAday.com

UK crowdfunding market raises £1700 an hour

05 March 2014  |  3984 views  |  0 Plan

More than £1700 an hour is being raised in the UK through crowdfunding, according to figures from the Crowdfunding Centre, which is now calling for greater government support for the burgeoning alternative finance market.

Since the beginning of the year more than 260 equity and rewards projects have been launched, attracting pledges of around £5.7 million. Successful projects have raised £9500 each - a total of £2.4 million.

The numbers may be tiny but with many small- and medium-sized businesses struggling to raise capital from traditional high street lenders, the government has been keen to talk up alternatives.

Last month it handed £40 million to peer-to-peer lender Funding Circle to distribute to business and the industry is expected to receive a further boost in its efforts to crack the mainstream later this year when it comes under the watch of the Financial Conduct Authority.

However, Karen Darby, CEO, CrowdMission, says: "Talk is cheap. I'd like to see this government proactively supporting the UK crowdfunding sector with a programme to increase education and awareness, an even playing field for the tax treatment of crowdfunded investments and a supportive and effective legislator.

"A bit of hard cash to co-invest in young, high growth businesses wouldn't go amiss either."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

New Zealand gives green light to crowdfunding

New Zealand gives green light to crowdfunding

27 February 2014  |  4619 views  |  0 comments | 5 tweets | 9 linkedin
UK government to lend £40m through Funding Circle

UK government to lend £40m through Funding Circle

21 February 2014  |  5487 views  |  1 comments | 6 tweets | 4 linkedin
P2P lending shows big upswing in 2013

P2P lending shows big upswing in 2013

03 February 2014  |  5951 views  |  0 comments | 12 tweets | 8 linkedin
Crowdfunding in the UK set to raise £1.6 billion in 2014

Crowdfunding in the UK set to raise £1.6 billion in 2014

13 December 2013  |  5557 views  |  0 comments | 10 tweets | 9 linkedin
UK govt to allow P2P returns within Isas - Telegraph

UK govt to allow P2P returns within Isas - Telegraph

03 December 2013  |  3588 views  |  0 comments | 6 tweets | 1 linkedin
SEC proposes new crowdfunding rules; FCA begins consultation

SEC proposes new crowdfunding rules; FCA begins consultation

24 October 2013  |  4848 views  |  0 comments | 4 tweets | 3 linkedin
EC explores crowdfunding action

EC explores crowdfunding action

03 October 2013  |  6115 views  |  0 comments | 5 tweets | 3 linkedin
Kickstarter comes to the UK

Kickstarter comes to the UK

11 October 2012  |  5232 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit dh.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18194 views 11 comments | 54 tweets | 90 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
10456 views comments | 49 tweets | 59 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10421 views comments | 21 tweets | 19 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8590 views comments | 17 tweets | 15 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
6964 views comments | 35 tweets | 33 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job