The political and social attitude to adopting crowdfunding is slow but warming. This is evidenced by the growth of the leading platforms and the move by the Department of Finance to run a consultation process on regulating this area.
There is currently no centralised regulation in Ireland in the field of crowdfunding. Therefore platforms looking to operate in this area must look towards the relevant European Directives and Regulations and any applicability they may have. The Central Bank of Ireland is the body responsible for regulating platforms/companies under the MiFID, AIFM and Prospectus Regulations. The Department of Finance recently launched a consultation process with regard to the proposed regulation of Crowdfunding. A summary of the process is available here: http://www.philiplee.ie/crowdfunding-regulation-in-ireland/.
Linked Finance is the largest player in Ireland and has facilitated lending of c. €30m. It focuses on P2P is currently lending.
Grid Finance would be the second largest player.
Companies need to be aware that there is no size fits all licence(s) in Ireland. Each business model should be reviewed and assessed for legal and regulatory requirements.