Unlock the channel. Share the upside.

We ask to agree a pilot where you are the authorised crowdfunding firm and Lend2Friend is the technology supplier and brand on the screen. Loans sit on your book. Client money stays with your payment firm. Your credit desk says yes or no. We invite lenders and businesses through our marketplace and channels under the operating agreement.

That is the only gate. Without your permission the channel cannot start. With it, distribution, matching, and fill become the work we will cover. Our collaboration would be formalised in four steps:

1. Confirm your authorisation covers facilitation of loans to businesses, and say whether it includes individual portfolio management of loans (auto-allocation from a lender mandate).
2. Name your payment firm and issue a sandbox key limited to the permissions in our operating blueprint.
3. Hand over the credit and pricing rules a file must satisfy, and name who sees exceptions.
4. Sign the operating agreement (permission, payment account, fee X, software invoice, audit, exit, no client money with us).

To date, regulated Spanish crowdfunding has built project listing boards. We build something else: a continuous matching framework for amortising business term loans, on your licence. Three reasons explain why this channel has not been built before — and why we are the first.

1. The legal support is recent. Continuous matching from a rate and a term is —legally— a different service from listing a project: Regulation (EU) 2020/1503 Art. 6 (individual portfolio management of loans) has to sit on the authorisation. The transitional period ended on 10 November 2023; the RTS (Delegated Regulation (EU) 2022/2118) has only settled after that. Until then — and in practice still — platforms have listed named projects one at a time. Our framework is different: lender and business post amount, rate, and term; your desk approves; the system fills. It is not just another listing board.

2. The entry barrier for many businesses was too high. Mounting or joining a named promotion is heavy for most businesses. Bank and factoring leave gaps a listing board does not cover. With our framework the business posts amount, max rate, and term — an amortising loan, not a project — and we turn it into a desk-ready file. The business enters because we make it easy; we accept them because it costs us very little.

3. The entry barrier for many investors was too high. Funding via crowdfunding has meant picking and underwriting each project by hand. That leaves out the more casual investor. With our framework the investor sets the return and term band; the matcher fills approved amortising loans. The investor enters because we put investing one click away; our system puts their capital to work.

Demand is clear (SMEs that need term finance; investors who already fund Spanish crowdfunding). Our product takes the market gap that has still not been filled. For how we plan to capture that demand, see the Distribution plan.

The product automates the creation of amortising business term loans. Investors post the money they want to lend, a minimum rate, and a term band; businesses post the amount they need, a maximum rate, and the number of instalments. The system creates the loans, keeps them alive with monthly instalments, and keeps matching capital as it returns. It is not a project listing board: it is continuous matching of money to approved business demand.

The collaboration leaves you in control and leaves us the work. You contribute the permission, payment rails, and credit policy you already have. We bring lenders and businesses, prepare each file for your desk, run the matching and the screen, and never hold client money. Every loan adds book and fee on a licence you already maintain; the channel stops when you say so.

The operating detail — matching, roles, payments, complaints, DORA, and the agreement — is in the Operating rules.

Without an authorised firm that says yes, the channel cannot exist. We cannot lawfully invite commitment of funds, ask a capture channel to send businesses to an unlicensed screen, or move our users’ money. Your yes is the only step we cannot take alone.

When that gate opens, the rest fits. We sign the operating agreement and connect the sandbox to your payment rails. We open the marketplace and the capture channels under the agreement. Businesses arrive; we build the file; your desk says yes or no. Investors arrive; the matcher fills approved loans and puts capital back to work as it amortises. Every loan is your book and your fee.

We are not asking you to build the product, to capture demand yourselves, or to change payment firm. We are asking for the permission, the credit rules, and the rails you already have. With those, we make the channel work — and it stops the day you say so.

• Incremental volume on the licence you already paid to obtain and maintain — without a new CNMV application for this channel.
• No need to build the software framework and funnel. It has already been built by us.
• You keep credit, pricing, complaints, and client money. You maintain full control via our partner dashboard.
• Complementary tickets: mid-size amortising business and property-linked loans can sit beside large listed promotions rather than competing for the same €2m+ slot.
• Fee income on performing balances, every month instalments are paid — plus any structuring or formalisation fees you already charge on files that need them, if your tariff applies.
• DORA-ready supplier posture: kill switch, incidents, reconciliation, ICT register support — detailed in our operating blueprint and DORA note.
• Clean exit: loans remain yours; payment firm holds balances; we are replaceable as software.

Primary firm fee for this channel: X percentage points a year (suggested 2.00) on outstanding principal, collected only when the borrower pays. It does not vary by which approved borrower is chosen. That keeps the fee aligned with ECSP rules on not steering investors for a benefit.

Example already used in our blueprint: €6,000 over 12 months at 4% to the lender and 6% to the borrower yields about €65.60 of firm fee over a clean year — roughly 1.1% of that principal. Larger tickets scale that fee. A performing €200,000 book average outstanding at 2.00 points is about €4,000 of firm fee per year before defaults.

Lend2Friend is paid by invoice: a modest fixed amount for the period, plus a share of the fee you actually collect on this channel. The share is the same on every loan. If an instalment is unpaid, neither of us earns variable fee on it. Illustrative split for planning in section 07: firm keeps 60% of collected channel fee, Lend2Friend 40%, until the agreement records otherwise. You remain merchant of record.

Optional upside for you only: where a property file already fits your published promoter tariff (for example market formalisation commissions in the mid-single digits on funded amount, as seen on Spanish RE platforms), you may apply your existing schedule. The matching channel does not require that tariff; it runs on the X-point spread alone.

One planning case — not a promise. It assumes a signed pilot, acquisition through our marketplace and channels, credit quality inside your policy, and that larger tickets can be filled with mandates and/or guarantees you already support. Defaults and slower fills reduce fee.

Method: firm fee ≈ 1.8% of estimated average outstanding book (2.00 points less a 10% unpaid/default haircut). Illustrative split 60% firm / 40% Lend2Friend of that fee.

Three-year firm keep ≈ €567k cumulative before any separate structuring commissions on property files. Your incremental cost is mainly desk time, payment-key governance, and outsourcing oversight — not a new platform build.

If distribution is slower, treat year-1 originations nearer €4m and the fee line scales with the book. If fill and channels run hot, the same math stretches toward roughly 1.5–2× those originations — still well below Civislend’s ~€133m financed in 2025 or Spain’s €566m real-estate crowdfunding pool.

• Loans can default. Lenders can lose principal. The screen will say so. Fee income falls when instalments fail.
• Large tickets need lender depth or auto-invest. Until we have a solid user base, smaller tickets will work better.
• Volume above depends on distribution channels getting on board. If distribution stalls, year-1 originations stay nearer the slower path in section 07.
• This pilot is business borrowers only. Consumer personal loans are out of scope until a separate legal path exists.

1. Weeks 0–4: operating agreement, sandbox key, credit checklist; marketplace invites open.
2. Weeks 4–8: end-to-end sandbox — identity, inbound transfer, four-day reflection, match, payout, collection, one unpaid path.
3. Weeks 8–16: live pilot — first onboarding, first payout, first instalment, first complaint path tested.
4. Months 4–6: scale distribution (gestorías / contractors / suppliers); raise ticket ceiling only as your desk is ready; publish what the regulation requires you to publish.

Success for the pilot is operational, not vanity volume: repeated clean cycles, including a miss. Volume is the year-two and year-three job once the channel is live.

• Universo Crowdfunding, Informe Anual Crowdfunding en España 2024 and 2025 (totals €379.7m / €522.5m / €761.6m, +45.8% in 2025; series €219m → €762m from 2021–2025; real estate €566.2m and 74.3% in 2025, +54.6%; crowdlending €15.1m in 2024 and €75.9m in 2025, +403.8%; crowdfactoring ~€319m counted separately in 2025).
• MicroBank / CaixaBank, Informe Anual 2025 (March 2026): €662.4m entrepreneurial microcredits; 30,506 operations; €21,713 average; +19%; 67% to expand or consolidate an existing business.
• CESGAR, La financiación de la pyme en España, XV Informe (2025 results): 51.2% of SMEs with financing needs (about 1.83 million firms), +3.5 points on 2024, above pre-pandemic 34.8%; micropymes 64.1%; autónomos 39.2%; circulante 73%; ~95% of firms with ≤10 employees.
• Regulation (EU) 2020/1503 Art. 6 (individual portfolio management of loans). Transitional period for platforms that pre-dated the regulation ended on 10 November 2023. Delegated Regulation (EU) 2022/2118 (RTS on portfolio management).
• Civislend public financing figures for 2025 (~€133.4m; average project size in prior disclosures ~€2.2m).
• Public tariff examples for Spanish RE crowdfunding formalisation commissions (e.g. Civislend published promoter formalisation range mid-single digits + VAT) — cited only as market context for optional firm tariffs, not as this channel’s required fee.
• Regulation (EU) 2020/1503; Lend2Friend operating blueprint L2F-BP-01 and company-timeline-plan note (28 Oct 2026 materials).
• Planning case in section 07 is an illustrative internal estimate, not an audited forecast and not a guarantee of volume or fee.