Bulgaria | Current State of Alternative Finance 2020
As the CEO of IUVO, one fast growing P2P lending marketplace, Ivaylo is an experienced expert with focus on strategy and digital transformation. He has rich experience in consulting more than 20 businesses in the finance, technology, energy, telecommunications and digital fields. He has also conducted researches, presented and lobbied in front of pan-EU regulators (EC, EIFR, ESMA, EBA and others) for the present and future development of the European Fintech landscape.
An estimation on market volume in Bulgaria?
Our alternative finance / crowdfunding market volume has reached €50 million in 2019.
Which online AltFin models are frequently used?
In Bulgaria, the following online alternative finance models are the most frequently used:
- P2P Consumer Lending
- P2P Business Lending
- P2P Property Lending
What are the leading platforms?
We have 2 important platforms in terms of financing volume, market influence and popularity:
- IUVO Group
- Klear Lending
Can you list some successfully financed projects?
What are the leading Crowdfunding / FinTech associations?
Bulgarian Fintech Association is one leading association for promoting the development of crowdfunding and alternative finance.
Are there any governmental programs / projects promoting Alternative Finance and Crowdfunding?
Are there any research centres and/or projects collecting data on AltFin?
Harvard Affiliated Courses in Sofia University provides educational courses for entrepreneurs, investors and students in Bulgaria.
Are there any tax incentives for AltFin investors?
Unfortunately, there is still no tax incentive for investors.
How is the AltFin industry regulated? Are there any regulations & legislations?
The AltFin industry is not yet regulated in Bulgaria. Therefore, it is important to be cautious when investing in crowdfunding projects.
Please give some forecasts of Alternative Finance in the next 5 years
In my perspective, I am expecting a AltFin market volume of €1 billion and a total of 10 operating platforms in 5 years.