Plateformes collaboratives : crowdfunding et …2019/12/02 · • Limited financial impact •...
Transcript of Plateformes collaboratives : crowdfunding et …2019/12/02 · • Limited financial impact •...
Plateformes collaboratives : crowdfunding et
nouvelles opportunités d’investissements
Samenwerkingsplatforms: crowdfunding en nieuwe
investeringsmogelijkheden
www.bfc.beLinkedin: Belgian Finance Center
Twitter: @Belgian_Finance
SPEAKERS:
Jacques Richelle - PwC Legal
Olivia Walravens - PwC
Xavier de Troostembergh - Bolero Crowdfunding
Dominique Wroblewski - Look&Fin
David Van der Looven - Edebex
• 2 December 2019
Cooperative platformsCrowdfunding and new investment opportunities
1. Introduction
• Several forms of crowdfunding
• Key figures and facts
• FSMA study
2. Regulatory aspects
• Law of 18 December 2016 on crowdfunding platforms
• Situation without a crowdfunding platform
• What does a crowdfunding platform change?
• Invoice trading
3. Conclusions
Several forms of crowdfunding
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Donationbased
Rewardbased
Returnbased
(financialreturn)
Debt-based =crowdlending
Equity-based
Invoice trading
Several forms of campaign
Public Private Mixed
! prospectus rules
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Key facts
7 licencedplatforms
• 1001Pact Impact Investments• Beebonds• Ecco Nova• Lookandfin
2 notifiedplatforms
• KBC Bank• Hands-on BV
• Participate• Spreds• Raizers SAS
Crowdfunding in 2016
• approx. 12 million in Belgium• approx. 170 million in the Netherlands• approx. 120 million in France
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Key figures•
Source: Febelfin 2018 dashboard6
FSMA study
Scope • Survey of the 5 major platforms acting on the Belgian market• Campaigns launched from January 2012 to December 2017
Investors’ location
• Between 92% - 100% based in Belgium• Between 0% - 6% based in EEA• Between 0% - 2% based outside EEA
remains a local phenomenon
Investors’ age
• About a third of the investors are older than 55• About half of the investors are 46 yo or older• Only about 5% of the investors are under 25
Averagenumber of investors
per campaign
• Debt campaigns: 112 investors • Equity campaigns: 95 investors
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FSMA study
Campaigns • 273 crowdfunding campaigns launched• 232 campaigns funded
Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period 10
FSMA study
Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period
• Amounts raised per type
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FSMA study• Number of successful campaigns per category
Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period12
FSMA study• Amounts raised privately and publicly
Source: FSMA Equity and debt-based crowdfunding in Belgium: developments over the 2012 – 2017 period13
Law of 18 December 2016
« service de financement alternatif », le service consistant à effectuer, parle biais de sites Internet ou par tout autre moyen électronique, lacommercialisation d'instruments de placement émis par des émetteurs-entrepreneurs, par des fonds starters ou par des véhicules de financement,dans le cadre d'une offre, qu'elle soit publique ou non, sans prestation d'unservice d'investissement relativement à ces instruments de placement.
« plateforme de financement alternatif », toute personne physique ou morale qui offre de fournir ou fournit sur le territoire belge, à titre d'activité professionnelle habituelle, même complémentaire ou accessoire, des services de financement alternatif et qui n'est pas une entreprise réglementée
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In a nutshell…
To at least 150 personsPer electronic means(incl. website)
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Law of 18 December 2016
FSMA notificationFSMA licence
Standaloneplatform
Part of a credit institution/
investment firm
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Law of 18 December 2016
• Governance requirements:
o Persons who control the company must have the necessary qualities to ensuresound and prudent management
o Effective management must be entrusted to at least 2 persons
o Adequate organization in place
• Underwriting professional liability insurance
• May exercise other professional activities subject to specific conditions
• May not receive/ hold cash or financial products belonging to clients
Licence conditions
Draft EU Regulation on crowdfunding under discussions
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Law of 18 December 2016
• Act in an honest, fair and professional manner that best serves theinterests of clients
• Provide specific information to clients on:o General information on the platform
o Costs
o Conflict of interest policy
o Main features of the investment instruments
• All information is correct, clear and not misleading• Perform an appropriateness test• Adequately store clients’ data• Additional requirements for platforms that provide investment
services (i.e., investment advice and RTO)
Rules applicable to the provision of crowdfunding services
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Situation without a crowdfunding platform
Stock marketvolatility
Investor growth expectations
Public offer
Law of 11 July 2018 Prospectus
Regulation
« offre au public d'instruments de placement », une communicationadressée sous quelque forme et par quelque moyen que ce soit à despersonnes et présentant une information suffisante sur les conditions del'offre et sur les instruments de placement à offrir, de manière à mettre uninvestisseur en mesure de décider d'acheter ou souscrire ces instrumentsde placement. Cette définition s'applique également au placementd'instruments de placement par des intermédiaires financiers.
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Situation without a crowdfunding platform
Public offer (without trading
admission)
Up to 100,000 euros No information required
Up to 500,000 euros(de minimis)
No information required, provided that
the max. subscription amount per
investor = 5,000 euros
Up to 5,000,000 eurosInformation note
More than 5,000,000 euros Prospectus
Information note
• Much more concise than a prospectus
• Contains the key information
• Written in Dutch, French or English
• Published on the website of the issuer/offeror/intermediary (at the latest on the day of launch of the public offer)
• No ex ante control nor prior approval by the FSMA but must be communicated to the FSMA
• Valid for 12 months
! Exceptions (< 150 persons or qualified investors only)
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What does a crowdfunding platform change ?
• The Crowdfunding Law does not impact the issuer’s obligations (prospectus, information note, etc.)
• The Crowdfunding Law does not impact the investor’s rights against the issuer
• But, it affords additional protections to the investor :
- obligations of crowdfunding platforms (information, appropriateness test, ...)
- insurance for crowdfunding platform's liability
- Governance/FSMA control
- credit insurance in certain cases
• Check platform’s general terms and conditions/agreement with the issuer
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What does a crowdfunding platform change ?
Specific case: financing vehicles
Investor
Issuer
Financing vehicle
Crowdfunding platform
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What does a crowdfunding platform change ?
• Features
• Advantages for the issuer
• Advantages for the investor
• Impact on the investor’s rights against the issuer
Specific case: financing vehicles
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Invoice Trading (Edebex)
• Specific nature of invoices/receivables :
the trading platform does not fall under the scope of the Crowdfunding Law
the seller of the invoice does not need to issue a prospectus/information notice
• Payment institution
• General terms and conditions
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General conclusions
• Limited financial impact
• Crowdfunding platform : a new form of financial intermediary
• Limited changes for the issuer and the investor from a legal/regulatory perspective
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Q&A
• Jacques Richelle
• PwC Legal
• +32 (0)475 52 25 61
• Olivia Walravens
• PwC
• +32 (0)499 555 755
Let’s discuss!
Member of the KBC group
Bolero CrowdfundingBelgian Finance Center02-12-2019
Xavier de Troostembergh
Member of the KBC group
1. Een KBC gebonden online platform dat fungeert als tussenpersoon
tussen enerzijds bedrijven die geld zonder waarborgen willen lenen en
anderzijds particulieren die geld willen beleggen in Belgische bedrijven
tegen een hoger rendement.
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Wat is Bolero Crowdfunding ?
Member of the KBC group30
Member of the KBC group
Enkel crowdlending
AANDELEN OBLIGATIE-LENING
CrowdlendingEquity crowdfunding
Start-ups KMO’s
onze focus
Member of the KBC group
• Alle sectoren (niet enkel B2C of innovatieve sectoren)
• Lokale ondernemingen / KMO’s / snelle groeiers• Ondernemingen met historiek • Omzet, EBITDA en cashflow is vereist • Geen waarborgen vereist• Aanvulling op eigen vermogen/eigen inbreng
• Bedrag via crowdlending: €100.000 - €5.000.000• Juridische vorm: rechtspersoonlijkheid NV, BV, CV• Alle investeringen: bedrijfskapitaal, vastgoed, overname, groei,…
Niet voor bedrijven in nood
Welke bedrijven?
Member of the KBC group
1.
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473.750 € 717.925 €1.179.600 €
2.870.050 €
9.261.800 €
0 €
1.000.000 €
2.000.000 €
3.000.000 €
4.000.000 €
5.000.000 €
6.000.000 €
7.000.000 €
8.000.000 €
9.000.000 €
10.000.000 €
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
2015 2016 2017 2018 2019
Volume (in €) Aantal leden
Onze groei in cijfers
Member of the KBC group
Voor de onderneming:• Succesfee : 4,5% op het opgehaalde bedrag• geen dossierkost, geen beheerskost
Voor de investeerder:• geen instapkost• geen uitstapkost• in één woord: gratis
Wat kost het?
Member of the KBC group35
Onze partners
Member of the KBC group36
Member of the KBC group
Hoe gaan we te werk?
Member of the KBC group
1. Aanvaarding & selectie van de projecten:
• Een uitgebreide financiële analyse door onze experten.• Face to face bespreking met de ondernemer met veel aandacht voor de kwaliteit
van het management.
Wat doet Bolero Crowdfunding?
Member of the KBC group
2. Begeleiding in de voorbereiding van de campagne:• Coachen en begeleiden van de ondernemer bij het invullen van de campagne.• Nazicht van de campagne en de info van de onderneming op ons platform.• Administratieve controles en verwerking van de deal.
Wat doet Bolero Crowdfunding?
Member of the KBC group
Wat doet Bolero Crowdfunding?
3. Wanneer de campagne live staat:• Mailing naar onze leden en onze prospecten.
Advertising via social media.• Opvolgen van de investeringen.• Controle van investeringen en gegevens van de investeerders.
Member of the KBC group
4. Na de campagne:• Opvolging terugbetalingen van investeerders• Algemene nazorg
Wat doet Bolero Crowdfunding?
Member of the KBC group42
Waarom investeren in crowdlending?
Member of the KBC group
Teken in op een obligatielening
van een Belgische KMO
Participeer vanaf € 100 tot € 25.000
per dossier
Diversifieer uw portefeuille
Word gratis lid eninvesteer zondertransactiekosten
Korte looptijd:maximum
7 jaar
Ontvang een hoger rendement:
tussen 5 – 8%
Investeer mee in Belgische KMO’s
Member of the KBC group
Voorbeelden
Member of the KBC group45
€ 5.000.000 in 2019
Member of the KBC group
Opgehaald: € 500.000
Min. € 475.000
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Interest: 6,00%Looptijd: 4 jaar (jaarlijkse terugbetaling)Max. €5.000 per investeerder
Max. € 500.000
Obligatielening
Member of the KBC group47
Member of the KBC group48
Agenda
About us
What’s in it for SMEs
What’s in it for investors
Business cases
Q&A
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2
3
4
5
© 2019 LOOK&FIN All rights reserved.
© 2019 LOOK&FIN All rights reserved.
AboutLook&Fin
© 2019 LOOK&FIN All rights reserved.
7 years of crowdlending
© 2019 LOOK&FIN All rights reserved.
L&F in a nutshell
6% avg. IRRafter defaults
Crowdlending pioneerAnd market leader
100% yearly growth#2 Fintech of Deloitte Fast50
+70M EUR raised for +230 SME
Team of 30 people
FSMA RegulatedPFA
430k€ avg. Loan / avg duration 39 monthsAverage funding time < 4min
European lendersBe, Fr and Lu borrowers
What’s in it for SMEs
© 2019 LOOK&FIN All rights reserved.
Value proposition
Simple, fast andpaperless
No personnalguarantee
Flexible loans: bullets, amortizable loans,
capital grace periods
Loans from 50k€To 5M€
Duration from 12 to48 months
Rates fromde 2% to 9%
No funding loss
Credits by entrepreneurfor entrepreneur
© 2019 LOOK&FIN All rights reserved.
The offer
Small business loans Corporate loans Real Estate
Working capital, small investments
Loans from 50k€ to 250k€
Starting rates : 2%
Junior debt (secured / unsecured)
Loans from 250k€ to 5M€
Starting rates : 5%
Fincancing / re-financing equity
Loans from 250k€ to 5M€
Hasslefree credit experiencewith competitive rate
Assuming the equity effort requested by the bank
Starting rates : 6%
Offering Leverage on equity / optimizing total return on
equity (up to x2)
For who ?
Business loansEligibility criteria
© 2019 LOOK&FIN All rights reserved.
> 3 fiscal years
1M€ turnover
Refunding capacities EBITDA > 0
Real Estate loansEligibility criteria
Management : 10 years of experience in Real Estate
History : min 5 projects done, including 1 project > 2.5 M€
Min 5% equity
All purpose loans building permit submitted
Borrower Fees
© 2019 LOOK&FIN All rights reserved.
No setup fee
Success fee : 2% - 4%
Management fees : 0,083% of outstanding amount (monthly)
No funding loss
Fast, paperless and hassle-free process
Process
1 2 3 4
Project deposit
Analysis Fund raising Refunding
• Online application in 3 clics
• Realtime pre-scoring
• Due diligence
• Credit decision
• KYC / AML borrower
• Insurancesubmission
• Subscription
• KYC / AML investor
• Suitability test
• Bank levy payments
• Breakdown of repayments and fiscality handling
• One single point of contact : L&F
12 à 48 moisFew seconds 48h – 2 weeks Few minutes
Financing process
© 2019 LOOK&FIN All rights reserved.
What’s in it for the investor ?
© 2019 LOOK&FIN All rights reserved.
The offer
Insured loans Classic loans
Interest rate : 2 - 3 %100% of the investment mountis insured
Plateform performance since inception* In case of default : 100% of the remainingcapital + the 3 last month of interests are refunded by Atradius
Avg IRR : 6%
Interest rate : 6 - 9 %Observed default rate : 2%
Look&Fin fees
© 2019 LOOK&FIN All rights reserved.
100% free for individuals
1% of refunded amounts for institutional investors
© 2019 LOOK&FIN All rights reserved.
Risk vs Interest rate
© 2019 LOOK&FIN All rights reserved.
Scoring components
Income and debt
Revenue Management
Business sector & market
Financial projections
Turnover history, revenue structureand recurrency, Client dependancy
Quality an track record of themanagement
Maturity and size of thecompany. Market positionand competition
Capacity of the company to rebayits debts. New debt / EBITDA,liquidity, fixed costs , stock.
Historical refunding capacities, netdebt / NOPAT and solvability ratios
© 2019 LOOK&FIN All rights reserved.
IRR performance driven by diversification
IRR of our lenders by number their portfolio’s loans
BusinessCases
Sector / Turnover B2B /8M€ IT / 25M€ RE / 20M€ Food industry / 12M€
Need MBO Working Capital Real Estate Capex
Amount loaned 200 k€ 500 k€ 1,750 M€ 300 k€
Loan Type Amortizable Amortizable 24 month capitalgrace Amortizable
Duration 48 month 36 month 36 month 48 month
Interest rate 5,75 % 6,5 % 7 % 3,8 %
© 2019 LOOK&FIN All rights reserved.
EdebexDisruptive finance solutionsAttractive investment opportunity
02/12/2019 Belgian Finance Center
02/12/2019 Belgian Finance Center
A double problem in the market
Companies in need
of working capital
Companies with excesscash
02/12/2019 Belgian Finance Center
A solution
Companies in need
of working capital
Companies with excesscash
02/12/2019 Belgian Finance Center
An online innovative financing platform
02/12/2019 Belgian Finance Center
Edebex
• + 400 million € financed• 40 collaborators• + 1.500 sellers• + 20.000 invoices sold
02/12/2019 Belgian Finance Center
02/12/2019 Belgian Finance Center
Sellers from 5 EU countriesDebtors from 8 EU countries
02/12/2019 Belgian Finance Center
A highly motivated team
02/12/2019 Belgian Finance Center
Security
Liquidity Return
The ideal investment ?
02/12/2019 Belgian Finance Center
Security• Closed platform• 70% or 90% guarantee• Auditing of every individual invoice (up to 150 criteria check by algorithm)• Only invoices of delivered goods/services
02/12/2019 Belgian Finance Center
Solid partners
PARTNERSHIP WITH EULER HERMES SINCE 2013
World market leader in credit-insurance and part of the solid Allianz Group
LICENSED AS PAYMENT INSTITUTE UNDER BELGIAN LAW
Supervised by the National Bank of Belgium and European passport for other European countries
Transactions on third party accounts
Security
02/12/2019 Belgian Finance Center
• Average investment period of 50 days
• Peace of mind – always take in account + 30 days
Liquidity
02/12/2019 Belgian Finance Center
Track record of + 7 % annual return since 2013
Return expectation as from 01/11 – 5% net after default
Return
02/12/2019 Belgian Finance Center
User friendly online portal
02/12/2019 Belgian Finance Center
[Questions][Answers]
02/12/2019 Belgian Finance Center
Q & A:
Jacques Richelle - PwC Legal
Olivia Walravens - PwC
Xavier de Troostembergh - Bolero Crowdfunding
Dominique Wroblewski - Look&Fin
David Van der Looven - Edebex
• Next conference: Monday 27 January 2020: Marc Raisière, CEO BELFIUS: « The bank in 2030 »
• Membership 2020:oTariff: Unchanged : 150€ - valid 365 daysoNon member: 50€ / conference
Communication