In recent years, the accelerated pace of digitalization — especially during the pandemic — has fueled strong demand for real-time, accessible financial services online. In the Republic of Moldova, the main sources of funding for innovative projects remain financial institutions, private organizations, investment funds, and individual citizens.

This article explores crowdfunding as an alternative financing model, outlines the current legislative framework, and highlights the conditions necessary for the development of this industry in Moldova.

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Alternative Financing Models

In the private sector, two major financing models dominate:

• 3F (Family, Friends, Fools) – early-stage funding provided by close connections.


• Crowdinvestors – individuals who support projects via crowdfunding platforms.

To respond to the growing market need for alternative financial instruments, Moldova has incorporated the concept of "collective investment platforms" into its legislation. Through these platforms, funds are raised from an unlimited number of contributors to support startups and innovative ventures.

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The Legal Framework of Crowdfunding in Moldova

Like many other countries, Moldova has adopted legislation to regulate crowdfunding activity. In 2023, the Parliament passed Law No. 181/2023 on Collective Financing Services, which establishes:

• A maximum invesment threshold of €1,000,000 per project


• A consumer lending cap of €7,500


• A requirement for platforms to be registered and maintain a minimum share capital of MDL 500,000

It's important to note that investments may be backed by personal or real guarantees, but platforms bear no responsibility for the borrower's obligations to the investor.

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How Crowdfunding Platforms Work

On a platform like Balkanika, the investment process unfolds as follows:

1. A funding request is submitted by a borrower on the platform


2. The platform provider evaluates the request and decides whether to list it


3. Investors review the listed projects and decide to participate


4. Funds are transferred from the platform's escrow account — on behalf of investors — directly to the borrower


5. The borrower repays the funds according to agreed terms


6. The platform monitors and reports on the status of the loan

For SMEs, the advantages are significant: reduced time to raise capital and quick access to financing through a digital, efficient process.

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The Crowdfunding Industry in 2023: Insights and Outlook

Europe’s crowdfunding sector is expanding rapidly:

• 510 active platforms worldwide — and growing


• The Baltic States (Estonia, Latvia, Lithuania) lead in platforms per capita


• The United States remains the global leader in investment volume, but Europe is catching up fast


• Forecast: the global crowdfunding market is expected to reach USD 27.81 billion by 2027, with a CAGR of 15.7%

Despite existing challenges, the sector demonstrates strong resilience, supported by rapid tech adoption and increasing investor interest in socially and economically impactful projects.

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Conclusion

Crowdfunding is more than just a trend — it’s a strategic opportunity to turn innovation into reality. By strengthening the legislative framework and embracing alternative investment platforms, the Republic of Moldova is aligning with global trends and laying the groundwork for a competitive and innovation-driven digital economy.

At Balkanika, we believe in the power of community to drive progress. Our platform is built to be safe, transparent, and efficient, helping investors and startups grow together.

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Author: Alexandr Scutari, COO Balkanika