Crowdfunding Weekly Digest: November 2–8, 2026

Indonesia’s P2P bad-loan ratio crossed OJK’s 5% safety threshold in September while loan growth slowed. Elsewhere, Goparity entered Spanish equity crowdfunding, reward campaigns in Japan and South Korea posted strong results, and Hong Kong police flagged a suspected crowdfunding scam site that used the names of well-known local organizations.

Lead Story

P2P lending bad loan ratio rises above OJK’s 5% safety threshold in September

The ratio of Indonesian P2P loans at least 90 days past due climbed to 5.36% in September, up from 4.73% a month earlier and 2.82% a year earlier. Year-on-year growth in outstanding loans slowed to 17.02% from 22.07% in August, and total outstanding loans reached Rp 106.48 trillion (US$5.87 billion). OJK said it will keep monitoring industry quality and push for healthy, sustainable growth with stronger risk management.

Why it matters: asset quality, which held at 4.73% in August, broke through the threshold in a single month, and the ratio has nearly doubled in a year. A loan book that is growing more slowly while a larger share of it is overdue is the point where regulators ask for tighter underwriting and investors start asking for past-due data before yield. Operators in Indonesia should expect closer supervision, and platforms elsewhere should read it as a reminder that fast P2P growth eventually gets tested by default figures.

Success Stories

Cado’s STEM humidifiers raised more than ¥162 million on Makuake before their Japan release — the STEM 700iH and STEM 300H campaign drew 3,887 supporters and ended on November 1, with general sales set to begin on November 13.

Eighteen Jeju small businesses raised 217.93 million won on Naver Happybean — every business beat its individual target of 500,000 won in the month-long reward campaign, backed by the Jeju provincial government, and Kakao Family led with 79.85 million won from its Jeju-grown cacao products.

A GoFundMe campaign raised more than $560,000 to protect nearly 30 acres of Washington’s Twin Rivers forest — activists first secured a two-acre parcel for $32,000, then bought out logging rights on the larger area with a major donation from Patagonia’s Holdfast Collective.

Campaign News

• Hoepli (Italy) is preparing a crowdfunding drive to reopen its historic Milan bookshop, closed since May, with a minimum target of €4.5 million to relaunch with 19 staff and early interest from investors and supporters.
• DermaSensor (USA) is raising on Wefunder while commercializing its FDA-cleared skin cancer detection device, with more than $2 million in contracted annual recurring revenue and a new hardware-as-a-service model for primary care clinicians.
• Azume opened a Kickstarter campaign for the Azume One, a slim sensor that adds heart rate, blood oxygen, sleep, and stress tracking to an existing watch, with rewards from €109 and shipments planned for December.

Platform Updates & Tech

• Goparity launched its first equity crowdfunding campaign in Spain — the campaign targets a €900,000 round for Madrid-based Supernormal and marks the platform’s entry into Spanish equity crowdfunding.
• Unitoq (Latvia) raised €155,000 in pre-seed funding to build a European real estate investment platform — the Riga startup, backed by business angels including LatBAN members, will let users invest in vetted European residential properties from €100, and plans to seek ECSP authorisation in Latvia ahead of a launch in early 2027.
• Vartis Platforms (India) launched UdhaarSaathi, a digital loan marketplace for small businesses — the LenDenClub parent offers collateral-free loans of ₹15,000 to ₹2.5 lakh through NBFC partners, aims to facilitate ₹1,000 crore in disbursements by FY27, and is preparing for an IPO over the next 12 to 18 months.

Trends & Market Data

• Tracked P2P lending marketplaces originated €158 million in October — P2P-Banking’s table puts Mintos first, ahead of Bondora and Robocash, and notes that Nectaro passed €100 million in cumulative originations since launch.
• KingsCrowd analyzed founder voting power across 238 active Reg CF offerings — the median founder voting stake is 70% in early-stage offerings and 62% in growth-stage ones, which the analysis compares with venture capital benchmarks.

Key takeaway: last week’s market data gave two benchmarks, one on where volume sits among European P2P marketplaces and one on how much control founders keep in Reg CF.

• Mintos leads the table. It topped the table ahead of Bondora and Robocash, so the segment’s volume ranking starts with a small group of established marketplaces.
• Newer platforms can still reach scale. Nectaro’s €100 million in cumulative originations shows that a platform launched later can build a meaningful book.
• Reg CF founders hold the votes. With a median of 62% to 70%, founders can outvote minority investors on most questions, so voting terms deserve the same attention as valuation.

For investors, comparable figures like these are more useful than headline raise sizes, because they show who actually holds volume and control.

Regulation

• OJK sanctioned 11 P2P lending firms in October — the same round covered 11 multifinance firms, eight venture capital companies, three pawnshops, and one special financial institution, with 14 fines and 54 written warnings in total for violations of OJK rules.
• Hong Kong police flagged the FundHK crowdfunding site as high risk — the Jockey Club, the Hong Kong Council of Social Service, Green Earth, HK01, and RTHK all denied any affiliation with the site, which sought donations for tree planting and coral conservation, and police’s Scameter lists fundhk.org as high risk and urges the public not to transact or enter card details.

Key takeaway: last week’s oversight ran at two ends of the market: formal sanctions on licensed operators in Indonesia and a public warning about a suspected scam site in Hong Kong.

• Indonesia sanctions licensees. OJK’s October batch shows P2P operators sit alongside other regulated lenders under routine administrative penalties.
• Hong Kong warns the public. The warning followed organizations denying partnerships the site claimed, so unverifiable partners were the first red flag.
• Verification is the first filter. Licensed operators can be inspected and fined, while a site with no verifiable status or partners can only be flagged, which makes checking who is behind a platform the user’s job.

For platforms, a verifiable license and real, confirmable partnerships are what separate them from a look-alike.

What This Means for the Industry

Last week’s common thread is verification: of loan quality in Indonesia, where the past-due ratio moved 0.63 points in a month, of who stands behind a platform in Hong Kong, and of authorisation in Europe, where Unitoq plans to seek ECSP status before its early-2027 launch. Growth stories were strong in reward crowdfunding, but the checks that matter to investors were all about what sits behind the headline number.

For platform operators: make status and quality easy to verify. Publish authorisation details, loan performance including past-due ratios, and partner relationships that can be confirmed, before a regulator or a look-alike makes the question urgent.

For investors: check the licence in the regulator’s register and ask for past-due data rather than yield alone, because Indonesia’s ratio went from 4.73% to 5.36% in one month. In equity, read the voting terms: a founder holding 62% to 70% of votes decides what minority investors cannot block.