How Crowdfunding Took Root in Europe: A Conversation with Oliver Gajda
Oliver’s journey with crowdfunding began over a casual coffee meeting, but the timing couldn’t have been better. It was 2011, and Europe was still reeling from the 2008 financial crisis. Traditional finance was failing small businesses, and the idea of democratizing access to capital through online platforms was gaining traction. With a background in venture capital, microfinance, and EU policy, Oliver saw both the potential and the policy gaps. So he acted.
But momentum didn’t last uninterrupted. A change in Commission leadership in 2014 shifted focus back to traditional finance, leaving crowdfunding sidelined for years. Platforms, unsure of the EU’s direction, focused on national markets instead.
The breakthrough came later, in 2017, when a more Fintech-friendly Commission reopened the discussion. Eurocrowd’s study on cross-border investment challenges helped make the case for harmonized rules, eventually leading to the European Crowdfunding Service Providers Regulation (ECSPR)—a game-changing EU law that came into force in 2021.
Despite this progress, many platforms still operate locally due to cost and scale challenges. But as Oliver points out, those who move early into cross-border crowdfunding stand to gain a significant first-mover advantage.
And what about success stories? While Oliver tends to stay neutral, he did highlight Revolut’s early crowdfunding campaign, which delivered 80x returns to early backers—a reminder of what’s possible when regulation, vision, and execution align.
If you’re building a platform, investing in innovation, or shaping policy, this episode is a must-listen. Tune in to hear how crowdfunding evolved from an experiment to a pan-European financing tool—and what the future might hold.
