Countries › Peru › Guide › 10. Capital markets and finance › Crowdfunding, electronic money and fintech in Peru: SMV licensed lending and securities platforms, project and investor limits, electronic money issuers and their capital

Crowdfunding, electronic money and fintech in Peru: SMV licensed lending and securities platforms, project and investor limits, electronic money issuers and their capital

Last verified: 2026-10-28 · Status: Changing

Since Decreto de Urgencia 013-2020, crowdfunding with a financial return in Peru may only be run by a Peruvian sociedad anónima licensed by the SMV as a platform manager, for loans or securities, and the SMV supervises the platform but not the projects, which are not registered in the securities registry. The SMV regulation caps business projects at 500 UIT (S/ 2,750,000 in 2026), extendable to 1,000 UIT since a November 2025 amendment where the platform's methodology supports it, limits what each recipient can raise in 12 months, caps retail investors at 20 percent of a project and 20 percent of income or net worth a year, and requires platform capital of S/ 300,000 indexed. Electronic money may only be issued by SBS supervised firms, including specialized issuers with base capital of S/ 2,268,519; it is not a deposit, pays no interest, must be backed by a trust, and issuers may not lend the funds.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026 as shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts the law sets in soles, UIT or dollars are quoted as written; the 2026 UIT is S/ 5,500 under Decreto Supremo Nº 301-2025-EF. Conversions are for orientation only.

Key facts

Crowdfunding regulator	SMV textDU 013-2020 art. 21, as of 2020-01-23 · in force
Platform manager minimum capital (base Jan 2021, indexed)	300000 PENRes. 045-2021-SMV/02 art. 22, as of 2021-05-19 · in force
Business project cap	500 (up to 1,000 with qualifying methodology) UITRes. 045-2021-SMV/02 art. 31 as amended, as of 2025-11-12 · in force
Retail investor cap per project	20 % of projectRes. 045-2021-SMV/02 art. 31, as of 2021-05-19 · in force
Retail investor annual cap	20 % of greater of income or net worthRes. 045-2021-SMV/02 art. 31, as of 2021-05-19 · in force
Maximum SMV fine	700 UITDU 013-2020 art. 21, as of 2020-01-23 · in force
Electronic money issuer minimum capital (base, indexed)	2268519 PENLey 26702 art. 17, as of 2022-03-19 · in force
Electronic money is a deposit	No, and pays no interest textLey 29985 art. 2, as of 2013-01-17 · in force

The rule

1. Financial participative financing is the activity in which a platform connects natural persons domiciled in Peru or legal entities incorporated in Peru that seek financing in their own name (recipients) with a plurality of persons or collective vehicles (investors) seeking a financial return. Donation platforms and one to one matching, or lending with the platform's own resources, are outside the regime. Modalities are financing through equity or debt securities, through loans, and others set by the SMV.
Cost to do it: Outside the regime no SMV license is needed; inside it the platform license and capital apply.
Example: A Lima app that lets 200 investors fund invoices of small companies for interest is crowdfunding under DU 013-2020. / A foreign platform cannot offer Peruvian SMEs to Peruvian investors without a local licensed manager.Decreto de Urgencia Nº 013-2020, que promueve el financiamiento de la MIPYME, emprendimientos y startups (El Peruano 23 January 2020), Art. 18 and art. 19, 2020-01-23 official text · verified 2026-10-28

2. Only sociedades anónimas incorporated in Peru and authorized by the SMV, whose purpose is managing such platforms, may run them, and the name Sociedad Administradora de Plataforma de Financiamiento Participativo Financiero is reserved to them. SMV supervised entities may be authorized to add the activity, and banks and other financial firms must use a Peruvian subsidiary. The SMV may fine infractions from 1 to 700 UIT, suspend or cancel licenses and impose technological restrictions on the platform. Projects, recipients and the truth of their information are not supervised by the SMV, and project securities or loans are not registered in the securities registry.
Cost to do it: Fines up to 700 UIT (S/ 3,850,000, US$1,115,295) in 2026.
Example: A Peruvian bank that wants to run a lending platform must set up a subsidiary licensed by the SMV. / Maximum SMV fine for an unlicensed or non compliant platform is about US$1,115,295 at the 2026 UIT.Decreto de Urgencia Nº 013-2020, que promueve el financiamiento de la MIPYME, emprendimientos y startups (El Peruano 23 January 2020), Art. 20 and art. 21, 2020-01-23 official text · verified 2026-10-28

3. Platform managers must keep, from the start of operations, minimum share capital of at least S/ 300,000 fully subscribed and paid in cash, a constant value updated annually by the national wholesale price index with January 2021 as the base, and pay the SMV an annual contribution equal to the lower of 1.5 percent of annual revenue from the main activity or 3 UIT.
Cost to do it: Capital S/ 300,000 (US$86,906) base value; contribution capped at 3 UIT (S/ 16,500, US$4,780) in 2026.
Example: A platform with S/ 800,000 of revenue pays the lower of S/ 12,000 (1.5 percent) or S/ 16,500, so S/ 12,000. / Annual SMV contribution never exceeds about US$4,780 at the 2026 UIT.Reglamento de la Actividad de Financiamiento Participativo Financiero y sus Sociedades Administradoras, Resolución de Superintendente Nº 045-2021-SMV/02 (dated 19 May 2021), Art. 22 and art. 58, 2021-05-19 official text · verified 2026-10-28

4. Personal projects may not exceed 50 UIT and three years, and business projects 500 UIT, or up to 1,000 UIT where the platform's methodology includes variables to assess larger requests, such as the financing to project value ratio and guarantees. A natural person recipient may raise up to 100 UIT and a legal entity up to 750 UIT in the prior 12 months, both extendable to 1,500 UIT for business projects in the higher band, counting outstanding principal. A non institutional investor may not put more than 20 percent of a project, nor more than 20 percent of the greater of annual income or net worth in the last 12 months, and must sign a risk acknowledgment; institutional investors have no cap but a project may never have a single investor. Projects must be carried out entirely in Peru.
Cost to do it: In 2026 terms: personal project S/ 275,000 (US$79,664); business project S/ 2,750,000 (US$796,640) or S/ 5,500,000 (US$1,593,279); recipient caps S/ 550,000 (US$159,328) for individuals and S/ 4,125,000 (US$1,194,959) for companies, up to S/ 8,250,000 (US$2,389,919).
Example: An SME with S/ 1,000,000 of annual revenue can raise a S/ 2,000,000 business project; a retail investor earning S/ 120,000 a year can invest up to S/ 24,000 across platforms in 12 months. / Business rounds of up to about US$1,593,279 are possible on platforms whose methodology supports the higher band.Reglamento de la Actividad de Financiamiento Participativo Financiero y sus Sociedades Administradoras, Resolución de Superintendente Nº 045-2021-SMV/02, art. 31 as amended by Resolución SMV Nº 019-2025-SMV/01 (dated 12 November 2025); art. 39, Art. 31 and art. 39, 2025-11-12 official text · verified 2026-10-28 · changed: Resolución SMV Nº 019-2025-SMV/01 of 12 November 2025 raised business project limits to up to 1,000 UIT and recipient limits to up to 1,500 UIT where the platform's methodology supports it.

5. Electronic money is monetary value stored electronically, accepted as means of payment by persons other than the issuer, issued for an amount equal to the funds received, convertible to cash at nominal value, and is not a deposit and earns no interest. Only firms supervised by the SBS may issue it; specialized electronic money issuers have issuing as their main purpose, may not grant credit with the funds received and are anti money laundering reporting entities. Issuers are subject to issuance limits set by SBS regulation and must back the electronic money issued with trusts or other SBS approved guarantees.
Cost to do it: Trust costs to back the float; SBS license.
Example: A wallet holding S/ 5,000,000 of client balances must keep matching funds in a trust and cannot lend them. / A float of about US$1,448,436 must be fully backed and pays no interest to users.Ley Nº 29985, Ley que regula las características básicas del dinero electrónico como instrumento de inclusión financiera (El Peruano 17 January 2013); art. 5 b) as amended by Decreto de Urgencia Nº 013-2020, Art. 2, art. 3, art. 4, art. 5 and art. 6, 2013-01-17 official text · verified 2026-10-28

6. Specialized electronic money issuers need minimum capital of S/ 2,268,519, a value referred to October to December 2012 and indexed quarterly under art. 18; money transfer companies need S/ 678,000; the central bank gives an opinion on the organization of electronic money issuers.
Cost to do it: E money issuer S/ 2,268,519 (US$657,161) base value; money transfer company S/ 678,000 (US$196,408).
Example: A telecom group launching a wallet company capitalizes it with at least S/ 2,268,519 plus indexation. / About US$657,161 of base capital for a specialized e money issuer.Ley Nº 26702, art. 17 numerals 3 and 4 as replaced by Decreto Legislativo Nº 1531 (19 March 2022); art. 21, Art. 17 and art. 21, 2022-03-19 official text · verified 2026-10-28

Limit	UIT	Soles	USD approx.
Personal project	50	S/ 275,000	US$79,664
Business project	500	S/ 2,750,000	US$796,640
Business project, higher band	1,000	S/ 5,500,000	US$1,593,279
Recipient, natural person, 12 months	100	S/ 550,000	US$159,328
Recipient, legal entity, 12 months	750	S/ 4,125,000	US$1,194,959
Recipient, higher band business projects	1,500	S/ 8,250,000	US$2,389,919

Crowdfunding limits in 2026 (UIT S/ 5,500; USD at S/ 3.452)

Worked example

A Peruvian startup raises a S/ 2,000,000 (US$579,374) business project from 150 investors on a licensed platform; no single retail investor may put in more than S/ 400,000, and each retail investor stays within 20 percent of income or net worth over 12 months.
A wallet company with S/ 10,000,000 of user balances keeps the full amount in a trust and pays users no interest.

Step by step

Classify the model: financial return crowdfunding (SMV), electronic money (SBS), payments, or lending with own funds.
Incorporate a Peruvian S.A. and apply for SMV organization and operating authorization, with capital of at least S/ 300,000 indexed.
Build a methodology to classify recipients and projects; to use the 1,000 UIT band, add the variables required by the 2025 amendment.
Implement investor limit controls and risk acknowledgments before each commitment.
For a wallet, apply to the SBS as an electronic money issuer and set up the backing trust.

Common traps

Projects must be developed entirely in Peru; promoting foreign projects of related platforms is prohibited.
The SMV does not vet projects; misleading project information can still lead to consumer and civil claims.
Electronic money issuers cannot pay interest or lend customer funds, unlike banks.

Sources

← Investment funds and fund managers in Peru: mutual funds, public and private investment funds, manager licensing and capital, the S/ 250,000 simplified regime and the August 2026 SMV changesInsurance and reinsurance in Peru: SBS licensing and capital, buying cover abroad, foreign reinsurers, brokers, and the insurance contract law on premiums and claims →

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