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Trusters Crowdfunding Platform – Overview 🎯

Trusters is an Italian real estate lending crowdfunding platform (peer-to-peer loans) launched in 2018, now part of the listed CrowdFundMe Group. It connects private and institutional investors to short-term real estate projects (typically 6–15 months) with fixed interest rates. Key advantages include low minimum investment (€250), professional due diligence by the Trusters team, and EU-wide regulatory approval (authorized by CONSOB in Dec 2023 under Regulation EU 2020/1503). Trusters reports historically solid average yields (~9–10% per annum). However, investors face significant risks: project delays or defaults can lead to partial or total loss of capital, and there is no secondary market or deposit insurance.

Trusters Investment Products and Structure 📦

• Type of Product: Trusters exclusively offers crowdlending (debt) products. Investors lend money to Special-Purpose Vehicles (SPVs) or companies funding real estate projects (e.g. renovations) and receive fixed interest. No equity or bonds are offered.

• How It Works: Each project is vetted by Trusters (technical/financial due diligence) and carries a target interest. Investors commit funds via LemonWay (payment agent) and are repaid principal + interest at project end. Interest accrues during the funding period and is typically paid in a lump sum at maturity. For example, a project might promise “6% over 9 months” (~8% annualized). Projects usually run 8–15 months.

• Legal/Structural Setup: Trusters S.r.l. (Milan) operates as a lending-crowdfunding intermediary (ECSP) under EU law. It acts as a payment agent for LemonWay (authorized by Banca di Francia). Borrowers (project issuers) enter contracts to repay investors. Trusters has an insurance policy (XL Catlin) as required by Regulation (EU) 2020/1503.

• Geography/Sectors: Originally focused on Milan-area real estate, Trusters now spans Italian projects in construction/renovation. Its EU authorization (Dec 2023) opens access to qualified investors across Europe, though platform materials remain in Italian only.

• Investment Metrics: Loan maturities are short (around 6–12 months, rarely over 15). Target gross returns are generally 9–12% annually, though weighted average yields have recently been ~7–8%. Minimum investment per project is €250 (via credit card or wire); larger investors are allowed. Typical project funding targets are modest (often ~€50k each).

• Major Risks: The main risks are credit risk (defaults) and illiquidity. Borrower companies may delay or fail repayments – one case of 100% loss (~€200k) was reported. Many investors report project delays (“proroga”/“extra proroga”), with a small percentage of projects extended or defaulted. Since there is no secondary market, funds are locked until maturity. Investments are unsecured, meaning capital and returns are not guaranteed and may be lost. Trusters warns that losses are possible and encourages diversification.

Trusters Company and Leadership 🏢

• Founders & Owners: Trusters was created in late 2018 by Andrea Maffi (CEO) with co-management by Laura Maffi. It initially partnered with RE/MAX Italia on real estate projects. In 2022 CrowdFundMe S.p.A. (a Milan-listed alternative finance group) acquired majority shares in Trusters, making it part of a diversified fintech group.

• Management Team: Key executives include Andrea Maffi (CEO) and Laura Maffi (CFO/Administration). Other leaders are Carlo Barbera (Compliance Head), Kevin Barbagallo (Issuer Relations), and Adriana Ciruolo (Customer Service). The team has long experience in real estate and banking.

• Partners/Backers: The platform is backed by CrowdFundMe, which also runs equity and minibond crowdfunding. Through CrowdFundMe, Trusters shares marketing and investor networks. Trusters also integrates payment services via LemonWay (FR payment agent). No third-party guarantors beyond the insurance cover are used.

• Legal Structure: Trusters is a Società a responsabilità limitata (S.r.l.) registered in Italy. It has no separate subsidiaries; it operates under CrowdFundMe’s corporate umbrella. Trusters is regulated as a crowdfunding intermediary under Italian (CONSOB) and EU law.

• Regulation & Licensing: Trusters holds an EU crowdfunding license (Reg. 2020/1503) as of 6 Dec 2023. This grants it cross-border EU status. It is supervised by CONSOB (Italy). Trusters is not a bank: its services and investor funds do not fall under deposit insurance. It is registered as a payment agent (LemonWay) with ACPR, France. The platform complies with CONSOB orders (e.g. no unauthorized guarantees) and has disclosures to investors (warning of loss risk) as required by law.

Trusters Volumes, Activity & Results (2024–2025) 💹

According to official stats and reports, Trusters has steadily grown since 2018. Its site reports 468 projects funded and €85.9M total raised (capital invested by lenders) from Dec 2018 through late 2023. By end-2023, over €33M had been repaid to investors with an average realized yield of 8.46%. (CrowdFundMe press release, Dec 2023.)

• Recent Fundraising (H1 2025): In the first half of 2025 alone, Trusters closed 323 projects, raising about €54.8M (+17% vs H1 2024). Of these, 76.5% of projects finished on time, generating ~€45.7M returned (avg 8.24% interest). A smaller share faced delays: 9.6% on “proroga” (returned €5.7M at 12.67% avg) and 13.6% on “extra proroga” (returned €7.2M at 2.84% avg). Just one project defaulted with total loss of capital (€200k).

• Ongoing Projects (mid-2025): As of 30 June 2025, €24.7M was still active across open projects. Two-thirds (67.6%) were on track with no delays (€16.9M), while 4.5% (€1.1M) were in proroga, and 27.9% (€6.6M) were in extra proroga. (Extra proroga means the project exceeded its extension period and owes interest.)

• Investors: The platform has grown its base, reportedly counting thousands of individual lenders, though exact figures are not public. (No official data found.) CrowdFundMe group’s disclosures note both retail and institutional participants can invest.

• Performance: Historically average ROI targets have been 9–12%. Actual returns depend on project outcomes. H1 2025 yields averaged ~7.8% across projects.

• Defaults/Overdues: Trusters reports very few full defaults: only one (100% capital loss) to mid-2025. However, many projects face delays. Independent reviewers estimate several percent of projects experience late payment issues. The platform’s own reports show ~23% of H1 2025 projects ended late or extra-late.

• Investor Returns: Average net returns (after delay effects) are not publicly summarized. Anecdotally, positive investor feedback cites timely returns from ~80% of projects (per Trustpilot reviews). One user reported 6 repayments out of 33 investments.

(All data above is from platform disclosures or reports. Dates indicated in sources. Always check the latest Trusters reports and statistics for updates.)

Risk Management & Project Screening 🛡️

Trusters emphasizes thorough vetting and ongoing monitoring to mitigate risk. Key practices include:

• Project Selection: A dedicated team (20+ years real estate experience) screens each borrower and project. Criteria include sponsor track record, project feasibility, and local market conditions. Trusters assigns a risk “score” to both the proponent and project, with business plans, financials, and legal documents provided to investors.

• Due Diligence: Borrowers’ companies are analyzed financially; since 2023 Trusters uses third-party credit ratings (Cerved) and enhanced audits of sponsors. The platform introduced stricter issuer selection (eligibility filters) starting 2023.

• Security Measures: From 2025, projects in extra-proroga must provide real collateral (e.g. mortgages, covered bills) on assets to protect lenders. These guarantees help ensure recoveries if a project is late.

• Monitoring & Reporting: Trusters actively monitors active projects, deploying external lawyers and consultants when needed. Investors receive periodic updates via the website; project pages show current status. There is no secondary market, so loans are illiquid (no early sale).

• Insurance: The platform holds an insurance policy (XL Catlin SE) as per EU regulations, although it covers platform operational risks (not investment losses).

• Diversification Tools: The platform allows investors to fund multiple projects across different locations/borrowers to spread risk. Automated tools (if any) are not offered; investors manually build portfolios.

Overall, risks remain high. Trusters explicitly warns that investors may lose part or all of capital. The regulatory profile does add transparency and investor protection (e.g. due diligence standards under EU law), but standard crowdfunding risks apply.

Platform Features & User Experience 💻

Trusters offers a web-based interface in Italian, with the following key features for investors:

• Project Showcase: Each opportunity has a detailed page with property description, financials (cash flow tables), risk score, business plan, and permit documentation. Uniquely, Trusters records project data on a blockchain ledger for transparency. Investors can review these materials before committing funds.

• Investor Dashboard: Registered users deposit funds via LemonWay (credit card or SEPA transfer) into an e-wallet. The FAQ states credit-card deposits require €250–€2,500 per transaction, though actual investable minimum is €250. Funds sit in the wallet until allocated. No deposit fees are charged by Trusters on incoming funds. The dashboard shows available balance and all active investments.

• Investment Options: All open projects are listed (“vetrina”) with filters (e.g. location, interest rate). Investors manually choose projects and enter amounts (starting €250). Multiple investments can be held concurrently. There is no auto-invest or robo-invest feature.

• Communication & Tools: The platform sends email notifications for key events (campaign funded, repayments). Investors receive an annual tax summary. Trusters does not provide custom analyst reports or community chat. However, there is an “Academy immobiliare” program (educational content) on the site.

• Languages & Currencies: Currently, the website and support are only in Italian. All transactions are in EUR. Cross-border EU investors can technically participate (EU license), but documentation is Italian.

• Security: Trusters uses LemonWay (EBA-registered payment agent) for secure payments. User accounts require ID verification (KYC) and two-factor authentication is available.

• User Reviews & Ratings: As of late 2025, Trusters has 307 Trustpilot reviews, 4.1/5. About 61% are 5-star and 25% are 1-star. Positive comments highlight platform ease and clear project info, while negatives cite delays or lack of communication.

Fees and Pricing Transparency 💰

Trusters’ fee model is simple and transparent: investors pay no fees. There are no entry, management, or exit fees charged to lenders. The funding companies (borrowers) cover costs: Trusters charges them an onboarding fee plus a success-based commission on capital raised (details are project-specific). According to TurboCrowd, borrowers pay a success fee on the total amount raised. All fees and commission rates (if any) are disclosed in each project’s terms for the issuer. There are no hidden charges for investors: deposits and withdrawals incur no platform fee, and interest income is paid gross (before legal withholding). Overall, the pricing structure is transparent: funding companies bear the cost, aligning Trusters’ incentives with successful raises.

Negative Publicity and Complaints ⚠️

A number of investor complaints and critical reviews exist online. Common issues include loan delays, defaults, and perceived communication gaps. For example, independent review sites report that a small percentage of projects have experienced payment delays or failures, sometimes without clear explanation. On Trustpilot, one 1-star reviewer (Sept 2025) described losing €1,000 on two defaulted projects and difficulties getting a promised refund. Another user (Sept 2025) criticized the platform’s handling of project status updates and late recoveries. Such posts warn prospective investors to be cautious and diversify.

However, no major regulatory sanctions or criminal issues have been found for Trusters itself. (Only the group’s earlier platform received a CONSOB fine in 2018; Trusters has been cooperative with regulators.) The platform has since strengthened oversight (new collateral requirements, legal monitoring) in response to some investor concerns.

In summary, warning signs include the relatively high share of delayed projects (as reported by the company), and scattered reports of poor customer service or recovery handling on forums. Prospective investors should note these red flags. But it is balanced by official improvements like EU licensing and enhanced processes. Always review the latest independent comments (e.g. Trustpilot or forum threads) before investing.

Milestones & Success Highlights 🌟

• 2018: Trusters founded (Dec 2018) by Andrea & Laura Maffi with RE/MAX partnership. First project funded in Dec 2018.

• 2019–2022: The platform gradually grew, funding dozens of local projects. By mid-2019 it had raised ~€0.48M with 8 projects. No notable awards.

• 2022: CrowdFundMe acquired a majority stake (completing an 85% takeover by mid-2022). This linked Trusters with a NASDAQ-listed fintech and expanded its investor base.

• Dec 2023: CONSOB grants EU-wide crowdfunding license. Trusters announced it had repaid over €33M to investors (avg 8.46% yield) by end-2023.

• H1 2025: Trusters published its semiannual report showing robust activity (323 projects, €54.8M funded), and implemented stronger risk controls (new collateral on overdue loans).

• Partnerships: As part of CrowdFundMe, Trusters leverages a strategic partnership with CrowdFundMe’s equity/minibond platforms to offer portfolio diversification to investors (CEO quotes highlight pairing real estate loans with equity crowdfunding).

• Investor Tools: Early 2025 saw the launch of Trusters’ “Academy” educational series to train investors on real estate crowdfunding (per the site and blog).

• Reputation: Truster’s Trustpilot rating ~4.1/5 with hundreds of reviews suggests decent user satisfaction overall, though a vocal minority of negative experiences exists.

Is Trusters safe and regulated?

Yes. Trusters is authorized by CONSOB under EU Crowdfunding rules (Reg. 2020/1503) since Dec 2023. It is part of the regulated CrowdFundMe group (an Italian-listed fintech). User funds are held with a licensed payment agent (LemonWay) but not in a bank (so no deposit insurance). Crowdfunding investments are high-risk by nature and not covered by state guarantee schemes.

What returns can I expect?

Projected yields vary by deal. Historically, Trusters’ projects aim for ~9–12% gross per year, although actual realized average was ~8.5% The first-half 2025 portfolio averaged ~7.8%. Returns are paid with principal at project end (lump-sum). Note: advertised “interest” is always gross; taxes/withholdings are deducted. No guaranteed minimum – if a project fails you may get nothing.

What are the main risks?

he biggest risks are project default or delay and illiquidity. Borrowers may fail to repay on time (or at all), which can lead to partial or total capital loss. In H1 2025, ~23% of projects were late. The only protection is Trusters’ screening and, for severely overdue loans, collateral guarantees (added in 2025). Other risks include fraud or mismanagement by sponsors (though Trusters claims to vet them). Diversifying across many loans is strongly advised. Remember that crowdfunding loans carry high risk and no legal guarantees.