Recrowd: the investor situation
64 progetti in default, oltre 200 milioni di euro raccolti, piattaforma sospesa dalla Banca d'Italia. Migliaia di investitori sono coinvolti. Insieme possiamo agire.
The situation in numbers
Projects in default
64
Delayed projects
9
Capital raised
>200M EUR
Raised in 2023
69,5M EUR
Trustpilot
1,719 verified reviews
Total reviews
1.719
Average TrustScore
2.8 / 5
1-star reviews
15%
Response rate
32%
Bank of Italy Ruling
Operational suspension ordered on 31 July 2025
La Banca d'Italia ha disposto la sospensione di Recrowd S.r.l., vietando alla piattaforma di intermediare nella concessione di prestiti tramite crowdfunding immobiliare. Via Nazionale ha rilevato criticità legate a governance insufficiente, trasparenza nelle comunicazioni e procedure di compliance inadeguate.
Bloccato: nuovi investimenti e partecipazione a nuove campagne.
Attivo: le campagne già lanciate restano operative, l'assistenza clienti prosegue, il monitoraggio delle operazioni in corso e il funzionamento dei conti di pagamento continuano.
Tuttavia, un impatto sui tempi di rimborso dei progetti già finanziati non può essere escluso.
Recrowd è stata obbligata a predisporre e attuare entro il 31 ottobre 2025 un piano di risanamento dettagliato. Solo l'approvazione della Banca d'Italia potrà riaprire le attività.
What to do now: deadlines and legal actions
Urgent actions
The right to file a criminal complaint expires if not exercised within 3 months from when the investor becomes fully aware of the potential crime (art. 124 Criminal Code). Do not wait.
Proponents could liquidate assets before a civil judgment becomes enforceable. It is possible to request a precautionary seizure (art. 671 Code of Civil Procedure) as a protective measure.
Exercise immediately the right of access to your personal data under art. 15 of EU Reg. 2016/679. Recrowd must respond within 30 days. This includes: personal data, investment history, communications, profiling. In case of platform suspension or cessation, data may become irrecoverable.
Request portability of all data provided to the platform in a structured, machine-readable format (CSV, JSON). This includes invested amounts, dates, returns, digital contracts. The request strengthens the investor's evidentiary position.
Recommended actions
Download and archive immediately: contracts, account statements, official emails, received communications, screenshots. Online materials can be modified or removed at any time.
According to Euroconsumatori (A.E.C.I.), the most effective strategy is to join other investors, pool resources, and rely on a legal team. The Build Lenders case sets a precedent.
Send a written complaint to Recrowd via certified email (PEC) or registered mail, documenting the contractual breach and formally requesting capital restitution.
Associations like A.E.C.I. (European Association of Independent Consumers) have specific experience with real estate crowdfunding cases.
If Recrowd does not respond within 30 days to the access/portability request, or provides an incomplete response, it is possible to file a complaint with the Data Protection Authority (art. 77 GDPR). The Authority can order the platform to comply and impose sanctions.
For contractual disputes with online platforms, the EU provides the ODR platform (Online Dispute Resolution) under EU Reg. 524/2013. It is an additional alternative dispute resolution (ADR) channel accessible to all European consumers.
EU protections: GDPR, ECSP, and consumer rights
EU and Italian regulations protecting investors
GDPR — EU Regulation 2016/679
Il Regolamento generale sulla protezione dei dati si applica a tutti i trattamenti di dati personali effettuati da Recrowd S.r.l. in quanto titolare del trattamento stabilito nell'UE. Gli investitori hanno diritti esercitabili direttamente e, in caso di mancata risposta, tramite il Garante Privacy.
Right of access Art. 15
Obtain confirmation of processing and a copy of all personal data held by the platform: personal data, investment history, communications, profiling data, access logs.
Right to data portability Art. 20
Receive data in a structured, commonly used, and machine-readable format (CSV, JSON, XML). Essential for reconstructing your financial position.
Right to rectification Art. 16
Have inaccurate or incomplete personal data corrected. If amounts, investment dates, or returns are incorrect in the platform's systems, request rectification.
Right to erasure Art. 17
Request the erasure of personal data when no longer necessary. Warning: the platform may refuse if there are legal retention obligations (anti-money laundering, tax).
Right to object Art. 21
Object to processing for direct marketing or profiling purposes. Recrowd must immediately cease processing for such purposes.
Complaint to the Authority Art. 77
If the platform does not respond within 30 days or the response is inadequate, file a complaint with the Data Protection Authority (garanteprivacy.it).
ECSP Regulation — EU Reg. 2020/1503
Il Regolamento europeo sui fornitori di servizi di crowdfunding (European Crowdfunding Service Providers) impone obblighi stringenti alle piattaforme come Recrowd. Le violazioni possono fondare azioni risarcitorie.
Key Investment Information Sheet (KIIS) Art. 23
Each project must be accompanied by a clear, accurate, and non-misleading Key Investment Information Sheet. If the KIIS contained inaccurate information or significant omissions, the platform bears responsibility.
Due diligence obligations Art. 5
The platform is required to carry out a minimum level of due diligence on proponents and projects. Inadequate selection documented by investors may constitute regulatory non-compliance.
Management of conflicts of interest Art. 8
Platforms must identify, prevent, and manage conflicts of interest. Opaque relationships between Recrowd and proponents may constitute a violation.
Business continuity plan Art. 12
In case of business cessation, the platform must guarantee service continuity and orderly management of existing contracts. Investors have the right to continuation of their relationships.
Consumer protection
Gli investitori al dettaglio sono qualificati come consumatori ai sensi del Codice del Consumo (D.lgs. 206/2005) e delle direttive europee. Questo apre ulteriori canali di tutela.
Unfair commercial practices Art. 20-26 Cod. Consumo
If Recrowd presented returns in a misleading way, omitted significant risks, or exerted undue pressure, this constitutes unfair commercial practices sanctionable by AGCM.
Unfair contract terms Art. 33-38 Cod. Consumo
Contract clauses that create a significant imbalance to the detriment of the consumer are void. Clauses exempting from liability or allowing unilateral renegotiation should be examined carefully.
Pre-contractual information Dir. 2011/83/UE
The consumer has the right to receive clear and complete information before concluding the contract: identity of the professional, service characteristics, total price, risks.
Alternative dispute resolution (ADR/ODR) Dir. 2013/11/UE
Consumers can access alternative dispute resolution (ADR) procedures and the European ODR platform to resolve disputes online without going to court.
Le informazioni contenute in questa sezione hanno carattere generale e informativo. Non costituiscono consulenza legale. Per valutare la propria posizione specifica e le azioni da intraprendere, si consiglia di rivolgersi a un avvocato specializzato in diritto finanziario e tutela del consumatore, oppure a un'associazione di consumatori come A.E.C.I.
Main reported issues
Widespread project defaults
Multiple investors report that most funded projects are in default or severely delayed. Some users report default rates above 50 percent of their portfolio.
Failure to return capital
Numerous testimonies indicate the impossibility of recovering invested capital, even years after the contractual maturity of projects.
Insufficient communication
Investors complain of vague responses, communication delays, unreachable customer service, and lack of transparency about the real status of projects.
Inadequate due diligence
Several reviews criticize the selection of proponents and the risk assessment carried out by the platform, deemed superficial or insufficient.
Unilateral renegotiations
Investors report repeated extension and renegotiation requests from proponents, with little protection of investor interests.
Suspension of new proposals
Recrowd has blocked the publication of new investment proposals. The Bank of Italy has been mentioned in several reviews as the regulatory body involved.
Investor testimonials
Reviews from Trustpilot — 1352 reviews, average 3.8/5
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Sources and references
| Source | Title / Description | Date |
|---|---|---|
| Bank of Italy | Operational suspension order of Recrowd S.r.l. | 31 July 2025 |
| Euroconsumatori / A.E.C.I. | Bank of Italy blocks Recrowd: what to do to protect your money | 2025 |
| Euroconsumatori / A.E.C.I. | Bank of Italy blocks Recrowd: what is really happening? | 2025 |
| Il Sole 24 Ore | Recrowd, over 200 million raised since 2019 | 2024 |
| Altroconsumo | Recrowd suspended by the Bank of Italy | August 2025 |
| AziendaBanca | Bank of Italy suspends new campaigns on Recrowd | August 2025 |
| Re2Bit | Stop to new Recrowd operations | 28 August 2025 |
| Parole in Economia | Recrowd and the long wait for 31 October | 5 November 2025 |
| Today.it | Bank of Italy blocks Recrowd: investments halted | 2025 |
| Default-UNITI | Independent coordination of Recrowd investors | 2025–2026 |
| Trustpilot | Recrowd reviews — 1,719 reviews, TrustScore 2.8/5 | April 2026 |
| Criminal Code / Civil Procedure Code | Art. 124 Criminal Code (3-month complaint deadline), Art. 671 Code of Civil Procedure (precautionary seizure) | — |
| European Union | GDPR — EU Regulation 2016/679 on personal data protection | 2016 |
| European Union | ECSP Regulation — EU Reg. 2020/1503 on crowdfunding service providers | 2020 |
| Privacy Authority | Data Protection Authority — Complaint forms | — |
| European Union | Directive 2011/83/EU — Consumer rights | 2011 |
| European Union | Directive 2013/11/EU — Alternative dispute resolution (ADR) | 2013 |
| European Commission | ODR Platform — Online dispute resolution | — |
| Italy | Legislative Decree 206/2005 — Consumer Code (unfair practices, unfair terms) | 2005 |
| AGCM | Competition and Market Authority — Reports | — |
Le recensioni sono di proprietà dei rispettivi autori e sono riportate a scopo informativo. Le indicazioni legali hanno carattere generale e non costituiscono consulenza legale.