Crowdfunding Platform “Röntgen” Marks Milestone with €200 Million Raised
Real estate crowdfunding platform “Röntgen” has entered the summer with a symbolic milestone—over €200 million raised from investors. The platform's rapid growth is driven not only by an attractive balance of returns and security measures but also by the trust of experienced developers.
Today, crowdfunding can be considered one of the most popular investment directions in Lithuania. Last year, the national annual market reached €278 million. Investors are particularly drawn to the opportunity to engage in the centuries-old global principle of lending for real estate development secured by collateral. Thanks to technology and the supervision of the Bank of Lithuania, this opportunity—once exclusive to professionals or large capital managers—has become accessible to small investors starting with as little as €100.
Still, as Röntgen’s partner Greta Zarembiene notes, in its early days, the platform and the entire sector had to earn the trust of both investors and developers. Despite growing trust, Röntgen chose a more conservative path from the start, focusing on project quality and on-time repayments rather than offering the highest interest rates.
“So exceeding the €200 million milestone this month is more than a celebratory moment for us—it’s proof that investors are voting with their money for realistic expectations, caution, and transparent communication. It’s easy to overpromise, but our philosophy has always been sustainable growth and a high-quality loan portfolio. Lithuanian investors now see us as a reliable way to protect and moderately grow their capital,” says Zarembiene.
Evolving Market and Investor Attitudes
Although Lithuania was one of the first countries in the world to regulate crowdfunding through specific legislation in 2016, the market and Röntgen itself gained significant momentum only during the COVID-19 pandemic. Early on, platforms had to explain how they worked and why they were trustworthy. However, developer interest and activity have grown steadily. Early regulation and sound central bank oversight helped Lithuania's crowdfunding market avoid the shocks seen in neighboring countries.
During the pandemic, and later amid war and inflation-related crises, Röntgen and the broader market grew nearly twofold each year. The breakthrough intensified as investors adapted to these events and interest rates declined. Over the past year, Röntgen’s active loan portfolio doubled to €63 million, with a target of €80 million by the end of 2025.
According to Zarembiene, the global turmoil starting in 2020 was challenging but also proved the resilience of Röntgen and the value of fixed-return investments backed by real assets during volatile times.
“Early on, some platforms tried to attract users with high returns and flexibility, but we always took a conservative approach to project selection. Over time, consistent interest payments and loan repayments proved more important than bold promises. We’re no longer viewed as an exotic choice but as a tested financial solution. Developers now see us as reliable and flexible partners that support their plans with funding, insights, and expertise,” she adds.
Shifting Investor Preferences
Investor expectations have changed as well. At the start of the decade, many speculated with stocks or cryptocurrencies. Some Röntgen users chased higher returns but later returned to real estate-backed crowdfunding after realizing the risks. As central bank policies relaxed, investors had to accept lower returns across debt markets, but most chose to stick with proven instruments and partners.
“So we’re entering this year and the €200 million milestone in a mature phase. Our investors’ values and trust, along with our growing activity, now allow us to work with the most solid real estate projects—the kind that attract funding from banks, credit unions, and specialized funds. Delivering on promises and creating satisfied homebuyers is what builds a sustainable and trustworthy market,” says Zarembiene.
The Developer’s Role
Though investor activity is critical, Röntgen’s other cornerstone is real estate developers. They must choose Röntgen as a capital source and, after due diligence, implement projects, pay interest, and repay loans.
Zarembiene explains that attracting the best developers is a challenge for Röntgen’s conservative platform. Still, developers are drawn by flexibility—such as phased financing, low fees, the option to invest equity, and the team’s ability to navigate unique situations. In return, developers get an involved and experienced partner, while public exposure and hundreds of investors can enhance reputation and help with sales.
One notable example is “Rinvest,” a well-known Vilnius-based developer. Since 2021, Rinvest has financed large-scale residential projects like “Riverland,” “B Kvadratu,” and “Nexto” through Röntgen.
Rinvest’s Development Director Giedrius Krazauskas recalls that the first collaboration with Röntgen came only after a year of discussions—even for an experienced company with access to traditional loans, due diligence was needed.
“Developers were initially skeptical about platforms’ ability to raise the needed capital. Today, several hundred million euros are raised annually, and successful cases attract more developers. Each platform is judged differently, and we value Röntgen as the most flexible and personalized lender,” says Krazauskas.
While banks may offer better rates in later project stages, flexibility, speed, and a tailored approach also carry financial value. During the war and inflation crisis, Röntgen’s willingness to find compromises helped complete over 150 units in the “B Kvadratu” complex.
Zarembiene notes that such partnerships benefit both sides.
“Thousands of Lithuanian investors benefit financially from these partnerships. Homebuyers get more quality options. For investors, it’s a way to join formerly exclusive opportunities alongside experienced players,” she explains.
To date, over €30 million has been raised for Rinvest projects on Röntgen. Other major developers on the platform include a “Citus” group company with €8.2 million in loans and “Avadi,” a prominent Kaunas developer, with €9 million.
What’s Next
Röntgen has started 2025 strong: €34 million was raised between January and May—almost 50% more than the same period last year. According to Zarembiene, investor activity is driven by a recovering housing market and a resilient Lithuanian economy. Investors are particularly drawn to Röntgen’s quality portfolio and bank-like low default rates.
Additionally, it’s been nearly a year since Röntgen began operating as a financial services group.
“Last year, our group launched ‘Rontgen Asset Management’ (UAB ‘Ketvirta diena’), a fund management company developing aviation, real estate, and private debt funds. We’re listening to our investors and will likely introduce more financial products,” says Zarembiene.
According to the Bank of Lithuania, Röntgen has been the second-largest crowdfunding platform in terms of financing volume since 2023. It stands out with conservative project selection, a quality loan portfolio, and a strong focus on the Lithuanian real estate market.
With continued developer activity, Röntgen forecasts raising €80 million in 2025—almost 25% more than in 2024.