While currently a marginal source of financing, crowdfunding is a rapidly growing new form of financing where a large number of people contribute money directly, or through a crowdfunding platform, to a campaign that is typically advertised over the internet. The Commission has taken some initiatives on crowdfunding in 2013 in the form of soft measures. The Entrepreneurship 2020 Action Plan included awareness-raising, facilitating web entrepreneurs' access to finance, and calling on Member States to adapt their financial legislation to accommodate crowdfunding. This Communication aims to have a clear overview of what EU level action would add value for which crowdfunding models.