Crowdfunding: Alternative Funding Model or Generalization of Market Intermediation for SMEs and Start-Up Companies?

Crowdfunding has been initially presented as an alternative model to fund risky projects from the crowd. The authors study the recent evolution of regulation and the development of multiple partnerships between banks and platforms that lead to a re-financialization of the initial model. The authors show that the development of crowdfunding does not lead to a disintermediation movement but, on the contrary, it generalizes market intermediation by offering a financial market tool adapted to private equity.