Financial Intermediation in the FinTech Era: the Crowdlending Platforms

Olena HAVRYLCHYK * Professeure d'économie, Université de Paris 1 Panthéon-Sorbonne ; chercheuse, Centre d'économie de La Sorbonne. Contact : olena.havrylchyk@univ-paris1.fr.

Marianne VERDIER ** Chercheur, CRED (TEPP), Centre de recherches en économie et droit ; professeur d'économie, Université Paris II Panthéon Assas ; co-fondatrice, Chaire de recherche finance digitale. Contact : marianne.verdier@gmail.com.

This articles studies the role of P2P lending platforms in the financial intermediation.

Online platforms allow matching credit demand with credit supply according to various risk and risk characteristics. Unlike banks, P2P lending platforms do not transform maturity and risk. However, they can organize secondary markets that allow an exchange of credit contracts. Some platforms attempt to provide a fixed revenue stream to lenders.

The regulators have to ensure that platforms act in the interest of lenders to achieve efficient and stable financial intermediation.