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ИД «Финансы и кредит»






Finance and Credit

Crowdfunding as a modern form of financing

Vol. 27, Iss. 1, JANUARY 2021

Received: 5 November 2020

Received in revised form: 19 November 2020

Accepted: 3 December 2020

Available online: 28 January 2021

Subject Heading: Banking

JEL Classification: G11

Pages: 22–40


Elena B. STARODUBTSEVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Marina B. MEDVEDEVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. The article considers the specifics of crowdfunding as a digital platform, on which basis participants attract and invest funds in the global financial market, as well as the relationships between the participants of this process.
Objectives. We focus on positive and negative features of crowdfunding as a financial innovation, its place and role in modern investment activities.
Methods. The study draws on methods of logical, statistical analysis and synthesis, and comparative analysis techniques.
Results. The performed analysis of relevant works enabled to define the concept of crowdfunding, crowdfunding platform, show advantages and disadvantages of this type of financing, identify its functions, and make a comparative analysis of modern forms of financing, such as venture capital financing, business angels, and crowdfunding. The paper highlights and analyzes the participants of the crowdfunding process, the forms of income, the main subtypes of crowdfunding, depending on the forms of generated income, crowdinvesting in particular.
Conclusions. Crowdfunding, as a platform for attracting funds, is possible only if there is public confidence in the financial and banking system, and stable development of the economy. On the other hand, there should be trust and reliable cooperation between all participants of this process.

Keywords: crowdfunding, crowdfunding platform, investment, crowdinvesting


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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