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Crowdfunding and ‘Disintermediation’

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  • Ana Odorović

    (Universität Hamburg)

Abstract

This chapter analyses the resemblance of crowdfunding to traditional actors: financial intermediaries, information intermediaries (gatekeepers), and providers of entrepreneurial finance. Positioned between direct and indirect finance, platforms facilitate transactions without becoming contractual parties. Yet they often engage in activities such as screening, monitoring, and risk assessment—functions typically associated with financial intermediaries. Their role more closely resembles that of information gatekeepers, assuming functions of exchanges, brokers, underwriters, advisors, and rating agencies. The scope and depth of these services vary across crowdfunding models. However, the accumulation of multiple gatekeeping functions can dilute their quality and create tensions between them. Business crowdfunding also shares key features with traditional providers of entrepreneurial finance.

Suggested Citation

  • Ana Odorović, 2025. "Crowdfunding and ‘Disintermediation’," International Law and Economics,, Springer.
    • Handle: RePEc:spr:intchp:978-3-032-04118-0_2
    DOI: 10.1007/978-3-032-04118-0_2
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