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FinTech lending and equity and debt platforms around the world and in Italy

Author

Listed:
  • Salvatore Cardillo

    (Bank of Italy)

  • Antonio Ilari

    (Bank of Italy)

  • Silvia Magri

    (Bank of Italy)

  • Giorgio Meucci

    (Bank of Italy)

  • Mirko Moscatelli

    (Bank of Italy)

  • Dario Ruzzi

    (Bank of Italy)

Abstract

This paper provides evidence on Fintech platforms operating around the world and in Italy, in both lending and funding through debt and equity financing. The platforms act as facilitators, connecting borrowers with potential lenders (individual or institutional investors); with the required authorizations, they can also operate as direct lenders. Excluding China, the volume of transactions has continued to grow in recent years, reaching 113 billion dollars in 2020. Loans represent the main activity, while funding is mostly provided by institutional investors. In Italy too, there has been marked growth in the activities of these platforms, primarily those related to business lending and invoice trading. Despite the considerable growth observed in recent years, Fintech lending still represents a small share of overall loans in all the main countries. At international level, there is an open debate about the necessity to adopt a level playing field, in order to avoid regulatory arbitrage. Possible financial stability concerns regard the lack of official and comparable data across countries about the platforms’ activity.

Suggested Citation

  • Salvatore Cardillo & Antonio Ilari & Silvia Magri & Giorgio Meucci & Mirko Moscatelli & Dario Ruzzi, 2022. "FinTech lending and equity and debt platforms around the world and in Italy," Questioni di Economia e Finanza (Occasional Papers) 702, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_702_22
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2022-0702/QEF_702_22.pdf
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    More about this item

    Keywords

    fintech; crowdfunding; social lending; invoice trading; technological innovation; alternative finance;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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