Crowdfunding emerged as a new way of raising capital post the financial crisis of 2008 and gave startups an alternative to venture capital and private equity funding. Crowdfunding helps businesses and other organizations raise money in the form of donations or investments from multiple individuals. Even though traditional channels of raising capital benefited venture capitalists and private equity firms, people who wanted to invest in startups were left out. This led to investment crowdfunding.
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In Financial literacy is a mirage, Myles Udland highlights an important and under-discussed point about consumer FinTech in the US: the problem is not necessarily how people handle money; the problem is that they don’t have any. There are limits to how much FinTech can really do to drive financial health, and faced with growing inequality and diminishing social mobility, it may be time to explore how policymakers can help FinTech to promote financial health.
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