The founders of the crowdfunding industry had some lofty ideas. Why should people in need of cash – from individuals seeking loans to businesses raising money – be stuck with conservative institutions such as banks? And why should people prepared to provide that cash not be able to do so directly? Using technology, crowdfunding platforms connected these two groups, cutting out the middlemen in financial services.
The government was keen to support this innovation. In 2016, it launched the innovative finance (IF) individual savings
