Library
For research enquiries or to share crowdfunding resources, please email info@ukcfa.org.uk
2020
22 July 2020
Independent Fintech Strategic Review: terms of reference – Policy Paper
Regulatory Framework for Approval of Financial Promotions (Open Discussion)
26 June 2020
CCAF-World Bank-World Economic Forum Global Covid-19 FinTech Market Rapid Assessment Survey
25 June 2020
Equity investment in smaller UK tech businesses increased 27% to £4.0bn last year
27 February 2020
2019
2 September 2019
Small Business Advice Week Supported by British Business Bank
20 June 2019
British Business Bank Start Up Loans Programme Lends £500m to UK Small Businesses
14 June 2019
UK Smaller Businesses Receive a Record £6.7bn Equity Finance Investment
UK Smaller Businesses Receive a Record £6.7bn Equity Finance Investment
UKBAA Angel Investment Awards 2019
Tuesday 2nd July 2019, Illuminate at the Science Museum, London
UKBAA Angel Investment Awards 2019 Tuesday 2nd July 2019, Illuminate at the Science Museum, London
Connected Investing Manchester
https://www.ukcfa.org.uk/2019/05/17/connected-investing-manchester/
Connected Investing Bristol
https://www.ukcfa.org.uk/2019/05/17/connected-investing-bristol/
Connected Investing Cardiff
https://www.ukcfa.org.uk/2019/05/17/connected-investing-cardiff/
Connected Investing Newcastle
https://www.ukcfa.org.uk/2019/05/17/connected-investing-newcastle/
Crowdfunding in search of the next Apple or Facebook
How young people are piling their savings into start-ups in search of business ‘unicorns’ by Nikou Asgari from Financial Times
Seven Tips For A Successful Crowdfunding Campaign
With the peer-to-peer finance sector now growing at a rate of 35 per cent a year, increasing numbers of UK-based small and medium-sized enterprises are turning to crowdfunding as a viable source of investment capital. But if you’re thinking about raising money in this way during 2019, don’t assume that the platforms’ continuing expansion means you’re guaranteed to achieve your ambitions. Successful pitches require hard work
2018
UKCFA Says News About IFISA Uptake is Great for Investors and the UK Economy
The UK Crowdfunding Association (UKFCA) issued a statement on the IFISA report
Guide to crowdfunding and P2P lending
Crowdfunding and peer-to-peer (P2P) lending have become the funding source du jour – not least with the news of Funding Circle’s expected initial public offering (IPO), valuing the firm at £1.5bn.
UKCFA Welcomes FCA Review of Crowdfunding and P2P Lending
The UKCFA welcomes the publication of the long awaited FCA review of crowdfunding and p2p lending and welcomes the further alignment of P2P and Investment Crowdfunding regulation. The process of the review has involved giving the FCA unprecedented access to our customer data and senior managers to examine all elements of the diverse range of businesses which make up this growing and important sector of financial services.
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive.
Crowdbond platforms set for bigger projects amid fundraising rule change
CROWDBOND platforms may offer bigger projects from later this month after the government approved legislation to increase the threshold for exemption from the Prospectus Directive from €5m (£4.4m) to €8m (£7.07m).
BWB Compliance expands with specialist hire
New hire brings added knowledge and expertise in Peer-to-Peer (P2P) and crowdfunding sectors
FinTech North Liverpool is next week!
FinTech North Liverpool 2018 is on next Tuesday 12th June.
2017
How UK councils are crowdfunding themselves out of a crisis
Taken from The Independent 15 May 2017
Since 2015, 45 councils across the UK have used civic crowdfunding to plug gaps
https://www.ukcfa.org.uk/2017/05/16/how-uk-councils-are-crowdfunding-themselves-out-of-a-crisis/
The National Crowdfunding Association of Canada release a ground-breaking report on the state of the alternative finance crowdfunding industry in Canada.
Fresh Research Just Released
TORONTO, ON December 13, 2016 – The National Crowdfunding Association of Canada (NCFA Canada) and partners are pleased to release a ground-breaking report on the state of the alternative finance crowdfunding industry in Canada.
2016
UKCFA responds to the FCA’s feedback statement relating to their review of the rules for Crowdfunding
Today the FCA published its interim feedback to the call for input to the post-implementation review of the FCA’s crowdfunding rules in Feedback Statement (FS16/13).
UKCFA welcomes launch of updated Business Finance Guide
The UK Crowdfunding Association is delighted to partner with the Institute of Chartered Accountants on the latest edition of the Business Finance Guide.
https://www.ukcfa.org.uk/2016/06/28/ukcfa-welcomes-launch-of-updated-business-finance-guide/
UK Crowdfunding Association responds to EU referendum outcome
The UK Crowdfunding Association (UKCFA) has worked hard to create a more diverse, innovative and resilient financial system that gives people a real choice about how they invest, save and donate their money for things they care about.
https://www.ukcfa.org.uk/2016/06/24/uk-crowdfunding-association-responds-to-eu-referendum-outcome/
London Technology Week: Blitzing Regulation for FinTechs
21-23 June 2016
We’re running workshops for FinTech firms keen to work out their regulatory issues.
https://www.ukcfa.org.uk/2016/06/16/london-technology-week-blitzing-regulation-for-fintechs/
UK Crowdfunding Association elects new Directors at Annual General Meeting
Newly elected UKCFA Directors (from left to right): Bruce Davis, Abundance Generation; Paul Massey, Crowdcube; Martin Smulian, FundingKnight; Karen Kerrigan, Seedrs; Kate Eggleshaw, JustGiving; Justin Hubble, Property Partner; Atuksha Poonwassie, Simple Backing; Julia Groves, Downing LLP; Frank Mukahanana, Quidcycle.
Series 3 of The Seed and EIS Hour begins May 16th
Series 3 of The Seed & EIS Hour begins May 16th and moves to Monday evenings. The Seed & EIS Hour begins its 3rd season on May 16th.
https://www.ukcfa.org.uk/2016/05/06/series-3-of-the-seed-eis-hour-begins-may-16th/
European Crowdfunding platforms unite in support of Capital Markets Union. Call for ambitious reforms of the Prospectus Directive
European crowdfunding platforms, represented by the European Crowdfunding Network, the UK Crowdfunding Association, Financement Participatif France and Nederland Crowdfunding welcome the current EU debates in Brussels regarding the Prospectus Directive, aimed at making it easier for Small and Medium Sized Enterprises (SME) across Europe to raise finance.
Katipult and MANGOPAY partner to bring a new investment crowdfunding software to UK Market
The Canadian company Katipult launches its white-labelled crowdfunding software in the UK. It partners with the payment company MANGOPAY in order to bring a comprehensive and compliant crowdfunding solution to the UK market.
Fintech North spotlights alternative finance in North England
Mark your calendars for the 27th of April for an event that highlights the bursting alternative finance sector in the north of England.
https://www.ukcfa.org.uk/2016/03/21/fintech-north-spotlights-alternative-finance-in-north-england/
Previous
DEEP Centre report, Catalyzing Growth, Investment and Access to Capital, 2013, http://tinyurl.com/q6l33wt
TechCity News, The Future of Crowdfunding, 2013, http://tinyurl.com/ozu9t64
Opalesque, Private Equity Strategies Insiders View: M&A, Crowdfunding Trends – 2013, http://tinyurl.com/mqt4vog
CBI, Ripe for the picking: A guide to alternative sources of finance, 2013, http://tinyurl.com/na99x4y
Show me the Money: Opening up Big Data in Finance http://ow.ly/nevcb
Changing Banking for Good – Report of the Parliamentary Commission on Banking Standards http://ow.ly/mRzMM
Respective scopes of EU and national laws concerning crowdfunding operations. How to change legal framework at both levels http://tinyurl.com/nt95w6x
The Government’s Response to the Parliamentary Commission on Banking Standards http://ow.ly/mRAJB
Crowdfunding for Europe wiki http://www.finpart.org/wiki/index.php/Evolutions-Droit-Europeen-Droit-National
Regulation of Crowdfunding in Germany, the UK, Spain and Italy and the Impact of the European Single Market http://tinyurl.com/l3d5wp5
A Framework for European Crowdfunding (2012) http://ow.ly/mTvyJ
BBVA report, pp.28-34, US Economic Outlook, http://ow.ly/mTrXd
Swept Away by the Crowd? Crowdfunding, Venture Capital, and the Selection of Entrepreneurs http://ow.ly/mTDqh
Can Social Finance Meet Social Need, Robbie Davison, http://ow.ly/mRAcI
Crowdfunding An alternative source of funding with potential. Deutche Bank http://ow.ly/mRG1r
Crowdfunding: The Scottish Perspective, Glasgow Chamber of Commerce and Twintangibles, http://ow.ly/mRAoM
Crowdfunding for Climate Change climate action at the local level? http://ow.ly/mRGhF
Is Crowdfunding Right For You? http://ow.ly/mRFHy
Burtch et al., 2013, Cultural Differences and Geography as determinants of online pro-social lending http://ow.ly/mPxRA
Kuppuswamy et al., 2013, Crowdfunding creative ideas: the dynamics of project backers in Kickstarter http://ow.ly/mPy0q
Read, 2013, Crowdfunding: an Empirical and theoretical model of non-profit support http://ow.ly/mPy5u
Hollow, 2013, Crowdfunding and Civic Society in Europa: a profitable partnership? http://ow.ly/mPycZ
The CDFI Jobs Portal & Crowdfunding Regulations Enhancing the job-creation impact of the Crowdfunding Act through CDFIs http://ow.ly/mPwHQ
Markowitz, E. (2013), “When Kickstarter Investors Want Their Money Back,” Inc., Jan 10, http://ow.ly/mPGXN
Working Collective Intelligence: the case of p2p lending http://ow.ly/mPAu5
Is crowdfunding doomed in Sweden? An empirical examination of institutional logics, perceived affordances, and IT entrepreneurial behaviour Crowds, a metriangulation of crowdfunding research, Gleasure, 2013 http://ow.ly/mPwOC
Sakamoto et al., 2013, Achieving Sustainable Society through Micro-level crowdfunding http://ow.ly/mPxAX
Berglin et al., 2013, Leveraging Customers as Investors: the Driving Forces behind Crowdfunding http://ow.ly/mPyQf
Giudici, 2013, Why crowdfunding can succeed: the role of proponents’ individual and territorial social capital http://ow.ly/mPzwS
Cumming, 2013, Demand driven securities regulations: Evidence from crowdfunding http://ow.ly/mPzLx
NESTA: The Venture Crowd: Crowdfunding Equity Investment into Business http://ow.ly/neviN
Li, 2013, Fraud in crowdfunding and anti-fraud insurance http://ow.ly/mPzTv
M. Moodie, 2013 “Microfinance and the Gender of Risk: The Case of Kiva.org” http://ow.ly/mPxgc
K. E. Davis and A. Gelpern, “Peer-to-Peer Financing for Development: Regulating the Intermediaries”, New York University Law and Economics Working Papers. New York University, 2013. http://ow.ly/mPxrp
Bayus, B. (2013), “Crowdsourcing New Product Ideas Over Time: An Analysis of the Dell IdeaStorm Community,” Management Science, 59 (January), 2013, 226-244, http://dl.acm.org/citation.cfm?id=2432657
Taking on the money lenders 2013 – Lesson from Japan http://ow.ly/mRAYp
Cavaglieri, C. (2013), Crowdfunding: There’s no rush to join the hordes,http://ow.ly/nevsj
http://www.altfinancenews.com/downloads/daringdozen.pdf
http://www.crowdfundinsider.com/2013/10/24754-world-bank-report-crowdfunding/
2012
Crowdfunding: Maximizing the Promise and Minimizing the Peril, http://ow.ly/mRFkd
Crowdfunding in a Canadian Context. Exploring the Potential of Crowdfunding in the Creative Content Industries http://ow.ly/mRFvT
Wortham, J. (2012), “Start-Ups Look to the Crowd,” New York Times, April 29, http://ow.ly/mPLMN
Massolution (2012), “Crowdfunding Industry Report,” Mayl (accessed May 8, 2012). http://ow.ly/mPH7L
Crowdfunding – a report by Adeoluwa Adeniyi http://ow.ly/mRFQT
Bradford, C. (2012), “Crowdfunding and the Federal Securities Laws,” Columbia Business Law Review, 1, 1-150, http://ow.ly/mPMMJ
Burtch, G., A. Ghose, and S. Wattal (2012), “An Empirical Examination of the Antecedents and Consequences of Investment Patterns in Crowd-Funded Markets,” available at SSRN: http://ssrn.com/abstract=1928168, forthcoming in Information Systems Research. http://ow.ly/mPIrU
Gerber, E., J. Hui, and P. Kuo (2012), “Crowdfunding: Why People are Motivated to Post and Fund Projects on Crowdfunding Platforms,” Design, Influence, and Social Technologies Workshop at Computer Supported Cooperative Work, http://ow.ly/mPDzG
Gerber et al., 2012, Why people are motivated to crowdfund. http://ow.ly/mPyIV
Mollick, E. (2012), “The Dynamics of Crowdfunding: Determinants of Success and Failure,” available at SSRN: http://ow.ly/mPHix
Ward, C. and V. Ramachandran (2010), “Crowdfunding the Next Hit: Microfunding Online Experience Goods,” University of Massachusetts Working Paper, http://ow.ly/mRb6R
Hughes, 2012, Virtual worlds, augmented reality, blended reality http://ow.ly/mPA6A
Belleflamme et al., Crowdfunding: An Organisational perspective, Zhang, 2012
Matos, 2012, Crowdfunding: Material incentives & Performance http://ow.ly/mPz0f
Gerber et al., 2012, Crowdfunding: Why people are motivated to post and fund projects on crowdfunding platforms http://ow.ly/mPz7D
Yum et al., 2012, From the wisdom to the wealth of crowds: A Metatriangulation of Crowdfunding Research http://ow.ly/mPBeu
Hermes, 2012, Microfinance: its impact, outreach and sustainability. http://ow.ly/mPxoR
Hazen, T. (2012), “Social Networks and the Law: Crowdfunding or Fraudfunding? Social Networks and the Securities Laws—Why the Specially Tailored Exemption Must be Conditioned on Meaningful Disclosure,” North Carolina Law Review, 90, 1735-1807, http://ow.ly/mPMe0
P. Ly and G. Mason, “Competition Between Microfinance NGOs: Evidence from Kiva”,World Development, vol. 40, pp. 643-655, 2012, http://ow.ly/mPAkK
A. Merritt and T. Stubbs, “Complementing the local and global: promoting sustainability action through linked local-level and formal sustainability funding mechanisms”, Public Administration and Development, vol. 32, pp. 278-291, 2012, http://ow.ly/mPAdv
C. S. Bradford, “Crowdfunding and the Federal Securities Laws”, Columbia Business Law Review, pp. 1-150, 2012, http://ow.ly/mPzVE
I. E. Sorensen, “Crowdsourcing and outsourcing: the impact of online funding and distribution on the documentary film industry in the UK”, Media Culture & Society, vol. 34, pp. 726-743, 2012, http://ow.ly/mPzOK
G. Burtch, A. Ghose, and S. Wattal, “An Empirical Examination of Cultural Biases in Interpersonal Economic Exchange”, in ICIS, 2012, http://ow.ly/mPzE0
L. R. Heller and K. D. Badding, “For compassion or money? The factors influencing the funding of micro loans”, The Journal of Socio-Economics, vol. 41, pp. 831-835, 2012, http://ow.ly/mPztN
H. Yum, B. Lee, and M. Chae, “From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms”, Electronic Commerce Research and Applications, vol. 11, pp. 469-483, 2012, http://ow.ly/mPzlL
P. Ly and G. Mason, “Individual Preferences Over Development Projects: Evidence from Microlending on Kiva”, Voluntas, vol. 23, pp. 1036-1055, 2012, http://ow.ly/mPz9y
L. Dezső and G. Loewenstein, “Lenders’ blind trust and borrowers’ blind spots: A descriptive investigation of personal loans”, Journal of Economic Psychology, vol. 33, pp. 996-1011, 2012, http://ow.ly/mPyNG
S. C. Beer and K. E. Badura, “The New Renaissance: A Breakthrough Time For Artists”,Berkeley Journal of Entertainment and Sports Law, vol. 1, pp. 66-74, 2012, http://ow.ly/mPywC
Judging Borrowers By The Company They Keep: Social Networks and Adverse Selection in Online Peer-to-Peer Lending, Mingfeng Lin, N.R. Prabhala**, and Siva Viswanathan* http://ow.ly/mPydO
J. Duarte, S. Siegel, and L. Young, “Trust and Credit: The Role of Appearance in Peer-to-peer Lending”, Review of Financial Studies, vol. 25, pp. 2455-2483, 2012, http://ow.ly/mPy2J
Shontell, A. and M. Dickey (2012), “17 New Ideas That Are Actually Worth Millions,” Business Insider, http://www.businessinsider.com/17-million-dollar-ideas-on-kickstarter-2012-12?op=1 http://ow.ly/mPFaF
Smith, S., F. Windmeijer, and E. Wright (2012), “The Effect of Social Information on Charitable Donations: Evidence from the (Running) Field,” University of Bristol Working Paper, http://ow.ly/mPFyw
Chasan, E. (2012), “Crowd-Funding Industry Braces for Regulation,” Wall Street Journal, http://ow.ly/mPImK
Bates Wells & Braithwaite (2012): Ten Reforms to Grow the Social Investment Market. http://ow.ly/mPIf3
Best, J., Neiss, S. and Jones, D. (2012): How Crowdfund Investing Helps Solve Three Pressing Socioeconomic Challenges. http://ow.ly/mPI3F
Canadian Media Fund – CMF (2012), ‘Crowd Funding in a Canadian Context: Exploring the potential of crowdfunding in the creative content industries’, http://ow.ly/neDax
2011
Crowdfunding Schemes in Europe http://ow.ly/mRF6h
Belleflamme et al., 2011, Crowdfunding: Tapping the right crowd – http://ow.ly/mPvRd
Sonenshein, 2011, How accounts shape lending decisions through fostering perceived trustworthiness http://ow.ly/mPyve
A. Ordanini, L. Miceli, M. Pizzetti, and A. Parasuraman, “Crowd-funding: transforming customers into investors through innovative service platforms”, Journal of Service Management, vol. 22, pp. 443-470, 2011, http://ow.ly/mPxTT
Horowitz, S. (2011), Occupy Big Business: The Sharing Economy’s Quiet Revolution, http://m.theatlantic.com/
S. Sonenshein, M. Herzenstein, and U. M. Dholakia, “How accounts shape lending decisions through fostering perceived trustworthiness”, Organizational Behavior and Human Decision Processes, vol. 115, pp. 69-84, 2011 http://ow.ly/mPxDv
Jamali, H. and M. Nikzad (2011), “Article Title Type and Its Relation with the Number of Downloads and Citations,” Scientometrics, 88(2), 653-661. http://ow.ly/mPGxn
Ricker, T. (2011), “Kickstarted: How One Company is Revolutionizing Product Development,” The Verge, December 20, . http://ow.ly/mPHGh
Adler, C. (2011), “How Kickstarter Became a Lab for Daring Prototypes and Ingenious Products,” http://ow.ly/mPMsh
Agarwal, A., C. Catalini, and A. Goldfarb (2011), “The Geography of Crowdfunding,” available at SSRN: http://ssrn.com/abstract=1770375
Hemer, J. (2011), “A Snapshot on Crowdfunding,” Fraunhofer ISI Working Paper, , http://ow.ly/mPDl2
Bielsko-Biala Declaration: Realising the full potential of crowdfunding initiatives (2011), http://ow.ly/mPGRX
2010
Herzenstein et al., 2010, Tell me a good story and I may lend you my money: The role of narratives in peer-to-peer lending decisions http://ow.ly/mPyk9
Agrawal, A., Catalini, C., and Goldfarb, A. (2010). The Geography of Crowdfunding. Mimeo. http://ow.ly/mPCDx
Botsman, R. (2010), Rachel Botsman: the case for collaborative consumption, http://www.ted.com/talks/
Mod, C. (2010), “Kickstartup: Successful Fund Raising with Kickstarter.com,” http://craigmod.com/journal/kickstartup/ http://ow.ly/mPHco
Economist (2010), “Putting Your Money Where Your Mouse Is,” September 2, http://ow.ly/mPEnE
Freedman, S., and G.Z. Jin (2010), Learning by Doing with Asymmetric Information: Evidence from Prosper.com. Mimeo. Available on SSRN http://ow.ly/mPDzV
Oestreicher-Singer, G. and Sundararajan, A. (2010). The Visible Hand of Peer Networks in Electronic Markets. Mimeo. http://ow.ly/mPEWj
Ward, C., and Ramachandran, V. (2010). Crowdfunding the Next Hit: Microfunding Online Experience Goods. Mimeo. http://ow.ly/mPF1p
Wooldridge, J (2010), Econometric Analysis of Cross Section and Panel Data, Cambridge, MA: MIT Press. http://ow.ly/mPGdy
2009
Kappel, T. (2009), Ex Ante Crowdfunding and the Recording Industry: A Model for the U.S.?. Loyola of Los Angeles Entertainment Law Review 29: 375-385. http://ow.ly/mPEhj
Rao et al., 2009, Energy-microfinance for below poverty line households in India http://ow.ly/mPxb2
Lin et al., 2009, Judging borrowers by the company they keep: social networks and adverse selection in online peer-to-peer lending http://ow.ly/mPynV
Ghatak, M., and H. Mueller (2009), Thanks for Nothing? Not-forProfits and Motivated Agents. LSE STICERD Research Paper Nbr. EOPP 014. http://ow.ly/mPDGk
2008
Albors, J., J.C. Ramos and J.L. Hervas (2008), New Learning Network Paradigms: Communities of Objectives, Crowdsourcing, Wikis and Open Source. International Journal of Information Management 28: 194-202. http://ow.ly/mPCON
Brabham D.C. (2008), Crowdsourcing as a Model for Problem Solving: An Introduction and Cases. Convergence: The International Journal of Research into New Media Technologies 14: 75- 90. http://ow.ly/mPD7w
Everett, C.R. (2008), Group Membership, Relationship Banking and Loan Default Risk: The Case of Online Social Lending. Mimeo. Available on SSRN: http://ow.ly/mPDrj
Simonsohn, U. and D. Ariely (2008), “When Rational Sellers Face Nonrational Buyers: Evidence from Herding on eBay,” Management Science, 54(9), 1624-1637. http://ow.ly/mPFsj
2007 and before
Howe, J. (2006) The Rise of Crowdsourcing. Wired 14 (6), available online at: http://ow.ly/mPDSv
Markey, P. (2000), “Bystander Intervention in Computer-Mediated Communication,” Computers in Human Behavior, 16, 183-188. http://ow.ly/mPGQE
Ariely, D. and I. Simonson (2003), “Buying, Bidding, Playing, or Competing? Value Assessment and Decision Dynamics in Online Auctions,” Journal of Consumer Psychology, 13(1&2), 113-123, http://ow.ly/mPMBK
O’Reilly, T. (2007), What is Web 2.0: Design Patterns and Business Models for the Next Generation of Software. Communications & Strategies 65: 17-37. http://ow.ly/mPEPn
Glaeser, E.L., and A. Shleifer (2001), Not-for-Profit Entrepreneurs.Journal of Public Economics 81: 99-115. http://ow.ly/mPDNw
Vesterlund, L. (2006), “Why Do People Give?” in W. Powell and R. Steinberg (eds.), The Nonprofit Sector: A Research Handbook, New Haven, CT: Yale University Press, 568-590 http://ow.ly/mRbbZ
Garcia, S., K. Weaver, G. Moskowitz, and J. Darley (2002), “Crowded Minds: The Implicit Bystander Effect,” Journal of Personality and Social Psychology, 83(4), 843-853, http://ow.ly/mPDKl
Latane, B. and S. Nida (1981), “Ten Years of Research on Group Size and Helping,” Psychological Bulletin, 89(2), 308-324. http://ow.ly/mPGDR
Bhid´e, A. (1992), Bootstrap Finance: The Art of Start-ups. Harvard Business Review 70 (66): 109-117. http://ow.ly/mPD2s
Katz, M. and Shapiro, C. (1985). Network Externalities, Competition and Compatibility. American Economic Review 75: 424-440. http://ow.ly/mPEmV