Crowdfunding can be labeled in many different ways: as “a financial innovation,” “fintech,” “the fastest growing financial industry,” or “the next big thing in financial inclusion.” The term “crowdfunding” typically describes a method of financing whereby small amounts of funds are raised from large numbers of individuals or legal entities, to fund a business, a specific project, individual consumption or other needs, bypassing traditional financial intermediaries and using online web-based platforms to connect borrowers with investors. Definitions of crowdfunding vary as demonstrated, but they have in common the following key components: (i) raising funds in small amounts, (ii) from many to many, while (iii) using digital technology.