A Tale of Three Musketeers of Alternative Finance: Stagnating Microcredit, Growing P2P Online Lending and Striving for Slow Money

Par Djamchid Assadi, Arvind Ashta, Aymeric Jung


In the aftermath of the funding problems that swept the world after the 2006-2008 financial crises, people took the initiative to find alternative sources of funding by bypassing the conventional financial institutions. Alternative finance links individuals who have extra funds with those who need them. While different types of alternative finance seem to address similar issues, as a function of solidarity and cooperation in a demanding market, they have not experienced the same performance. Why? This paper aims to provide insights to answer this question. Three types of alternative finance are considered: microcredit (microfinance), P2P online lending (crowdfunding), and slow money.
JEL Codes: G20


  • microcredit
  • P2P online lending
  • slow money
  • rationale
  • customer value
  • revenue stream
  • technology
  • governance
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