Abstract
Since the start of legislative regulation in 2019, the volume of the crowdlending market in Russia has grown significantly. However, despite the need for a deep analysis of the dynamics of its development, most of the publications are devoted only to the quantitative measurement of indicators associated with it. In this review, a qualitative study was carried out and considered the reasons why market participants resort to this financial instrument, as well as the risks they face. The analysis showed that the rapid growth of the market in recent years is due to the influx of borrowers from the sphere of small and medium-sized enterprises (SMEs), which have difficulty accessing traditional lending. Many such borrowers, in turn, causes a high risk of default for investors, and, as a result, a decrease in interest in crowdlending platforms. Some platforms, to minimize risks, focus on working with a narrow, solvent SME segment. The results of the analysis showed the need to continue the policy of market regulation by the Central Bank to protect the interests of all participants and develop crowdlending as an alternative tool that is in demand by both borrowers and investors.
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