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This study demystifies white-label platforms in crowdfunding and extends recent work on modular service systems. Crowdfunding is based on digital platforms and leverages the resources of an investor crowd to fill equity gaps. Recently, capital seekers have started to source the infrastructure required to manage this "open call" to the public from specialized software providers. Using an exploratory case approach based on a leading European white-label provider of equity crowdfunding platforms, the study analyzes the motives of using white-label platforms and their implications for key stakeholders. The solution can provide a shortcut to capital, allowing pre-selection processes on established platforms to be circumvented. Despite the benefits, the study identifies several risks related to conflicts of interest of providers and platforms. These can negatively impact the quality of investment offerings, data security, and funding transparency. This is one of the first studies to examine crowdfunding platforms from an IS outsourcing perspective.



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