Crowdfunding as an element of digital financial infrastructure

The article reveals the results of the research into the peculiarities of crowdfunding functioning as an element of digital financial infrastructure in the conditions of transformation of the Russian economy. The article analyses the key trends in the development of investment-oriented models, including crowdfunding and crowdinvesting, as well as the factors contributing to the growth of interest in this instrument on the part of citizens, private investors and entrepreneurs. The article highlights the role of investment platforms in democratising access to capital, providing alternative financing for small and medium-sized businesses, and stimulating innovative and entrepreneurial activity. Based on the statistics of the Bank of Russia and expert assessments, positive changes have been identified: an increase in the number of investors, growth in the volume of funds raised, and improved regulation.

At the same time, the article draws attention to the existing risks - insufficient legal protection of participants, frequent cases of non-return of funds, lack of reliable information, threats from fraudsters, and decreased interest in crowdfunding when the economic situation changes. It is pointed out that it is necessary to improve the regulatory framework, increase financial literacy, develop transparency standards, introduce verification mechanisms, and audit projects. The potential for integration of Russian crowdfunding into the global financial system under the condition of a comprehensive approach to risk management is noted. The authors conclude that crowdfunding is an important element of the modern digital economy, which, with proper regulation and risk management, contributes to the expansion of access to investment, support for entrepreneurship, and sustainable economic growth.

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