The financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The concluThe financial disintermediation mechanism known as “loan-based-crowdfunding” has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The conclusion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors. sion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors.

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