Crowdfunding as an Alternative to MSME Financing: Trends, Challenges, and Opportunities (an Systematic Literature Review)

This study aims to explore the role of crowdfunding as an alternative financing source for Micro, Small, and Medium Enterprises (MSMEs) through a systematic literature review (SLR) approach. The review analyzes 30 selected articles from relevant national and international journals addressing crowdfunding for MSMEs. Findings reveal that crowdfunding has significantly grown alongside digital transformation and has become an integral part of the fintech ecosystem. Various crowdfunding models, such as reward-based and equity-based, offer adaptable options to meet the specific needs of MSMEs. However, major challenges—such as low digital literacy, inadequate regulatory frameworks, and infrastructural disparities—hinder broader adoption. On the other hand, the integration of advanced technologies like artificial intelligence and multi-stakeholder collaboration presents promising prospects for future development. This research concludes that strengthening the crowdfunding ecosystem requires policy harmonization, financial and digital literacy programs, and inclusive technological support. The findings offer both theoretical and practical contributions for policymakers, business actors, and platform developers in promoting inclusive and sustainable financing access for MSMEs in Indonesia