Are Digital Finance Markets Inclusive? Evidence From Equity Crowdfunding Investors

Digital finance promises to reduce barriers in financial markets, yet its inclusiveness remains uncertain. This paper examines individual investors in equity crowdfunding (ECF) using data from 20,209 registered users on Italy's largest ECF platform. We analyze gender, age, location and ethnicity in investment decisions. Our findings challenge traditional finance views: women and ethnic minorities invest more and in larger amounts, while younger individuals invest less, contradicting assumptions about digital finance appealing to youth. No significant differences emerge between rural and metropolitan investors, suggesting that digital access alone does not eliminate geographic barriers.