Peer-to-peer (P2P) lending networks on crowdfunding platforms: development perspectives in Kazakhstan

Purpose of the research. The purpose of this article is to assess the effectiveness of the current state and development of alternative financing through crowdfunding platforms, to define the conceptual framework of crowdfunding, crowdfunding platforms, and marketplaces, and to characterize crowdfunding and peer-to-peer (P2P) lending networks as a way of investing funds. The research aims to analyze the comparative effectiveness of different crowdfunding models (crowdlending, crowdinvesting, and P2P lending) in Kazakhstan and provide practical recommendations for their development.

Methodology. The research employs comparative analysis, synthesis, abstract-logical methods, system analysis, cause-and-effect analysis, as well as monographic and statistical data analysis. The study is based on data from the Astana International Financial Centre (AIFC), the Astana Financial Services Authority (AFSA), and the Ministry of National Economy of the Republic of Kazakhstan for the period 2020–2025. Statistical data were collected from official reports, platform registries, and regulatory publications. Data reliability was ensured through cross-verification of multiple official sources, and all data collection and analysis adhered to principles of scientific ethics. Data on crowdfunding platforms such as iKapitalist, Proportunity, InvestRoom, and GoCrowd were also utilized. Cross-checking of multiple data sources and adherence to ethical standards ensured the reliability and scientific validity of the results.

Originality / value. The development of small and medium-sized enterprises (SMEs) implementing projects in priority industries is facilitated not only by access to traditional sources of financing, such as bank loans, stock issuance, and bonds, but also by the use of alternative investment mechanisms such as crowdfunding, crowdinvesting, and crowdlending. The lack of financial resources significantly limits the further activities of small and medium-sized enterprises.

Findings. The use of crowdfunding financing and P2P lending opens new horizons for the development of SMEs in Kazakhstan. The proposals in this article can be applied as a mechanism for supporting SMEs and increasing funding for small and medium-sized enterprises. The article also discusses the legal regulation of crowdfunding financing and the relevance of using crowdfunding as an essential tool to support innovative projects for both individuals and legal entities. The comparative analysis of crowdfunding models in Kazakhstan reveals distinct advantages and limitations. Crowdlending is the fastest-growing model, enabling SMEs to access short-term capital with lower interest rates than banks. Crowdinvesting allows investors to acquire equity stakes, offering higher potential returns but involving greater risks. P2P lending, while still underdeveloped in Kazakhstan, provides a direct mechanism for financing between individuals without intermediaries, although it remains largely unregulated.

1. Ronan Gruenbaum (2015): Crowdfunding [Electronic resource] / Making Social Technologies 1. Ronan Gruenbaum (2015): Crowdfunding [Electronic resource] / Making Social Technologies Work // Part of the series Palgrave Pocket Consultants. Pp. 19-21. Access mode: http://ink.springer.com/chapter/10.1057/9781137024824_3 (accessed: 20.11.2016).

2. Nadine Scholz (2015): The Relevance of Crowdfunding [Electronic resource] / The Impact on the Innovation Process of Small Entrepreneurial Firms. Springer Fachmedien Wiesbaden. – Access mode: http://ink.springer.com/book/10.1007/978-3-658-09837-7 (accessed: 20.11.2016).

3. Maramychin M. S. Financial Instruments of New Industrialization in the Realities of the Crowd Economy // URL: http://www.usue.24.03.04.2020.

4. Kuznetsov V. A. Crowdfunding, Current Issues of Regulation // Money and Credit. 2017, No. 1.

5. Yatsenko T. S. The Problem of Investor Rights Protection in Crowdfunding: Investment Risks and Ways to Overcome Them // Journal of Russian Law. 2019, No. 8.

6. Sedelnikov S. R. Collective Financing of Innovations - Current State and Prospects of Crowdfunding // Creative Economy. - 2015. - Vol. 9. - No. 4. - Pp. 495-508.

7. Crowdfunding in Russia [Electronic resource] // Rusbase. - 2012. - August 6. – Access mode: http://rusbase.com/news/kraudfanding-v-rossii.

8. Mechik S. V. Crowdfunding as a Method of Attracting Financing Sources for Startups // Economics and Entrepreneurship. - 2015. - No. 12-4. - Pp. 690-692.

9. Kiselev D. A., Fokanova V. A. Crowdinvesting as a Source of Financing for Small Businesses in an Economic Crisis // Science Time. - 2015. - No. 11(23). - Pp. 246-250.

10. Spiridonova E. V., Shumovskaya A. S., Soshnikov D. S. Innovative Ways of Project Financing: Theory and Practice of Crowdfunding // Russian Entrepreneurship. - 2016. - Vol. 17. - No. 17. - Pp. 2179-2192. — doi: 10.18334/гр.17.17.36531.

11. Mikhailyuk M. N., Chinazirova S. K., Kostenko R. V. Crowdfunding as an Investment Attraction Tool in the Innovation Sector of the Economy // New Technologies. 2020. Vol. 16, No. 6. - Pp. 116-122.

12. Kazachenok O. P. Peer-to-Peer (P2P) Lending as a Modern Tool of Alternative Financing // Bulletin of the University named after O. E. Kutafin (MGUA). — 2018. — No. 10 (50). — Pp. 147-155.

13. Kuznetsova O. A. Economic and Social Nature and Legal Form of Crowdfunding Relations // Perm Legal Almanac. Annual Scientific Journal. — 2019. — No. 1. — Pp. 473-483.

14. Sarnakov I. V., Sleptsova Yu. M. Legal Horizons of P2P, P2B, and B2B Lending in Russia // Lawyer. — 2018. — No. 5. — Pp. 17-24.

15. Nikitina N.V., Anisimov A.P. Crowdfundingas a mechanism for attracting investments in the digital economy // Fundamental Research. — 2025. — No. 1. — Pp. 62-67.

16. Wang, Y., & Li, J. (2025). Reward-Based Crowdfunding: A Systematic Literature Review. Management Review Quarterly, Vol. 75, No. 2, pp. 134–158. – Access mode: https://link.springer.com/article/10.1007/s11301-025-00544-2 (accessed: 20.09.2025).

17. Kim, S., & Park, H. (2025). Crowdfunding Amidst FinTech Winter: Complement or Substitute? Journal of Risk and Financial Management, Vol. 18, No. 3, Article 154. – Access mode: https://www.mdpi.com/1911-8074/18/3/154 (accessed: 20.09.2025).

18. Ahmed, T., & Zhao, L. (2025). Blockchain and Stablecoin Integration for Crowdfunding: A Framework for Enhanced Efficiency, Security, and Liquidity. arXiv preprint. – Access mode: https://arxiv.org/abs/2501.11145 (accessed: 20.09.2025).

19. Rahman, M. et al. (2024). Crowdfunding for Innovation: A Comprehensive Empirical Review. Future Business Journal, Vol. 10, Article 387. – Access mode: https://fbj.springeropen.com/articles/10.1186/s43093-024-00387-5 (accessed: 20.09.2025).

20. Liu, Y., & Chen, X. (2024). Uncovering the Themes and Trends in Crowdfunding Research Using LDA. Management Review Quarterly, Vol. 74, No. 4, pp. 512–540. – Access mode: https://link.springer.com/article/10.1007/s11301-024-00427-y (accessed: 20.09.2025).

21. Mensah, E., & Osei, K. (2024). Does Crowdfunding Contribute to Digital Financial Inclusion? Research in Globalization, Vol. 6, Article 00479. – Access mode: https://www.sciencedirect.com/science/article/pii/S2590051X24000479 (accessed: 20.09.2025).

22. Bianchi, F., & Romano, G. (2025). Boosting Crowdfunding via Knowledge Ecosystems: An Exploratory Analysis. Journal of Knowledge Management, Vol. 29, No. 1, pp. 45–62. – Access mode: https://www.emerald.com/insight/content/doi/10.1108/jkm-08-2024-0949/full/html (accessed: 20.09.2025).

23. Singh, R., & Mehta, P. (2025). Dynamics of Entrepreneurial Behaviour for Crowdfunding: Insights from a Hybrid Review. Kybernetes, Vol. 54, No. 3, pp. 290–315. – Access mode: https://www.emerald.com/insight/content/doi/10.1108/k-09-2024-2568/full/html (accessed: 20.09.2025).

24. Putra, A., & Rahmawati, S. (2025). Crowdfunding in Indonesia: A Systematic Literature Review. EAI Proceedings, Vol. 2, pp. 112–125. – Access mode: https://eudl.eu/doi/10.4108/eai.11-9-2024.2354433 (accessed: 20.09.2025).

25. D’Amico, L., & Rossi, P. (2024). Crowdfunding, Social Capital and Sustainability: A Ten-Year Bibliometric Overview. IBIMA Business Review, Article 177889. – Access mode: https://ibimapublishing.com/articles/IBIMABR/2024/177889/177889-2.pdf (accessed: 20.09.2025).

26. AFSA. (2025). AFSA launches consultations on regulatory amendments to Capital Markets, Digital Assets and Crowdfunding frameworks. Retrieved from: https://aifc.kz

27. AFSA. (2025). AFSA informs about plans on regulatory framework development in 2025 — Crowdfunding sector. Retrieved from: https://aifc.kz

28. Newsline. (2023). Collective financing develops in Kazakhstan. Retrieved from: https://newsline.kz

29. The Astana Times. (2024). Number of Fintech Startups Quadruple in Kazakhstan. Retrieved from: https://astanatimes.com