Unlocking Crowdfunding Success: A Configurational Analysis of Macro-Level Drivers in FinTech Ecosystems

This study investigates the critical macro-level conditions that determine the success of crowdfunding platforms, a pivotal segment of the FinTech landscape. We propose a novel configurational theory to decipher how combinations of institutional, economic, and social factors drive platform performance across diverse European economies. Utilizing fuzzy-Set Qualitative Comparative Analysis (fsQCA), we move beyond linear models to reveal that high platform success is not a product of any single factor but emerges from specific, equifinal configurations. Our findings demonstrate that robust crowdfunding ecosystems can thrive even in contexts with less advanced technological infrastructure, provided there is a synergistic interplay of platform governance, institutional trust, regulatory quality, and economic competitiveness. This research contributes to the FinTech literature by reframing crowdfunding success as a complex, context-dependent phenomenon, offering valuable insights for platform developers, regulators, and investors seeking to foster vibrant digital financing environments.