The goal of this research project is to assess whether financial services offered by fintech credit platforms and banks are complementary or a substitute for firms; assess the economic consequences of fintech credit supply on firm policies; and examine the response of traditional intermediaries to the competition arising from the presence of new credit platforms.

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The project will benefit from three unique sources of data: proprietary data from a leading Portuguese P2B platform focused on medium-to-long term loans that directly links retail investors to SME borrowers; information on the universe of non-financial corporations operating in Portugal from 2010 to 2018 from Central de Balanços, managed by the Bank of Portugal; and the Central Credit Registry of Bank of Portugal

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Emanuele Rizzo, from the Nova SBE Finance Knowledge Center, was granted the Lamfalussy Research Fellowship from the European Central Bank with this research project. The Lamfalussy Fellowship programme aims to promote high-quality research on the structure, integration and performance of the European financial system. Only up to five fellowships are awarded annually.

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Additional Co-authors from Nova SBE: Miguel Ferreira, Melissa Prado and Afonso Eça

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