Using proprietary data of virtually all unsecured working capital loans to small businesses in Brazil, we find that online Peer-to-Peer (P2P) lenders focus on smaller and riskier firms already served by banks. P2P clients get lower interest rates compared to traditional banks. Once they borrow...

Fintech innovations – innovations by financial services providers based on digital technology – are widely believed to have a disruptive effect on the financial services industry. The purpose of the paper is to investigate how financial services industry participants perceive the effect of...

New technology promises to expand the supply of financial services to small businesses poorly served by the banking system. Does it succeed? We study the response of FinTech to financial services demand created by the introduction of the Paycheck Protection Program (PPP). We find that FinTech is...