This dissertation combines aspects from classical microfinance and online commercial crowdlending in order to investigate several aspects which are important, but still under-researched in the field of crowdlending through socially-oriented investors in microfinance.
Kiva’s intermediation-based microfinancing model has extensively been researched regarding several topics. However, we noticed a lack of knowledge regarding the credit default risk of microborrowers which results in financial losses for investors. Additionally, very little is known about the
MFIs which are the core of this microfinancing model. But this is important as MFIs are simultaneously financial intermediaries and recipients of interest-free
capital. This thesis addresses these two gaps in empirical research. It aims to shed light on, firstly, the determinants of credit default risk and, secondly, the characteristics of the MFIs in the context of microfinancing through the worldwide
crowd. The third part of this dissertation provides very first insights on the funding behavior of investors who enable microloans requested in developed countries via Kiva’s direct peer-to-peer model without intermediation.
The research projects contribute to the literature on microfinance and crowdlending through examining MFIs refinancing their loan portfolio with interest-free debt capital, analyzing credit risk factors and discussing the funding behavior of investors who enable microloans in a developed country
