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Since the global financial crisis, alternative finance—which includes financial instruments and distributive channels that emerge outside of the traditional financial system–has thrived in the US, the UK and Continental Europe. In particular, online alternative finance, from equity-based crowdfunding to peer-to-peer business lending, and from reward-based crowdfunding to debt-based securities, is supplying credit to small and medium enterprises (SMEs), providing venture capital to start-ups, offering more diverse and transparent ways for consumers to invest or borrow money, fostering innovation, generating jobs and funding worthwhile social causes.