Are Digital Finance Markets Inclusive? Evidence FromEquity Crowdfunding Investors

Digital finance promises to reduce barriers in financial markets, yet its inclusiveness remains uncertain. This paper examinesindividual investors in equity crowdfunding (ECF) using data from 20,209 registered users on Italy's largest ECF platform. Weanalyze gender, age, location and ethnicity in investment decisions. Our findings challenge traditional finance views: womenand ethnic minorities invest more and in larger amounts, while younger individuals invest less, contradicting assumptionsabout digital finance appealing to youth. No significant differences emerge between rural and metropolitan investors, suggestingthat digital access alone does not eliminate geographic barriers