Digital Invest Germany participated in the International Conference on Alternative Finance Research 2026 in Málaga
On April 8th, 2026, Digital Invest Germany participated in the International Conference on Alternative Finance Research 2026 in Málaga. The event brought together academics, platform operators, regulators, and technology providers to discuss current developments and future directions in alternative finance. Karsten Wenzlaff contributed as a moderator in the Platform Leaders Programme, leading a session on data, and also participated in a panel discussion on the future of crowdfunding.
A central theme of the conference was a fundamental question about the evolution of the sector: after two decades of crowdfunding, is the industry transforming finance or primarily digitising existing models? This question, raised during a panel discussion, resonated across the event and framed many of the subsequent debates.
Participants reflected on the significant growth of crowdfunding over the past 20 years, including the scaling of platforms, the establishment of regulatory frameworks, and the professionalisation of operations. At the same time, discussions highlighted that much of this growth has been achieved by adopting structures from traditional finance, such as lending and equity models, rather than developing entirely new approaches.
Several structural challenges were identified during the conference. These included issues around trust and deal quality, the economic sustainability of platforms, limited liquidity due to underdeveloped secondary markets, and ongoing cross-border fragmentation within Europe. While these challenges are not new, the conference provided a platform for openly addressing them and exploring potential solutions.
Another important topic was the gap between the original vision of crowdfunding and current market practices. In particular, it was noted that some community-oriented initiatives, such as energy cooperatives, are raising capital independently of crowdfunding platforms. This has raised questions about whether existing platform models sufficiently support community-driven financing and long-term engagement with investors.
Technology was discussed as an important enabler, particularly in areas such as artificial intelligence, tokenisation, and digital infrastructure. However, participants emphasised that technological innovation alone will not address the core challenges of the sector. Instead, greater coordination between platforms, shared standards, and practical implementation were identified as key factors for future development.
Looking ahead, discussions at the conference outlined different possible pathways for the evolution of crowdfunding. These range from further integration with traditional financial systems to more community-oriented models or hybrid approaches combining both elements. The conference highlighted that the direction the sector takes will depend on how industry participants choose to address these strategic questions in the coming years.
Link: Are We Transforming Finance or Just Digitising It? | GECA
