Sustainability, Innovation, and Equity Crowdfunding Performance: Evidence from the Italian FinTech Ecosystem

This study investigates the role of equity crowdfunding (ECF) within the evolving landscape of sustainable digital finance. Specifically, it examines how sustainability-oriented and innovation- driven business projects, promoted by young Italian firms (both Start-ups and SMEs), attract investment through ECF platforms. Although sustainability and innovation are increasingly recognised as strategic pillars of inclusive growth, limited evidence exists on how these dimensions interact under the new regulatory paradigm of EU sustainable finance and fintech transformation. Using a hand-collected dataset of 297 ECF campaigns launched in Italy between 2014 and 2023 across ten major platforms, we develop continuous performance indicators—Success Intensity and Relative Average Invested Capital—to capture the multidimensional nature of campaign outcomes. Empirical results reveal that firms with stronger innovation capabilities are more likely to propose sustainability-oriented projects and to attract larger pledges from investors. However, neither sustainability nor innovation alone guarantees campaign success: financial fundamentals such as target amount, pre-money valuation, and equity offering remain significant drivers of investor behaviour. These findings contribute to the growing literature on fintech-enabled sustainable finance and responsible investing by framing ECF as a complementary channel that supports ESG capital mobilization and enhances financial inclusion