The alternative finance industry is a young industry and there is not a universally accepted taxonomy yet to describe the different actors in the industry. In The European Alternative Finance Benchmarking Report from Cambridge University (February 2015) this issue was already addressed. The Benchmarking Report followed the taxonomy of nine categories of business that had been constructed in defining and segmenting the UK alternative finance market in previous studies. We choose to follow this taxonomy as well and focus in our research on the four following types of crowdfunding:

• Donation based crowdfunding
• Reward based crowdfunding
• Peer-to-Peer lending (where possible subdivided into consumer and business lending)
• Equity based crowdfunding

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