Peer-to-peer (P2P) lending networks on crowdfunding platforms: development perspectives in Kazakhstan

Purpose of the research. The purpose of this article is to assess the effectiveness of the current state and development of alternative financing through crowdfunding platforms, to define the conceptual framework of crowdfunding, crowdfunding platforms, and marketplaces, and to characterize crowdfunding and peer-to-peer (P2P) lending networks as a way of investing funds. The research aims to analyze the comparative effectiveness of different crowdfunding models (crowdlending, crowdinvesting, and P2P lending) in Kazakhstan and provide practical recommendations for their development. Methodology. The research employs comparative analysis, synthesis, abstract-logical methods, system analysis, cause-and-effect analysis, as well as monographic and statistical data analysis. The study is based on data from the Astana International Financial Centre (AIFC), the Astana Financial Services Authority (AFSA), and the Ministry of National Economy of the Republic of Kazakhstan for the period 2020–2025. Statistical data were collected from official reports, platform registries, and regulatory publications. Data reliability was ensured through cross-verification of multiple official sources, and all data collection and analysis adhered to principles of scientific ethics. Data on crowdfunding platforms such as iKapitalist, Proportunity, InvestRoom, and GoCrowd were also utilized. Cross-checking of multiple data sources and adherence to ethical standards ensured the reliability and scientific validity of the results. Originality / value. The development of small and medium-sized enterprises (SMEs) implementing projects in priority industries is facilitated not only by access to traditional sources of financing, such as bank loans, stock issuance, and bonds, but also by the use of alternative investment mechanisms such as crowdfunding, crowdinvesting, and crowdlending. The lack of financial resources significantly limits the further activities of small and medium-sized enterprises. Findings. The use of crowdfunding financing and P2P lending opens new horizons for the development of SMEs in Kazakhstan. The proposals in this article can be applied as a mechanism for supporting SMEs and increasing funding for small and medium-sized enterprises. The article also discusses the legal regulation of crowdfunding financing and the relevance of using crowdfunding as an essential tool to support innovative projects for both individuals and legal entities. The comparative analysis of crowdfunding models in Kazakhstan reveals distinct advantages and limitations. Crowdlending is the fastest-growing model, enabling SMEs to access short-term capital with lower interest rates than banks. Crowdinvesting allows investors to acquire equity stakes, offering higher potential returns but involving greater risks. P2P lending, while still underdeveloped in Kazakhstan, provides a direct mechanism for financing between individuals without intermediaries, although it remains largely unregulated.