What Drives Investors in Fintech Lending? Firm-Level Evidence from Indonesian Platforms

Ali Rama (Universitas Islam Negeri Syarif Hidayatullah Jakarta)

Signifikan : Jurnal Ilmu Ekonomi
Vol. 15 No. 2 (2026)

Research Originality: This study offers a novel firm-level perspective on fintech lending by examining platform characteristics, addressing a gap in the literature that has predominantly focused on campaign-level or aggregate data, and extending signaling theory to fintech contexts. Research Objectives: The study aims to investigate the determinants of investor participation in fintech lending platforms in Indonesia, focusing on platform age, outstanding loan volume, Shariah compliance, and platform scope. Research Methods: The analysis uses cross-sectional data from 85 licensed fintech lending platforms and applies multiple regression with robust standard errors, controlling for financial performance (ROA, ROE), firm size (assets), and default risk (TWP90). Empirical Results: The findings indicate that platform age, lending scale, and Shariah compliance positively and significantly influence investor participation, whereas platform scope does not. Implications: The study highlights the importance of credibility, scale, and ethical positioning in attracting investors. It provides insights for platform operators to strengthen trust and for regulators to enhance transparency and stability, supporting the development of a sustainable fintech lending ecosystem. JEL Classification: G23, G41, D82 How to Cite:Rama, A. (2026). What Drives Investors in Fintech Lending? Firm-Level Evidence from Indonesian Platforms. Significan; Jurnal Ilmu Ekonomi, 15(2), 531-542. https://doi.org/10.15408/sjie.v15i2.50636.