Digital Finance for SMEs and Stasrtups: Literature Review and Research Proposals

Digital finance is reshaping the entrepreneurial context by reshaping how businesses access and manage financial resources. In particular, tools such as crowdfunding and peer-to-peer (P2P) lending are contributing to reducing information asymmetries, broadening access to credit, and shifting trust toward algorithmic and reputational mechanisms. In this context, this study aims to develop a conceptual framework that clarifies the relationship between digital finance and entrepre neurial activity, while also assessing the current state of knowledge on the risks associated with digital financial instruments and the evolving role of credit rating systems. To address these goals, a systematic literature review based on 172 peer-reviewed articles was conducted in accordance with PRISMA guidelines. The results identify key thematic clusters and reveal the interdisciplinary nature of research in this area, reflecting the convergence of finance, entrepreneurship, and digital innovation. It offers a structured synthesis of existing literature and provides theoretical and practical insights for scholars, policymakers, and practitioners interested in the role of digital tools in entrepreneurial finance.