Identification and Modeling of Crowdfunding Risk Indicators in FinTech-Based Businesses Based on the Combined Approach of Thematic Analysis and Partial Least Squares in SEM

The purpose of this research is to identify and model crowdfunding risk indicators in FinTech-based businesses based on the combined approach of thematic analysis and partial least squares in SEM. The research population consists of the professors and experts of the certified crowdfunding platforms of Iran, including Pars Funding, Karnekrad, Dungi, Hamafarin, Phoenix, and IBkrad. In the qualitative part, the opinions of 12 experts were used using the purposive judgment method. In the statistical part and based on the power analysis method, the opinions of 290 experts related to the research topic were used in the mentioned platforms. The process of data analysis was carried out in two stages, which includes identifying the risk of crowdfunding in FinTech-based businesses through interviews and using theme analysis method and relations evaluation, fitting, testing the research model, and achieving the final model through questionnaire and modeling tools of structural equations. The research results showed that the risk of crowdfunding in FinTech-based businesses is divided into two main parts. The risk of internal factors, including lack of quick liquidity, conflict of interests between entrepreneurs and investors, high failure rate, equity dilution, lack of control over all aspects of investment, lack of transparency, limited information, possibility of fraud and corruption, risk of contracts and transactions, improper valuation, operational risk, and the risk of external factors, including market risk, macroeconomic risk, and lack of coordination in regulations.