Venture Capital, Credit, and FinTech Start-Up Formation: A Cross-Country Study

Dimitrios Kolokas, Tom Vanacker, David Veredas, Shaker A. Zahra

Research output: Contribution to journalArticlepeer-review

3 Scopus citations


Growing FinTech entrepreneurship is a recent global phenomenon. Drawing on the national innovation systems framework, we examine how countries’ venture capital (VC) and credit markets differently affect FinTech entrepreneurship across countries. We argue that with their established and globally diffused norms and practices, VC investors—but not banks—require a critical mass of FinTech entrepreneurship in a country to more positively influence FinTech entrepreneurship. Moreover, we argue that VC and credit markets are substitutes, especially in countries with more FinTech entrepreneurship. Using quantile regressions on data from 53 countries, we find support for our hypotheses.

Original languageEnglish (US)
JournalEntrepreneurship: Theory and Practice
StateAccepted/In press - 2020

Bibliographical note

Funding Information:
We thank the Editor and anonymous ETP reviewers for their valuable comments and constructive feedback. A prior draft of this paper benefited from presentations at the 2019 Babson College Entrepreneurship Research Conference. We further thank seminar participants at the Vlerick Business School for constructive feedback. Dimitrios Kolokas acknowledges funding from the Vlerick Business School Academic Research Fund and Tom Vanacker acknowledges support from the University of Bergamo in the form of a visiting research fellowship.

Publisher Copyright:
© The Author(s) 2020.


  • FinTech entrepreneurship
  • credit
  • entrepreneurial finance
  • national innovation systems
  • venture capital


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