Digital finance has the potential to democratize access to entrepreneurial investment. The study examines 20,209 registered users on Italy’s largest equity crowdfunding platform between 2016 and 2023 to assess whether participation in digital finance is inclusive across gender, ethnicity, age, and geography. 

The findings show that women and ethnic minority individuals are more likely to invest and contribute higher amounts than their counterparts, while younger individuals invest less. No significant differences emerge between rural and metropolitan investors, suggesting that digital access alone does not eliminate geographic barriers. 

These findings challenge the traditional assumption that online finance automatically attracts youth or urban users, and they indicate that digital finance can reduce, but not eliminate, structural inequalities in access to investment opportunities.