Equity crowdfunding (ECF) platforms play a central role in digital finance by connecting entrepreneurs with investors through online marketplaces. As digital platforms, many ECF operators have begun expanding internationally, yet little is known about whether this cross-border exposure improves their performance and why. 

This study analyzes 317 European ECF platforms over 2008–2023 and finds that international platforms outperform domestic ones, especially in attracting investors. Internationalization leads to stronger engagement with ESG (Environmental, Social, and Governance) practices, which in turn increases platform credibility, investor trust, and market reach. 

ESG orientation acts as a bridge between global expansion and improved performance, acting as a mediating factor. These findings show that platforms internationalize successfully when they match cross-border growth with a visible ESG strategy, suggesting that performance in digital finance increasingly depends on sustainable governance and responsible investment alignment.