Crowdfunding has become an important channel for financing entrepreneurial projects that conventional banking and venture capital often overlook. In recent years, crowdfunding platforms have increasingly engaged with sustainability, supporting ventures committed to social and environmental impact. 

However, little is known about whether platforms that prioritize sustainability gain strategic advantages, and under what cultural conditions such strategies are effective. This study examines 573 equity crowdfunding platforms (ECF) across 37 OECD countries over the period 2008–2023. The study finds that platforms with a social orientation outperform other platforms in terms of investor participation and campaign success. 

However, the cultural environment plays a key role: the benefits of sustainable positioning are weaker in countries with high levels of cultural individualism and masculinity, where collective engagement and social responsibility are less embedded in social norms. 

The results demonstrate that sustainability can be a source of competitive advantage in digital finance, but its effectiveness depends on contextual conditions. These findings carry relevant implications not only for platform managers and entrepreneurs but also for regulators and policymakers promoting sustainable finance and inclusive digital markets.