The History and Evolution of Crowdfunding: From The Irish Loan Fund to Digital Era

Crowdfunding has a long history that began in the 1700s with the establishment of The Irish Loan Fund by Jonathan Swift, aimed at providing loans to the less fortunate in Dublin. In 1852, Credit Unions emerged as nonprofit institutions offering low-interest loans to their members. Later, in 1976, Prof. Muhammad Yunus pioneered the Grameen Bank and microfinance project in Bangladesh, which was also funded by members or donors with low-interest rates. Modern crowdfunding began in 1997 when the British rock band Marillion funded their tour through fan donations.