Media Exposure and Corporate Financing Performance of FinTech Firms: An Empirical Study

Abstract

The rapid expansion of financial-technology (fintech) firms has reshaped global finance, yet the influence of media exposure on their corporate financing performance remains insufficiently explored. Studies on traditional firms indicate that favorable media coverage can reduce information asymmetry and lower financing costs, but there is limited understanding of how tone, timing, and regulatory narratives affect outcomes in the fintech context. To address this gap, this study develops a Media-Signal-Finance (MSF) framework, integrating media-signaling theory with mechanisms of information-asymmetry reduction, and applies a comparative case-study approach to Ant Group (China) and Revolut (United Kingdom). Media data from 2018 to 2024 were coded for tone, intensity, and timing, and matched with financing indicators such as valuation and fundraising success rate. The results reveal that positive, well-timed coverage strengthens investor confidence and enhances fundraising outcomes, whereas negative or regulatory-critical exposure undermines credibility and delays financing processes. This study advances theoretical understanding by linking media signaling with behavioral and institutional factors and provides practical insights for managers, investors, and regulators to strategically manage media visibility during fintech financing activities.