Perkembangan peran usaha mikro, kecil, dan menengah (UMKM) sangat besar bagi pertumbuhan perekonomian nasional. Hal ini terlihat dari peran UMKM yang dapat memberikan kontribusi sebesar 61% atau setara dengan Rp9,580 triliun rupiah bagi pendapatan domestik bruto (PDB) Indonesia. Meskipun memberikan peran yang besar, tetapi UKM di Indonesia masih dihadapi dengan tantangan terbesar berupa akses terhadap pendanaan. Konsep securities crowdfunding kemudian berkembang di Indonesia melalui POJK Nomor 57 Tahun 2020 tentang Penawaran Efek Melalui Layanan Urun Dana Berbasis Teknologi Informasi yang bertujuan untuk mengakomodasi kebutuhan UKM dalam memperoleh sumber pendanaan. Penelitian ini bertujuan untuk mengidentifikasi faktor-faktor yang memengaruhi penggunaan securities crowdfunding oleh pelaku UKM dengan menggunakan model Unified Theory of Acceptance and Use of Technology (UTAUT) dan perpanjangan tiga faktor lainnya, seperti trialability, perceived trust, dan perceived risk. Penelitian ini dilakukan dengan menyebarkan kuesioner secara daring kepada 102 pelaku UKM di DKI Jakarta yang belum menggunakan securities crowdfunding dan kemudian dianalisis menggunakan SEM-PLS melalui software SmartPLS 4. Hasil penelitian ini menunjukkan bahwa performance expectancy, effort expectancy, social influence, diffusion of innovation, dan consumer behavior memberikan pengaruh yang positif dan signifikan terhadap use behavior, baik yang secara langsung maupun yang melalui behavioral intention sebagai variabel mediasi. Selain itu, performance expectancy, effort expectancy, social influence, diffusion of innovation, dan consumer behavior memberikan pengaruh yang positif dan signifikan terhadap behavioral intention. Terakhir, penelitian ini juga menunjukkan pengaruh yang positif dan signifikan dalam hubungan antara behavioral intention dengan use behavior.

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The development of micro, small, and medium enterprises (MSMEs) plays a crucial role in national economic growth. This is evident from MSMEs’ contribution of 61% or equivalent to Rp9.580 trillion to Indonesia’s gross domestic product (GDP). Despite their significant role, SMEs in Indonesia still face major challenges, particularly in accessing funding. The concept of securities crowdfunding has subsequently developed in Indonesia through POJK Number 57 of 2020 concerning Securities Offerings Through Information Technology-Based Crowdfunding Services, which aims to accommodate SMEs’ funding needs. This research aims to identify factors that influence the use of securities crowdfunding by SME owners using the Unified Theory of Acceptance and Use of Technology (UTAUT) model and three additional factors trialability, perceived trust, and perceived risk. The research was conducted by distributing online questionnaires to 102 SME owners in DKI Jakarta who haven’t used securities crowdfunding, and the data was analyzed using SEM-PLS through SmartPLS 4 software. The research results show that performance expectancy, effort expectancy, social influence, diffusion of innovation, and consumer behavior have positive and significant effects on use behavior, both directly and through behavioral intention as a mediating variable. Additionally, performance expectancy, effort expectancy, social influence, diffusion of innovation, and consumer behavior have positive and significant effects on behavioral intention. Finally, this research also demonstrates a positive and significant influence in the relationship between behavioral intention and use behavior.