Can you explain Crowdfunding in layman terms?

Crowdfunding is when people come together online to provide funds for a specific project or campaign. The funds raised from the crowd can be for charity, non-monetary rewards or investment, depending on the crowdfunding platform.

Crowdfunding provides transparency and accountability, channeling funds from people to real world projects. Crowdfunding has surpassed $100bn in the US and China and is growing rapidly in Southeast Asia and MENA, with Indonesia expected to hit $10bn by early 2020.