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Online peer-to-peer (P2P) lending, one of the most successful technology-enabled initiatives in the fintech revolution, has drastically changed the way individual investors and borrowers meet and transact. While prior research has found herding among investors at the listing level, such social behavior has been underexplored at a macro, platform level. In this study, we attempt to fill this gap by examining whether subsequent investors follow their predecessors’ actions when choosing which platform to invest, and if so, how various platform attributes and regulations moderate herding behavior. We collected a novel data set from leading platforms in a large P2P lending market. Our baseline analysis reveals that herding exists at the platform level. Using a multilevel model, we further identify several interesting moderators: the investor’s herding behavior is accentuated by platforms’ market share and the cumulative …