FinTech and financing constraints of enterprises: Evidence from China

•The development of FinTech can significantly reduce firms’ financing constraints.•The beneficial effect of FinTech is partially mediated by facilitating firms’ direct and indirect financing, and by promoting inter-bank competition.•The beneficial effect of FinTech is more pronounced in non-state-owned enterprises, in small- and medium-sized enterprises, and enterprises in the more highly developed eastern region of China.