I think we might just get caught up in definitional differences. To me, whomever bears the financial risk of an enterprise capitalizes it. No financial system is necessary. 1/

So, if I devote many hours and my own resources to putting together a business, I'm financing it, even if no "financial transfers" are involved. The resources, including my labor, had alternate uses that could have converted to money. 2/

I've forgone that money, and if the business fails to work out, it's a loss. In that sense, I bear financial risk, even if no formal finance was brought to bear. 3/

Someone always bears such a risk, whether it is an elaborate skein of players as modern financial systems enable, or just a solo entrepreneur. In that sense, financial risk-bearing is a necessary factor of production. 4/

To me it is what "financial capital " means. No money or banks or anything else are necessary to bring it into existence. Just the fact that all economic production entails risk, and some party must bear that risk, must therefore "capitalize" the production. /fin