Jumpstart Micro, a FINRA-regulated funding portal, has experienced a change of ownership, according to public filings.
Funding portals are regulated platforms that may issue securities under Reg CF or Regulation Crowdfunding. These intermediaries were created under the JOBS Act of 2012 to facilitate online capital formation. Today over 90 Funding Portals are in operation, but the sector tends to be dominated by a handful of platforms.
Currently, an issuer (or company) may raise up to $5 million using the Reg CF exemption, but frequently Funding Portals will also offer securities under Reg A+ and Reg D, with Reg A+ able to raise up to $75 million and Reg D may raise an unlimited amount but only to accredited investors.
Jumpstart Micro has listed a few securities offerings in the past, but today has no live funding rounds as of today.
In a document filed with the Securities and Exchange Commission, Darren Marble of Issuance is now listed as CEO, with a new address posted as located in California. Previously, Stephen Catanzo was listed as a contact with an address affiliated with the platform in Sarasota, Florida.
The filing with the SEC indicates it was submitted due to an amendment that “reflects a change in control of the funding portal and change of qualified third party.” Another individual currently listed as an executive is Julian Hardman.
Fortress Trust is listed as a qualified third party in the document, which is a company that was founded by Scott Purcell, who also founded Prime Trust. Purcell exited Prime Trust to launch Fortress Financial Technologies, where he is now CEO.
Issuance is a platform that has largely operated in the Reg A+ and Reg D 506c sectors, helping issuers to raise capital online. Issuance reports having facilitated over $250 million in online capital formation to date. With the addition of Jumpstart Micro, it appears that Issuance may be able to add Reg CF services to its tech stack.