The Number of FINRA Regulated Funding Portals Declines


In the past, CI has tallied the number of FINRA-regulated Funding Portals active in the Reg CF (Regulation Crowdfunding) sector. Funding Portals are intermediaries created by the JOBS Act of 2012 – the legislation that enables online capital formation. These platforms are kind of a Broker Dealer light.

Funding Portals may enable firms (issuers) to raise up to $5 million in an online securities offering. Frequently, Funding Portals will also allow firms to utilize Reg D 506c and Reg A+ to raise money as well. While Reg D is only available for Accredited Investors and issuers can raise an unlimited amount of funds – frequently, a Reg CF and Reg D offering will be paired to help the issuer to raise more than $5 million. As for Reg A+, this exemption allows firms to raise up to $75 million from both Accredited and Non-Accredited Investors. The offering entails significant disclosure and must first be “qualified” by the Securities and Exchange Commission.

It has been some time since we published an update on the number of Funding Portals regulated by FINRA. We have to go all the way back to September 2023. At that time, there were 88 Funding Portals listed as active. At one point, the number was over 90, but today, the number has declined, for the first time, to 84.

As for shuttered Funding Portals, or platforms that gave up the qualification, there are now 39 no longer in operation.

There are also several funding portals that are listed as regulated but have been suspended. These number four.

So, what has changed since September?

ALAO Invest, once no more, is back again. The ALAO Invest website is now called Commonwealth is an investment platform that allows investors to back professional athletes for as little as $50 a share. Commonwealth acquired In April, ALAO Invest and simultaneously raised $4.5 million.

At that time, Brian Doxtator, Co-Founder and CEO of Commonwealth, stated:

“Our mission is clear: providing athletes with a platform to raise money while inviting fans to support and share in their remarkable journeys. With this acquisition, we’re not just providing access to transparent funding; we’re freeing athletes to focus on their careers without the weight of financial stress. It’s a step towards democratizing sports and fostering a fair, athlete-centric industry. And for our vibrant community, it’s a front-row seat to thrilling experiences and lifelong memories.”

Commonwealth previously sold shares in Kentucky Derby winner Mage.

Community Bond or MainStreetBond is new to the list.  Based in Connecticut, Main Street Bond is an early stage platform that currently shows two offerings on the platform.

Eman Equity is an Islamic Finance platform. Under Shariah law, debt is not allowed, but equity is. The Shariah-compliant platform does not have any listings live.

Loupt is another early-stage platform. It has a single live offering, but it may be a test issuer as the platform is completed.

PocketProperties is a real estate investment platform that appears to have several test offerings live on the site.

Pyrium is another new platform, but currently, there are no domains listed for this Funding Portal.

Sengbe or Kingvest is an early-stage platform based in California. There are no live offerings on the site.

That is it for the new Funding Portals.

It is important to note that Broker-Dealers may also enable offerings issued under Reg CF. Several of the newer platforms are not Funding Portals but BDs. There is also a movement for self-hosted securities offerings, where an issuer promotes the offering on their website, but the transaction takes place on a platform. There are pros and cons to this approach, but for issuers with a significant customer base or social media following, this may be a more productive path.

As for the number of Funding Portals, there are only a few that dominate the sector. It is not known how many are profitable (IE sustainable). Many industry insiders anticipate a consolidation of the industry at some point in the future.

You may see the list FINRA regulated Funding Portals and download it below.


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