Funding Portals, a new type of intermediary created by the JOBS Act of 2012, were established to facilitate online capital formation through Reg CF, or Regulation Crowdfunding.
Reg CF allows a firm to issue or sell securities to anyone, raising up to $5 million in any given year. The smallest securities crowdfunding exemption has become a niche offering, often paired with Reg D 506(c), which has no funding cap but can solicit accredited investors.
Today, according to the most recent review of public information, 73 FINRA-registered funding portals exist, with three names on the list suspended. So far this year, only one new funding portal has launched: Aequitas.
While Funding Portals may list securities under Reg CF, they may also facilitate shares under Reg A and Reg D. At the same time, broker-dealers may support the full stack of securities exemptions.
This segment of capital markets has long been dominated by just a handful of platforms. The top ten by deal flow are as follows:
| 1 | Wefunder | Funding portal | H1 leader at $39.4M Reg CF. Still the volume engine in Aug. |
| 2 | DealMaker Securities | Broker-dealer, not an FP | H1 $27.5M Reg CF; #1 overall if you add Reg A+ (~$140M A+ in H1). July leader at $7.3M. |
| 3 | StartEngine | Funding portal + BD | H1 $24.3M Reg CF; also material Reg A+. Consistently #2–#3. |
| 4 | Equifund | Funding portal | ~$11.5M H1 Reg CF in the DealMaker recap of the same Kingscrowd report; ~$45.6M combined with Reg A+. |
| 5 | Republic (OpenDeal Portal) | Funding portal | ~$9.7M H1 Reg CF; $4.4M in Q1 alone. |
| 6 | Issuance Express (Jumpstart Micro) | Funding portal | $2.9M in Q1. Smaller H2 print, still in the next tier. |
| 7 | Honeycomb | Funding portal | $2.8M in Q1; high offering count (community/small-business debt). |
| 8 | Climatize | Funding portal | $2.1M in Q1; one of the Aug top four. Climate-project debt. |
| 9 | Netcapital | Funding portal | $0.7M Q1, then a strong July ($2.2M). Still listed by FINRA despite the May pivot talk. An enforcement action is also pending. |
| 10 | Fundify / SMBX / Small Change | Funding portals | Next rung. Fundify popped in a mid-year 30-day window; SMBX and Small Change show up as active but low-dollar. |
- Wefunder
- StartEngine Capital
- Equifund
- Republic
- Issuance Express
- Honeycomb
- Climatize
- Netcapital
- Fundify
- SMBX / Small Change
In the first half of 2026, Reg CF issuers raised $139.5 million, down 28% from H1 2025. Several theories seek to explain the decline, including competition from traditional securities markets, which have seen a resurgence in initial public offerings, and excitement around investing in artificial intelligence firms. Competition from crypto and newer prediction markets also plays a role.
The following platforms led the market: Wefunder ranked #1 on Reg CF, followed by DealMaker and StartEngine.
While the Reg CF market has been challenged this year, potential changes to online capital formation could upend the private securities markets. There have been discussions about raising the Reg CF funding cap to $20 million. The definition of an Accredited Investor could also change, removing current discriminatory requirements for investor participation, perhaps mitigating some of the market for Reg CF.
There is also the new Reg CA, or Regulation Crypto Asset, which will soon be ubiquitous on investment platforms.
The complete list of FINRA Regulated Funding Portals is available below.
