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Identifying a single “leading” regulated broker-dealer in the USA for crowdfunding can be subjective and depends on the criteria used (e.g., total funds raised, number of offerings, innovation). However, based on available information, several regulated entities play significant roles in the US crowdfunding landscape:
Key Regulated Broker-Dealers and Platforms in Crowdfunding:
* DealMaker Securities:
* Emerges as a leader when combining Regulation Crowdfunding (Reg CF) and Regulation A+ investment volumes. In 2024, they reportedly led with a total of $172.1 million raised across both regulations.
* This suggests a strong capacity to handle larger and more complex crowdfunding offerings.
* StartEngine:
* Consistently ranks as one of the top platforms for Regulation Crowdfunding.
* They have facilitated a significant amount of investment since their inception (over $500 million and later reported as over $1 billion).
* StartEngine also has its own broker-dealer arms: StartEngine Capital, LLC and StartEngine Primary, LLC, indicating a direct involvement in the regulatory aspects of offerings on their platform.
* They acquired assets of SeedInvest in 2023, further solidifying their position.
* Wefunder:
* Another leading platform in the Regulation Crowdfunding space.
* They have facilitated substantial investment and have a large number of investors participating in their raises.
* Dalmore Group:
* Recognized as a leading broker-dealer providing services to companies raising capital through Regulation A+ and Regulation CF.
* They offer technology and expertise to support issuers in their capital-raising efforts.
* North Capital:
* A financial technology firm and registered broker-dealer focused on private and other exempt securities, including crowdfunding.
* They provide agency brokerage, escrow services, secondary trading, and custody solutions.
* Entoro Group (through Entoro Securities, LLC):
* A boutique investment banking group that also acts as a broker-dealer for Regulation A+ and Regulation CF crowdfunding offerings.
* They can serve as the broker-dealer of record and offer full investment banking services if needed.
* MicroVentures:
* A broker-dealer platform that facilitates investment opportunities, including Regulation Crowdfunding.
* They can also host offerings under other SEC exemptions like Regulation A and Regulation D, which may be available only to accredited investors.
Important Considerations:
* Regulation CF vs. Regulation A+: It’s important to note the distinction between these two primary crowdfunding regulations. Reg CF allows companies to raise up to $5 million from both accredited and non-accredited investors, while Reg A+ allows for larger raises (up to $75 million) but has different eligibility and reporting requirements. Some broker-dealers focus more on one regulation over the other.
* Platform vs. Broker-Dealer: Some entities operate primarily as the online platform (funding portal), while others are registered broker-dealers that may also operate a platform or provide services to issuers on other platforms. Funding portals must be registered with the SEC and be members of FINRA, but broker-dealers have more stringent regulatory requirements.
* Focus Area: Some broker-dealers or platforms might specialize in specific types of crowdfunding, such as equity, debt, or revenue-sharing.
Conclusion:
While DealMaker Securities appears to lead in terms of the total volume of funds raised across both major crowdfunding regulations, platforms like StartEngine and Wefunder are consistently at the forefront of Regulation CF offerings. Dalmore Group, North Capital, and Entoro Group are examples of regulated broker-dealers that provide essential services and infrastructure for companies conducting crowdfunding campaigns. The “leading” entity can vary depending on whether you prioritize the total capital raised, the number of successful offerings, or the specific type of crowdfunding being considered.

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