Founders don’t usually think about their funding portal choice again once a raise is live — until something prompts the question. Sometimes it’s a portal’s own service or fit; sometimes it’s public news about a portal’s regulatory standing, like the SEC’s August 2026 complaint against Netcapital, which alleges the company overstated revenue through sham consulting agreements with issuers on its platform. That complaint reflects allegations only — it hasn’t been proven in court, and no judgment has been entered against the individuals still contesting it. But it’s a real example of the kind of development that reasonably makes an issuer ask: what would it actually take to move my raise somewhere else?
This guide walks through that process.
Can you switch funding portals during an active Reg CF raise?
Yes, but not by simply transferring your offering. An active Form C offering is tied to the portal it was filed on. To move it, you generally need to withdraw the current offering and file a new one on the new portal — there’s no direct transfer mechanism under Regulation Crowdfunding.
What is a Form C-W, and when do you need one?
A Form C-W is the SEC filing that formally withdraws an offering. You’d file this if you intend to stop your current raise rather than let it run to its scheduled close or amend it in place. It’s a straightforward filing, but it has real consequences: once filed, the offering is over, and solicitation and investor commitments on it stop.
What happens to investor commitments if you withdraw?
Your escrow agent returns any committed funds to investors. Investor money should never move directly between portals — it goes back to the investor, and if they want to invest in your new offering once it’s live elsewhere, they do so as a new, independent commitment. Nothing carries over automatically, and any communication to investors about the transition should be clear on that point.
How long does a portal transition take?
Plan for a real onboarding runway on the new portal: compliance review of your Form C, KYC/AML setup, escrow setup, and campaign build. Having raised before doesn’t shortcut this process. Most issuers should expect this to take several weeks, not days — plan your investor communications and campaign timing accordingly.
Will your financial statement requirements change?
Possibly not, but it’s worth confirming. Under Item 29 of Form C, the required level of financial statement review (CPA-reviewed versus audited) depends on your aggregate amount raised to date and your offering history, not on which portal you’re using. If you’ve raised before, that history follows you and should be confirmed early with your new portal’s compliance team.
Should you tell your investors why you’re switching?
If you’re withdrawing an active offering, yes — transparency matters, both practically and for trust. Keep it factual: what’s happening, why, and what they need to do next if they want to invest again once your new offering is live. It’s not necessary, and generally not advisable, to characterize your prior portal in that communication — keep the focus on your company and its plans.
What should you look for in a new portal?
The same fundamentals that matter in any portal evaluation: SEC registration and FINRA membership in good standing, a clear escrow and KYC/AML process, transparent fees, and a compliance team that answers direct questions plainly. See our companion guide, What Reg CF Issuers Should Know About Evaluating a Funding Portal, for the full framework.
FundingHope is an SEC-registered, FINRA-member Reg CF funding portal. If you’re weighing a transition, active raise or not, we’re glad to walk through what that would look like for your specific situation.
