Netcapital operates an online equity crowdfunding portal (netcapital.com) that allows private companies to raise capital from both accredited and non-accredited investors under SEC Regulation Crowdfunding (Reg CF). Private companies list on the portal, publish an offering page, and accept investments from the general public. Netcapital charges issuers a flat $5,000 listing fee and a 4.9% success fee on capital raised at closing, plus takes a 1% equity stake in every issuer that successfully closes an offering. Revenue is therefore driven by the number of companies listing and the total capital those companies raise. In FY25, 49 issuers closed offerings, raising a combined ~$10.6M through the portal. The platform is largely automated, with a relatively fixed cost structure and a registered investor base of over 100,000 users. Netcapital recently received FINRA approval for a broker-dealer subsidiary, Netcapital Securities, which can support larger Reg A offerings (up to $75M per issuer), charging a $25,000 listing fee and a 4.9% success fee — a meaningfully higher fee opportunity than Reg CF deals. Netcapital also holds a portfolio of minority equity stakes in past and current issuers, valued at ~$5.7M as of April 2025, accumulated through portal fees and a now-discontinued consulting-for-equity model. Growth initiatives include expanding Reg A deal flow through the broker-dealer, growing the investor base, and a secondary trading platform for private securities developed in partnership with Templum Markets, though that rollout is currently paused.