Offering Types
Reg A+, Reg D, or Reg CF? Compare the offering types.
Issuance is a technology platform used by companies raising capital under Regulation A, or under Rule 506(b) or 506(c) of Regulation D. Reg CF offerings run through our funding portal subsidiary, Issuance Express. Compare who can invest, how you reach them, how much you can raise, what you file, and how long it typically takes, then talk to your securities lawyers and to us.
An Issuance team member will reach out to set up a platform demo at a time that works for you.
Compare offering types
Four offering types, side by side.
Who can invest, how you reach them, how much you can raise, what you file, and how long it takes all depend on the exemption. Reg A and Reg D run on the Issuance platform; Reg CF runs through Issuance Express.
| 01Regulation A“Mini-IPO”How Issuance helps | 02Regulation D 506(c)For broader reachHow Issuance helps | 03Regulation D 506(b)For your trusted networkHow Issuance helps | 04Regulation CFCommunity roundsHow Issuance Express helps | |
|---|---|---|---|---|
| Who can invest | Retail and accredited investors | Accredited investors only, each one verified | Unlimited accredited investors and up to 35 non-accredited investors | Accredited and non-accredited investors |
| Outreach | Mass-market reach, like a traditional public offering | Broadly market your deal to the public | Only investors you have an existing relationship with; no public marketing | Your community: customers, fans, and supporters |
| Raise limit | Up to $75M a year | No limit | No limit | Up to $5M in a 12-month period |
| Disclosure and filing | A Form 1-A offering circular, filed with the SEC and qualified by the SEC | Broadly, the most autonomy for the least disclosure; no requirement to have two years of audited financials | Broadly, the most autonomy for the least disclosure | A complete Form C, filed with the SEC; the offering runs through a funding portal |
| Typical timeline | Typically 3–4 months from start to qualificationSource: How to Market a Reg A+ (Aug 2023) | Only a Form D is required to be filed, which can generally be completed in a matter of hours after the first capital is raisedSource: How to Market a Reg D 506(c) (Jun 2023) | Reg D simplifies filing: as under 506(c), only a Form D is requiredSource: Navigating Capital Raises: Get Funded Faster With Reg D (Jul 2025); How to Market a Reg D 506(c) (Jun 2023) | A Form C usually takes a few weeks to draft, review, and file; most successful campaigns last 2–3 monthsSource: How to Market a Reg CF (Sep 2023) |
| Runs on | The Issuance platform | The Issuance platform | The Issuance platform | Issuance Express, our funding portal subsidiary |
A summary of the explanations on this page, not legal advice. Timelines are the estimates in our guides, dated as shown; every offering is different. Issuance does not provide legal or tax advice; consult your securities lawyers to ensure compliance with all SEC requirements before you launch.
Regulation A
“Mini-IPO” Fundraising
Often dubbed the “Mini-IPO”, Regulation A offerings are open to both retail and accredited investors, but have a longer and more complex launch process. In this regard, they resemble traditional public offerings in both mass-market impact and preparation requirements.
Under Reg A, a company based in the U.S. or Canada may raise up to $75M in a single calendar year, provided that their Form 1-A is qualified by the SEC once filed.
How Issuance helps
- Test the waters on your own brand. Launch a white-label Testing the Waters page that looks and feels like your website, capture emails, and collect non-funded, non-binding indications of interest to gauge total interest.
- A mobile checkout with familiar ways to pay. Investors can pay by card, Apple Pay, Google Pay, ACH, wire, or stablecoins where eligible.
- Your broker-dealer and transfer agent. Plug in the broker or transfer agent of your choice. Brokers get a standalone dashboard with trade review.
Regulation D 506(b) & 506(c)
Private & Accredited Rounds
Regulation D permits companies to raise capital from accredited investors, and broadly speaking affords founders the most autonomy for the least disclosure.
These Accredited Rounds come in two varieties, each permitting different solicitation methods. Under Reg D 506(c), companies can broadly market their deal to the public, provided that they verify the accredited status of each participating investor. Under Reg D 506(b), companies may accept investors without verification, but may only contact investors with whom they have an existing relationship (no public marketing).
How Issuance helps
- Click-to-Attest for 506(c). Investors send an attestation request to their CPA or lawyer through the platform, and the letter writer can “Click-to-Attest,” much like completing a DocuSign.
- Compliance first. Integrated KYC/AML verifies investor identities. View screening results and signature status across every investment, all in one place.
- One checkout for either route. Whether you tap your existing network under 506(b) or reach further under 506(c), investors use the same mobile checkout.
Regulation Crowdfunding
Community Rounds
For those not ready for the filing requirements of Reg A, but wishing to accept accredited and non-accredited investors, Regulation CF offers an optimal balance of disclosure and autonomy.
Under Reg CF, a company may raise up to $5M without the need of SEC approval so long as they file a complete Form C and work with a funding portal (like Issuance Express (opens in a new tab)) to help them run a compliant offering.
How Issuance Express helps
Issuance Express is our funding portal subsidiary, registered with the SEC and a member of FINRA.
- Form C production and filing. Issuance Express manages Form C production and filing, coordinating with your team and any required CPA, counsel, or other partner.
- Your deal page. Bring an existing deal page and marketing assets, or use the Issuance Express standard template.
- Launch through closing. Issuance Express operates investor onboarding, eligibility screening, escrow workflows, material changes, and eligible rolling closes. Your company leads its audience and outreach.
Combine offering types
Run more than one offering. Give each its own purpose.
Aptera Motors has raised through offerings of virtually every type offered by Issuance’s technology. Each serves a different purpose on its production timeline to release vehicles to reservation holders.
$116M+
Raised on Issuance by Aptera Motors
- 01
Regulation A
Offerings with a high maximum raise amount, used to accept investment from all fans and followers.
- 02
Regulation D
Strategic offerings available to accredited investors only, used to offer favorable terms and perks to high-net-worth audience members investing a larger amount.
- 03
Regulation CF
Small offerings of $5M or less, used to accept investment from non-accredited and accredited investors alike. Aptera’s Reg CF round ran through Issuance Express.
Sequential rounds
Surf Lakes
Surf Lakes rolled out multiple sequential funding rounds over about a year. With each new round, the company could showcase progress and renew investor interest, and Issuance’s Reg D product offered a streamlined accreditation verification process so accredited investors could invest with minimal friction.
Read the Surf Lakes storyOffering Types FAQ
What should issuers know before choosing?
Every offering is different. Your securities counsel confirms the right exemption; a demo shows how your raise would run on Issuance. Pricing, launch timing, and payments are in the Platform FAQ.
What is the difference between Rule 506(b) and Rule 506(c)?
Who counts as an accredited investor?
Can we gauge investor interest before we launch?
Why does Reg CF run through Issuance Express?
Will Issuance tell us which exemption to use?
Start the conversation
Ready to raise on Issuance?
Tell us about your company and the raise you have in mind, whether it’s a Reg A+ offering or a Reg D round.
An Issuance team member will reach out to set up a platform demo at a time that works for you.