Crowdfunding’s first few weeks of 2026 are serving a familiar cocktail: platform consolidation, bigger numbers (with fewer deals), and regulators swinging hammers at fraudsters. The market isn’t “down” so much as it’s growing up, and like most adults, it comes with paperwork, risk controls, and the occasional public embarrassment.
Here are the most important global developments this week, both the good and the bad, and what they actually mean if you’re an issuer, platform, or investor.
1) Consolidation with a purpose: Goparity acquires Bolsa Social to add equity crowdfunding
Portugal-based impact investing platform Goparity has acquired Spain’s Bolsa Social, marking Goparity’s entry into equity crowdfunding (it has historically focused on lending-based impact investments).
A few details matter here:
- Bolsa Social was established in 2014 and was the first platform authorized by Spain’s CNMV for participatory financing focused on impact projects.
- Bolsa Social has a community of ~13,000 users and has mobilised ~€15m for 50+ companies to date.
- Goparity says it has facilitated 420+ campaigns and raised €55m+ for impact projects since 2017, and this acquisition broadens its product suite to support businesses via equity at earlier stages and loans at later stages.
This is a clean signal that “platform growth” in 2026 is increasingly about multi-product ecosystems (debt + equity + stage-based financing) rather than a single crowdfunding format. It also reinforces that impact investing is becoming a serious, structured capital channel, and not just a vibe.
2) U.S. market reality check: 2025 volume jumped, but deal count dropped
KingsCrowd’s newly published 2025 Investment Crowdfunding Annual Report shows investment crowdfunding (Reg CF + Reg A+) reached $924.8m in 2025 (+58% vs 2024). But the story underneath is the one founders and platforms should tattoo on their forearms:
- Reg CF: $378.3m (+11% YoY) with fewer new offerings – 1,006 new offerings launched in 2025, a 29% decline from 2024.
- Reg A+: $546.6m (+124% YoY), with an average raise of $20.5m (median $8.4m).
- In Reg CF, 67.4% of closings met their funding targets (801 out of 1,189).
Note: the 67.4% of closings mentioned above is based on those issuers reaching the minimum funding goal and NOT their actual funding target. You can read more about this here: https://cfwatchdog.com/reg-cf-crowdfunding-exposed-a-reality-check/
KingsCrowd’s interpretation is blunt and believable: fewer deals launching, but more dollars invested likely reflects a “quality-over-quantity” environment where stronger issuers capture more capital through traction, better marketing execution, and sharper targeting.
Issuers should stop treating a Reg CF page as the strategy. In 2026, the strategy is distribution, trust, and conversion. Platforms should expect issuers to demand more performance infrastructure, because issuers can’t rely on “the crowd” to randomly discover them.
3) Italy goes on the offensive: Consob blocks illegal “financial services” sites
Italy’s securities regulator Consob has started 2026 by ordering the blocking (“blackout”) of five websites promoting or providing financial services illegally, its first measures of 2026 in the fight against online financial fraud.
Consob also notes the scale of its ongoing action: since it gained the power to block abusive intermediaries in 2019, it has ordered blocks on 1,522 websites (and cites broader totals when including pages/domains).
Fraud sites increasingly mimic investment-crowdfunding language and UX “exclusive access,” “limited time,” “community investors,” “pre-IPO” and then route victims into unregulated “platforms.” Regulators tightening the net improves the ecosystem, but it also raises expectations for legitimate platforms: stronger verification, clearer disclosures, and tighter marketing controls.
4) UK enforcement keeps echoing: FCA confiscation order in collapsed P2P lending fraud
The UK’s FCA has obtained a confiscation order for over £250,000 against Andrew Currie, convicted of defrauding investors through the now-collapsed peer-to-peer lending platform Collateral (UK) Ltd.
This is not a theoretical cautionary tale; it’s a real enforcement outcome tied to a platform collapse and investor losses.
Why it matters: Even when fraudsters are prosecuted, recovery is often partial and slow. For investors, this is the “read-the-risk-warning” reminder: platform risk is real, and due diligence can’t be outsourced to vibes. For platforms, it’s another reason to treat governance, client-money discipline, and transparency as survival features, and not legal theater.
5) Capital raising isn’t just for startups: Intuitive Investments Group raises £20m via share issue
Not crowdfunding, but relevant: Intuitive Investments Group plc completed a £20m equity fundraise via an issue of new ordinary shares (reported in market announcements and coverage).
Why it matters in a crowdfunding newsletter: It’s another example of the broader shift we’re seeing: capital formation is increasingly multi-lane. Companies and investment vehicles will choose between institutional placements, public issues, “mini public” routes, and crowdfunding depending on speed, compliance burden, and investor base. Crowdfunding is part of the stack, not the whole stack.
What this week tells us
The good
- Platforms are building grown-up ecosystems. Goparity + Bolsa Social is a smart consolidation move that adds equity capability to an impact platform already proven in lending.
- The U.S. market is scaling, selectively. Reg A+ in particular is showing serious volume, and Reg CF dollars are rising even with fewer launches.
The bad
- Fraud pressure remains relentless. Consob’s early-2026 crackdown and the FCA’s Collateral enforcement are reminders that online investing attracts predators.
- The bar is rising. With fewer deals launching under Reg CF, issuers and platforms that don’t show competence in compliance + marketing + investor relations are going to get crowded out.
Practical moves for 2026 (based on this week’s signals)
If you’re an issuer:
- Build your raise like a product launch: pre-commitments, a real funnel, and disciplined communications. The market is rewarding prepared issuers, not hopeful ones.
If you’re a platform:
- Consolidation is a strategy, but trust is the moat. Invest in verification, reporting, and investor education as regulators are clearly in “no patience” mode.
If you’re an investor:
- Treat “platform risk” as part of your thesis. If a platform fails or turns out to be abusive, enforcement action won’t magically restore your principal.
About Smart Crowdfunding:
If you’re planning to launch a crowdfunding campaign in 2026, execution matters more than ever. Smart Crowdfunding helps founders, platforms, and issuers navigate the increasingly complex world of equity and investment crowdfunding with clarity and confidence. From Reg CF, Reg A+, and Reg D strategy to campaign structuring, compliance alignment, marketing execution, and investor conversion, Smart Crowdfunding focuses on what actually moves the needle. In a market where fewer deals are raising more capital, the winners are prepared, data-driven, and disciplined. Smart Crowdfunding exists to make sure your campaign is one of them. Learn more at https://smartcrowdfunding.us/.
