Rialto Markets

What Rialto Markets does

Rialto Markets LLC is a FINRA member broker-dealer and SEC-registered Alternative Trading System (ATS) that enables private companies to raise capital under Regulation CF, Regulation A+, and Regulation D, and provides compliant secondary trading of those private securities. The platform combines primary issuance services with a permissioned secondary trading venue that preserves founder and issuer oversight of cap tables, valuation, and transaction approvals. The technology stack includes KYC/AML and compliance infrastructure, API connectivity to banks and transfer agents, and an affiliated transfer agent (Rialto Transfer Services) for cap table and securities servicing. Customers include issuers raising via crowdfunding (Atlis Motor Vehicles, WeSave, Kurve Therapeutics, Landa), enterprises seeking white-label broker-dealer and ATS infrastructure (Rialto Markets Enterprise Solutions, or RiMES), and partners requiring tokenized or digital securities issuance (DSDC partnership).

Rialto Markets monetizes primarily through success-based commissions, charging a general fee of 3% of capital raised plus 1% equity for issuers, per-investor set fees for Reg D offerings, and licensing/success fees for its white-label and BaaS deployments. In Q1 2024 the firm introduced a Zero Commission Crowdfunding promotion and flat-fee alternative to broaden issuer adoption. Distribution combines direct enterprise sales with white-label/BaaS partnerships that allow platforms, marketplaces, fintechs, family offices, and real estate platforms to offer securities offerings under their own brand while Rialto Markets operates as the regulated broker-dealer of record.

The company is privately held, founded in 2021, headquartered in Ponte Vedra, Florida, registered to operate in all 50 US states and Puerto Rico, and reports a small team of 1–10 employees. Notable reported scale signals include over $200 million in actively facilitated raises and over $730 million in signed contracts, though these figures represent client capital rather than company revenue. Strategic investors include Inveniam Capital Partners, and the leadership team is anchored by co-founders Shari Noonan (CEO) and Rob Noonan (CMO), with Lee E. Saba as CTO and Head of Market Structure.

Name

Rialto Markets

Legal name

Rialto Markets LLC

Website

https://rialtomarkets.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Rialto Markets LLC is a FINRA member broker-dealer and SEC-registered Alternative Trading System that enables private companies to raise capital via Reg CF, Reg A+, and Reg D, and provides compliant secondary trading for private securities through white-label and direct offerings.

Ownership category

akta.pro rank

Product category

Alternative Trading System

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (52315)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

Keywords

• Broker dealer services
• Alternative trading system
• Private securities trading
• Crowdfunding capital raising
• Secondary market liquidity

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Commission on Capital Raised: Rialto makes money by charging a commission on the amount of investments raised by the issuer. The commission is listed in the Form C and accompanying Offering Memorandum. Generally, this fee is 3% of the capital raised, with 1% equity (calculated on the amount raised, not of the company). Success-based fees only paid upon deal completion.
2. White-Label/BaaS Licensing: Revenue from licensing Rialto Markets' broker-dealer infrastructure, ATS technology, and regulatory framework to enterprise partners who operate under their own brand. Includes licensing and success-fee models.
3. Zero Commission Promotions: Special promotional offering where all commissions are waived for Issuers who sign up in the first quarter of 2024. Flat fee pricing model available as alternative to commission-based pricing.
4. Reg D Success Fees: For Reg D offerings, revenue is derived from set fee per investor on Reg D offerings. The fees are set forth in a written agreement (Engagement Letter) between the Firm and the issuer.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels9 records

Core offering

Rialto Markets operates as a FINRA member broker-dealer and SEC-registered Alternative Trading System (ATS) that enables private companies to raise capital via Reg CF, Reg A+, and Reg D offerings, and provides a regulated secondary market for trading private securities. The company delivers white-label/BaaS infrastructure (RiMES) to enterprise partners, allowing them to offer securities issuance and trading under their own brand using Rialto's broker-dealer and ATS licenses.

Product overview

Rialto Markets operates as a platform-plus-modules architecture consisting of core broker dealer services, an SEC-registered Alternative Trading System (ATS) for secondary trading, and a suite of enterprise, white-label, and consulting solutions. The core Primary Broker Dealer Services and Secondary Trading Technology (ATS) form the foundational platform, while Rialto Markets Enterprise Solutions (RiMES) unifies these capabilities for enterprise clients. White-label versions of both primary and secondary offerings allow partners to deploy branded solutions. Zero Commission Crowdfunding and Crowdfunding Capital Raising modules provide retail-focused capital-raising tools for Reg CF and Reg A+ offerings. Consulting and Managed Services, Transfer Agent Services, and the Knowledge Hub provide supporting functionality including regulatory planning, securities servicing, and investor education. The architecture supports end-to-end private market operations from capital raising through secondary liquidity, with all offerings powered by a FINRA-member broker dealer regulatory framework registered in all 50 states.

Differentiator

Problem solved

Functional benefit

Brands

• Rialto Markets Enterprise Solutions (RiMES): White-label broker dealer solution providing end-to-end primary market services under client branding, including compliance, KYC/AML, transfer agent integration, and secure transaction processing.

Products and services

• Primary Broker Dealer Services End-to-end broker dealer services supporting private companies, financial institutions, and platform partners with compliance oversight, operational support, and tailored infrastructure for Reg A+, Reg CF, and Reg D capital raises.
• Secondary Trading Technology (ATS) SEC-registered Alternative Trading System (ATS) providing controlled, issuer-supervised secondary trading of private securities, enabling early investors and employees to access liquidity while preserving founder oversight of cap tables and valuation.
• White-Label Broker Dealer Services Branded capital-raising infrastructure under the Rialto Markets regulatory framework, allowing partners to offer primary market issuance capabilities under their own brand while Rialto Markets handles compliance, KYC/AML, and transaction processing.
• White-Label Secondary Trading Technology Branded secondary trading platform powered by Rialto Markets' FINRA-registered broker dealer and SEC-recognized ATS, enabling partners to offer private securities trading under their own brand with full compliance and reporting managed by Rialto Markets.
• Rialto Markets Enterprise Solutions (RiMES) Comprehensive enterprise platform combining technology, infrastructure, and regulatory framework for private markets issuance and trading, integrating broker dealer services, secondary trading technology, and capital raising capabilities under a unified branded solution.
• Crowdfunding Capital Raising Managed services for Reg CF (up to $5 million) and Reg A+ (up to $75 million) offerings, including document collection, SEC filing, regulatory approval, investor outreach, and transaction processing.
• Consulting and Managed Services Professional services helping companies navigate private market complexities, including regulatory planning, market readiness assessment, tokenization consulting, corporate governance, cap table management, treasury optimization, and access to third-party service providers.
• Transfer Agent Services Affiliate-provided transfer agent services for maintaining ownership records, cap table management, and securities servicing, operated through Rialto Transfer Services.
• Zero Commission Crowdfunding Flat-fee pricing for issuers raising capital via Reg CF or Reg A, with all commissions waived for issuers signing up in the first quarter of 2024, including proprietary technology, operations, fintech, and RegTech solutions.

Quantifiable outcome

• Companies can raise up to $75 million every 12 months via Reg A+ and up to $5 million via Reg CF
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Digital Securities Depositary Corporation (DSDC)coreTechnology or Integration · 22 February 2024Strategic partnership to issue regulated American Depositary Receipts (ADRs) in a fully digital format. DSDC is a leader in financial infrastructure for compliant issuance and servicing of tokenized and regulated financial assets. This partnership revolutionizes the issuance of digital securities as ADRs, combining Rialto Markets' broker-dealer infrastructure with DSDC's digital securities expertise.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• tZERO: Operates a SEC-regulated ATS for tokenized and private securities, providing primary issuance and secondary trading similar to Rialto's ATS. Both compete for issuers seeking compliant digital-securities infrastructure on the same regulatory rails.
• INX: Operates a regulated trading platform for digital and tokenized securities with broker-dealer and ATS capabilities. Directly comparable to Rialto's primary issuance and secondary trading model for private securities.
• Hiive: Operates a secondary marketplace for private company shares, matching buyers and sellers of pre-IPO and late-stage private securities. Closely comparable to Rialto's secondary ATS for private securities.
• EquityZen: Secondary-market platform for private-company shares serving accredited investors. Comparable to Rialto's secondary liquidity offering, though EquityZen does not operate its own SEC-registered ATS.
• Wefunder: Major Reg CF / Reg A+ crowdfunding platform operating its own broker-dealer for primary issuance. Comparable to Rialto's primary broker-dealer and Reg CF/A+ capital-raising services, though Wefunder specializes in direct retail crowdfunding.
• Republic: Multi-jurisdictional Reg CF, Reg A+, and Reg D platform with broker-dealer infrastructure for private-market issuance. Comparable to Rialto's primary issuance business and broader private-market platform ambitions.
• StartEngine: Large Reg CF/Reg A+ crowdfunding platform with its own broker-dealer. Comparable to Rialto's primary capital-raising offering and competes for the same issuer base seeking retail-investor funding.
• Securitize: Tokenization platform for private securities with broker-dealer and transfer-agent capabilities. Comparable to Rialto's digital-asset issuance and DSDC-style digital ADR use cases, with overlapping enterprise clients.
• NetCapital: Reg CF funding portal and broker-dealer supporting private-company capital raises. Directly comparable to Rialto's primary Reg CF offering and historically hosted Rialto's own crowdfunding raise.

Broad incumbents

• Securities.io (Forge / Global Shares alternatives): Forge Global operates a leading private-securities secondary trading marketplace, comparable to Rialto's ATS in target use case (private share liquidity), but with a much larger platform, broader institutional client base, and proprietary share-class data infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/rialtomarkets
• YouTubeyoutube.com/channel/UC0VdMlKvC1C7Kanss4Wf7AA
• Facebookfacebook.com/rialtomarkets
• LinkedInlinkedin.com/company/rialto-markets
• Instagraminstagram.com/rialtomarkets/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rialto Markets