---
title: "Mainvest Review 2026: What Happened, and What the SEC Filings Show"
url: https://altstreet.investments/platforms/reviews/mainvest
kind: platform-review
updated: 2026-10-15
description: "Mainvest shut down in June 2024. AltStreet reads its 779 SEC offerings, its own going-concern filing and the Synapse freeze: what note holders still own."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Mainvest Review 2026: What Happened, and What the SEC Filings Show

Mainvest ceased operations on June 14, 2024, 53 days after its banking partner Synapse filed for Chapter 11. Synapse was the trigger. The vulnerability was already on file: the operator's own Regulation Crowdfunding filing in November 2022 disclosed 2.5 months of runway and a going-concern paragraph, and none of the 779 offerings it hosted carried any arrangement for servicing revenue-sharing notes if the portal stopped. AltStreet reconstructed the full SEC record and the site's own marketing claims to answer the question that outlives the platform: what investors can learn from the first major failure of a revenue-sharing crowdfunding portal, and what its 30,000 note holders still own.

AltStreet score: 13.8 (F), scored September 7, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Mainvest |
| What it is | Regulation Crowdfunding Revenue-Sharing Note Portal (ceased operations June 14, 2024) |
| Asset class | Small-Business Revenue-Sharing Notes (Restaurants, Breweries, Main Street Retail) |
| Website | mainvest.com |
| Review first published | September 7, 2026 |
| Last updated | October 15, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Mainvest hosted 779 Regulation Crowdfunding offerings under a single portal CIK between October 2018 and early 2024, and the 409 with a progress filing report $33.5 million raised. It charged investors nothing and issuers a fee that started at a flat 6% and ended at 9% on out-of-network money. It ceased operations on June 14, 2024 after the Synapse bankruptcy froze its wallets, with about $2.4 million of user funds caught in the estate and no servicer for the notes outstanding. The filing record adds what the news coverage lacked: the operator's own going-concern disclosure 18 months earlier, a 47% withdrawal rate, annual reports from 17 issuers, and marketing claims no filing ever supported.

- **779 offerings** Distinct Reg CF offerings under MainVest, Inc. (CIK 0001746059), by first filing year: 7 (2018), 57, 154, 240 (2021 peak), 148, 137, 36 (2024). Status at last filing: 379 funded, 365 withdrawn, 13 reporting, 9 terminated, 9 in progress, 4 dark.
- **$33.5M / 47%** Reported raised across the 409 offerings with a Form C-U observation (median $57,400, max $1,235,000), against 365 Form C-W withdrawals. Consistent with the company's own '$30 million' claim, and with a listing book roughly twice the funded one.
- **6% to 9%** Issuer fee, read from twelve sampled Form C filings: a flat 6% of the final offering amount in 2019 to 2021; 3% on issuer-introduced investors and 9% on all others from 2022; 4.5% on in-network users and 9% on all others in 2023 to 2024. Investors paid no fee.
- **2.5 months** Runway the operator disclosed in its own November 2022 Form C on Republic: cash of $205,000 at October 31, 2022, a $2,081,237 fiscal-year loss, and a substantial-doubt going-concern paragraph. The raise closed at about $386,000 from 282 investors.
- **June 14, 2024** Mainvest ceased operations 53 days after Synapse's Chapter 11 filing. Roughly $2.4 million of user funds were frozen. The Synapse case was dismissed on November 14, 2025 with up to $95 million in customer shortfalls unresolved.

Data note: AltStreet SEC Form C census of the MainVest, Inc. portal CIK (779 offerings, 2018 to 2025), Mainvest Holdings Corp Form D and Republic Form C filings, a twelve-filing compensation-clause sample, Wayback Machine captures of mainvest.com, and contemporaneous wind-down reporting. September 2026.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| June 14, 2024 | Mainvest ceased operations, 53 days after Synapse filed for Chapter 11 | Repayments accepted through May 22; roughly $2.4M of user funds frozen; no successor servicer named |
| 2.5 months | Runway disclosed in the operator's own Form C, November 2022 | Cash $205,000, fiscal-year loss $2.08M, going-concern paragraph, 18 months before the shutdown |
| 365 of 779 | Offerings withdrawn on Form C-W before closing (47%) | Funded offerings reached a median 56% of their stated maximum; 17 issuers ever filed an annual report |
| $33.5M / 409 | Reported raised across the 409 offerings with a progress filing, 2018 to 2024 | Median $57,400, max $1,235,000; consistent with the company's '$30 million' claim |


## Verdict

Mainvest is not a platform anyone can invest on today. This review is for two readers: investors still holding its notes, and investors weighing the revenue-sharing and small-business debt portals that replaced it. On the record, Mainvest was a genuine and large experiment in community lending with real per-deal disclosure and no investor-side fee. It was also a venture-stage servicer of a decade of quarterly payments, dependent on one fintech intermediary, with a going-concern doubt on its own filings from 2022 and no plan for the notes if it stopped. Synapse's failure was the trigger. The structure was the vulnerability.

**Best for**

- Investors who hold Mainvest notes and need to understand what they still own and who owes it to them
- Investors evaluating revenue-sharing or small-business debt portals and wanting the category's one documented portal failure
- Researchers working from the filing record rather than the company's own statistics

**Look elsewhere if**

- You are looking for a place to invest: Mainvest accepts no investments or repayments
- You expect a recovery timeline for frozen wallet funds: none has been published
- You want repayment performance data on the notes: none exists, in the filings or anywhere else

**Strengths**

- Scale verifiable from primary filings and consistent with the company's claims
- No investor-side fee, a $100 minimum, and per-offering note terms stated plainly in each Form C
- The all-or-nothing Reg CF structure returned commitments on every withdrawn offering

**Limitations**

- Ceased operations with no successor servicer; issuers were told to continue repayments themselves
- User funds frozen in the Synapse estate, unresolved after the case's dismissal
- No repayment data ever published, annual reports from almost no issuers, and a going-concern doubt on the operator's own filing


## What this means for your decision.

| Topic | Finding |
| --- | --- |
|  | Synapse was the trigger; the operator's balance sheet and the missing servicer were the vulnerability |
|  | The notes outlived the portal; the servicing did not |
|  | Listing volume was twice funded volume, and post-raise reporting almost never happened |
|  | The site's return and repayment claims were never supported by a filing |

Mainvest was the largest revenue-sharing-note portal of its era, and the filings confirm its scale, its $100 minimum, its lack of investor fees and its clear per-deal note terms. It was also a company with months of runway servicing a decade of quarterly payments through a single fintech intermediary, with no plan for the notes if either failed. The Synapse bankruptcy exposed that; it did not create it. The lesson travels to every portal still operating.


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Existing Mainvest Note Holders | neutral |  |
| Investors Weighing Revenue-Sharing Portals That Replaced Mainvest | well-suited |  |
| Investors Requiring Published Track Records | poor-fit |  |
| Investors Needing Liquidity | poor-fit |  |


## Questions

**What is Mainvest, and how did it work?**

Mainvest described itself as 'the investment platform for Main Street': a Regulation Crowdfunding funding portal, operated by MainVest, Inc. of Salem, Massachusetts, where anyone 18 or older with a US bank account could invest from $100 in local brick-and-mortar businesses, mostly restaurants, bars, breweries, cafes and bakeries. The typical security was a revenue-sharing note: the business paid investors a stated share of its gross revenue each quarter until they had received a maximum multiple, usually 1.5x, or a maturity date passed. Investors paid no fees; the business paid Mainvest a percentage of the raise on a successful close. The site advertised 10-25% target returns and a vetting process that accepted about 5% of applicants. Mainvest hosted 779 offerings between October 2018 and early 2024 and ceased operations on June 14, 2024.

**What happened to Mainvest?**

Its banking partner, Synapse Financial Technologies, filed for Chapter 11 on April 22, 2024, and Evolve Bank then froze payment processing for Synapse clients, which locked Mainvest's investor and business wallets. On May 17, 2024 Mainvest announced it would wind down, citing the uncertainty around the Synapse bankruptcy as the catalyst. Repayments through the portal were accepted through May 22, investors were emailed their portfolio and transaction histories, and operations ceased June 14. Roughly $2.4 million of user funds were frozen in the Synapse estate. Synapse was the trigger; the vulnerability was already on file. The company's own Form C, filed on Republic in November 2022, had disclosed a $2.08 million annual loss, about 2.5 months of runway and a going-concern paragraph, and no arrangement existed for servicing the notes if the portal stopped.

**I hold a Mainvest revenue-sharing note. Do I still own anything?**

Yes. The note is an obligation of the business you invested in, not of Mainvest, and it survived the portal's closure. What ended was the servicing: Mainvest collected each business's revenue share, computed it against your multiple, distributed it to your wallet and issued tax documents, and no successor took over any of that. In practice you need the Revenue Sharing Agreement and the June 2024 transaction history, a direct relationship with the issuer, and your own ledger. The notes' dispute clauses provide for individual arbitration in Massachusetts and waive class actions. Consult a securities attorney before assuming any recovery, and check EDGAR under the issuer's name for a Form C-AR (still reporting) or C-TR (reporting terminated).

**Will I get back the money that was in my Mainvest wallet?**

There is no public answer. About $2.4 million of Mainvest user funds froze in May 2024 inside Synapse's ledger. The court-appointed trustee said in October 2024 that frozen funds should be returned by year end, but the reconciliation found a shortfall of $65 million to $96 million across all Synapse programs, and the Chapter 11 case was dismissed on November 14, 2025 with up to $95 million of end-user funds unresolved. The CFPB's $1 settlement, approved in September 2025, allows redress from the agency's civil penalty fund, but at last report affected users had not been contacted. AltStreet found no public accounting of Mainvest-specific recoveries. Keep records of your balance as of May 2024 and monitor the trustee's and the CFPB's notices.

**How did Mainvest revenue-sharing notes work, and what fees did Mainvest charge?**

A business issued unsecured, subordinated notes under Regulation Crowdfunding and agreed to pay investors a stated percentage of its gross revenue each quarter until they had received a maximum payment multiple, or a payment deadline passed. In the 701 Ops offering AltStreet read in full, the revenue percentage slid from 1.5% at the $250,000 target to 6.0% at the $1,000,000 maximum, the multiple was 1.5x, sharing began 365 days after the offering deadline, and the payment deadline was January 1, 2031. Transfer required the company's consent. Investors paid Mainvest nothing. Issuers paid a percentage of the raise, only if the offering succeeded: a flat 6% through 2021, then 3% on investors the issuer introduced and 9% on all others from 2022, then 4.5% on in-network users and 9% on all others from 2023.

**What returns did Mainvest advertise, and were they real?**

From at least January 2022 the homepage read 'Join a community of investors accessing 10-25% target returns with as little as $100', with 'Quarterly repayments' and 'No investor fees' beneath it. On a revenue-sharing note the ceiling is the multiple: a 1.5x note returns at most 50% over its life, however long that takes, and the stated range was a target, not a realized figure. The only repayment-quality statistic Mainvest ever published, '96%+ of Mainvest businesses are on track with repayments', appeared on the January 2022 homepage and was gone by January 2023, replaced by a count of repayments processed. Its own 2020 FAQ answered 'Are these safe investments?' with 'Far from it!' No filing carries a repayment ledger, and AltStreet cannot compute a realized return for any Mainvest note from public data.

**Is Mainvest legit? Was it a scam, and was there any regulatory action?**

No evidence supports calling it a scam. MainVest, Inc. was an SEC-registered funding portal (file 007-00162) and FINRA member (CRD 298384), every offering filed a Form C, and the operator's own Regulation Crowdfunding filing on Republic disclosed its losses, its runway and a going-concern paragraph in November 2022. AltStreet's legal and enforcement scan found no SEC litigation release, FINRA disciplinary action, receivership or class action involving MainVest, Inc. or Mainvest Holdings Corp as of September 2026. What the record shows is a venture-stage company that never published repayment data, enforced almost no post-raise reporting by its issuers, made unsubstantiated claims about default rates, and had no plan for its notes when its banking intermediary failed. The registration was never withdrawn, so FINRA still lists the firm, which reflects an unfiled form, not ongoing supervision.

**Did Mainvest raise money on Republic?**

Yes. Mainvest Holdings Corp, the portal's parent, filed a Regulation Crowdfunding Form C through OpenDeal Portal LLC (Republic) on November 3, 2022, offering a Crowd SAFE with a $15 million post-money valuation cap, a $500 minimum, a $25,000 target and a $1,235,000 maximum. The offering closed on January 3, 2023 at $385,795 from 282 investors per the campaign page. The Form C is the most informative document in the record: reviewed financial statements for fiscal 2022 showing $497,978 of revenue, a $2,081,237 net loss, $205,000 of cash described as 2.5 months of runway, and a substantial-doubt going-concern paragraph. The company filed one annual report, in April 2023, and nothing since. Investors in that SAFE hold an instrument in a company that ceased operations 17 months after the close.

**Can I still log in to Mainvest?**

No. Mainvest took its site dark on June 12, 2024 and ceased operations on June 14; mainvest.com now shows only a closure notice, and the login, investor dashboard and support center are gone. Before closing, Mainvest emailed each investor their portfolio and transaction history. If you did not keep that email, your remaining records are the Form C for each offering on EDGAR, the Revenue Sharing Agreement you signed, and your bank statements showing transfers to and from your Mainvest wallet. For wallet balances frozen in May 2024, keep any statement showing the balance; those are claims in the Synapse matter, not something Mainvest can release.

**Mainvest vs Wefunder vs Honeycomb: what is the difference?**

All three are Regulation Crowdfunding portals open to non-accredited investors at about $100, and Mainvest's own filing named Honeycomb Credit and SMBX as its competitors. The instruments differ. Wefunder sells mostly startup equity and SAFEs, where the return depends on a future exit, and charges investors a roughly 2% transaction fee. Honeycomb sells fixed-rate amortizing loans to the same Main Street borrower base as Mainvest, often with a lien and a personal guaranty, and charges investors a 3% ACH fee. Mainvest sold unsecured, subordinated revenue-sharing notes with no investor fee and an issuer fee that rose to 9%. Wefunder and Honeycomb are operating; Mainvest ceased in June 2024. What all three share is what none publishes: repayment data and any disclosed arrangement for servicing the notes if the portal ceases. Mainvest is the case study in why that second silence matters.

**What are the lessons for investing on revenue-sharing or small-business debt portals now?**

Four, each drawn from a specific Mainvest fact. First, read the operator's own EDGAR filings: Mainvest Holdings Corp disclosed a going-concern doubt and 2.5 months of runway 18 months before it closed. Second, ask in writing what happens to collections if the portal stops, and whether a backup servicer or repayment escrow exists: Mainvest's answer was that issuers were responsible for themselves. Third, count filings on EDGAR rather than trusting a success page: 47% of Mainvest's listings were withdrawn and 17 of 379 funded issuers ever filed an annual report. Fourth, keep uninvested cash in your own bank: the $2.4 million frozen in May 2024 was in platform wallets on a fintech intermediary's ledger. Operator risk is investment risk even when the operator is only an intermediary.


## Update history

**October 15, 2026: Signal sweep since September 7: 26 lifecycle echoes and Rancho Relaxo's fiscal 2024 annual report**

AltStreet triaged the 26 signals its monitoring attached to Mainvest between September 7 and October 15, 2026. All are Reg CF lifecycle filings from before the platform ceased operations, echoing back through the backfill, so none is a new event. One approved annual report had not reached its deal: Rancho Relaxo's Form C-AR of April 30, 2025 for fiscal 2024 reports revenue of $239,117, a net loss of $9,621, cash of $71 and total assets of $458,593, issuer-reported and unaudited, against a 2022 Mainvest raise of $75,800 of $250,000.

**September 23, 2026: The operator's own FY2022 annual report confirms the $2,081,237 loss the review already carried, and adds the year's revenue**

Mainvest's Form C-AR for fiscal 2022, filed April 27, 2023, is now loaded to the performance record. It reports revenue of $497,978, a net loss of $2,081,237, cash of $353,205 and total assets of $419,782 at the fiscal year end. The loss is the same figure this review took from the operator's November 2022 Form C, so the annual report corroborates rather than changes the finding; the cash figure differs from the $205,000 the Form C stated because the two filings report different dates. Revenue was not previously stated anywhere in this review.


## Evidence appendix

Platform website captured September 7, 2026.

Five primary sources. (1) An SEC EDGAR census of every filing under the MainVest, Inc. funding-portal CIK (0001746059): 779 distinct Form C offerings from October 24, 2018 to early 2024, with their amendments, Form C-U progress updates, Form C-AR annual reports, Form C-TR terminations and Form C-W withdrawals through November 7, 2025, chained per offering and assigned a status from the last filing. Amounts raised are the latest Form C-U observation per offering; 409 of 779 have one. (2) Mainvest Holdings Corp (CIK 0001785840): Form D filings of September 2019, October 2022 and July 2023, and the November 3, 2022 Form C filed through OpenDeal Portal LLC (Republic), read in full including the offering memorandum, the reviewed financial statements for the fiscal year ended June 30, 2022, and the January 2023 C-U and April 2023 C-AR. (3) A sample of twelve Mainvest-hosted Form C primary documents, two per year from 2019 to 2024, read for the intermediary-compensation clause and security type, plus the complete 701 Ops, Inc. offering memorandum and Investment Agreement (2021). (4) Contemporaneous reporting on the wind-down and the Synapse bankruptcy: Boston Business Journal (May 17, 2024), Startland News (May 18), Crowdfund Insider (May 20 and 21), Boston Globe (May 31), the Lawyers for Civil Rights letter to FINRA and the FDIC (June 2024), Bloomberg Law (October 2024) and Banking Dive (November 2025). (5) Wayback Machine captures of mainvest.com: the FAQ (October 2020), the homepage (January 2022, January 2023, January 2024), and the for-investors, funded-businesses and investor-education pages (January 2023). FINRA's funding-portal list was checked in August 2026. A legal and enforcement scan of SEC litigation releases, FINRA disciplinary actions and court dockets found no action against either Mainvest entity.

**Highlights**

- Portal census: 779 distinct Reg CF offerings under CIK 0001746059, first filing October 24, 2018, last filing November 7, 2025. By first filing year: 7 (2018), 57 (2019), 154 (2020), 240 (2021), 148 (2022), 137 (2023), 36 (2024). Status from the last filing in each chain: 379 funded, 365 withdrawn, 13 reporting, 9 terminated, 9 in progress, 4 dark. Last form in chain: C-U 388, C-W 365, C-AR 13, C-TR 9, C 2, C/A 2.
- Amount reported raised: $33,543,241 across the 409 offerings with a Form C-U observation (minimum $6,200, 25th percentile $30,900, median $57,400, 75th percentile $100,000, maximum $1,235,000). By first filing year: $308,300 (2018, 5 offerings), $1,644,791 (2019, 25), $4,597,850 (2020, 68), $9,365,550 (2021, 137), $8,524,100 (2022, 83), $7,552,050 (2023, 83), $1,550,600 (2024, 8). Stated maxima across all 779 offerings total $133,144,918; the median offering with a raise reached 56% of its maximum and 74 reached it in full.
- Withdrawals: 365 Form C-W filings, by year 18 (2019), 76 (2020), 110 (2021), 69 (2022), 46 (2023), 46 (2024). Progress updates: 432 Form C-U filings, of which 426 state an amount, 4 state target met, and 2 state the offering closed unsuccessfully.
- Annual reporting: Form C-AR filings from 17 issuers across 2021 (6), 2022 (5), 2024 (4), 2025 (4) and 2026 (3), against 379 funded offerings. Post-closure filings (after June 15, 2024): 12 chains, comprising C-ARs from Tallgrass Pictures (June 2024), Nexus Brewery, Star Estate Development Group and Rancho Relaxo (April 2025), and C-TRs from Hattie's Coffee House (March 2025), HG Sply 4 (April 2025), Pistil & Pollen (April 2025), Soturi Fitness (May 2025), Atlas ALX (May 2025), VK Brewing (June 2025), Beloved's Bakery (August 2025) and KICAZ011 (November 2025).
- Fee clause sample (twelve root Form C filings, security type 'Debt' on all twelve): 2019 to 2021 'MainVest will be paid 6.0% of the final offering amount, upon the successful completion of the offering'; 2022 'MainVest will be paid 3% of the amount raised from persons introduced by the Issuer to the Offering, and 9% of the amount raised from all other investors'; 2023 to 2024 'MainVest will be paid Four and one half (4.5) Percent of the amount of the Offering raised by "In-Network Users" of the Platform plus Nine (9) Percent of the amount of the Offering raised by all other investors'. The 2021 701 Ops memorandum shows a variant: 5% on investors who had invested in a previous offering on the site plus 3% on all others. Every version states Mainvest receives nothing if the offering does not succeed.
- Note terms (701 Ops, Inc., Fargo ND, 2021): revenue percentage 1.5% to 6.0% on a linear scale with the amount raised ($250,000 target to $1,000,000 maximum); maximum payment multiple 1.5x; payment deadline January 1, 2031; sharing start date the 365th day after the offering deadline; first payment the last day of the calendar quarter ending not less than 90 days later; seniority subordinated; unsecured; accrual rate 0.56%; transfer prohibited without company consent and subject to a right of first refusal; terms amendable by holders of 50% of notes outstanding. Financial table showed $0 in every line: the business had not opened.
- Largest raises in the census: 5 Mile Brewing Co LLC ($1,235,000, 2022, common units, trailing revenue $3,480,774, net loss $243,217, 75 employees), Tallgrass Pictures LLC ($1,005,500 in 2022; $539,300 in a 2023 follow-on; C-AR filed June 2024), HG Sply 4, LLC ($768,900, 2024; C-TR April 2025), Proof Bread 51 LLC ($541,800, 2022), Commongrounds Cooperative ($430,900, 2021), Verdant Reparative Inc. ($406,500, 2023), 701 Ops, Inc. ($372,700, 2021), Mantis Management Group ($368,500, 2021), KICAZ011 LLC ($312,700, 2023; C-TR November 2025).
- Operator financials (Mainvest Holdings Corp Form C, Republic, November 3, 2022; statements reviewed by Tesseract Advisory Group, report dated September 21, 2022, with a substantial-doubt going-concern paragraph): fiscal year ended June 30, 2022 revenue $497,978 (2021: $367,805); cost of revenues $381,185; operating expenses $2,200,827; net loss $2,081,237 (2021: $2,541,662); cash $353,205 (from $1,789,235); total assets $419,782; total liabilities $630,062 including $450,000 of SAFEs; stockholders' deficit $210,280; founder promissory note $92,797 at 2.42% due December 31, 2024; 8 to 10 employees; cash $205,000 at October 31, 2022, 'approximately 2.5 months of runway'.
- Operator capital history: Form D September 5, 2019, $3,576,742 sold to 35 investors (Series Seed); Series Seed 2 $2.75 million, February 2021; SAFE 1 $450,000 ($18.5 million cap, 20% discount) May 2022; SAFE 2 $150,000 ($15 million cap), Form D October 2022 amended July 2023 to $350,000; Republic Crowd SAFE ($15 million post-money cap, $500 minimum, $25,000 target, $1,235,000 maximum, deadline January 2, 2023; Republic compensation 2% cash plus 1% in securities), closed January 3, 2023, $385,795 from 282 investors per the campaign page and $386,795 per the progress filing. Ownership per the Form C: Nicholas Mathews 26% of voting power.
- Marketing record (Wayback Machine captures of mainvest.com): the October 2020 FAQ described the site as 'a website where you can browse opportunities to lend money to small businesses', open to anyone 18 or older with a US bank account, with minimums 'usually $100', no investor fees, a 'Funding Securement Fee' charged to issuers only on a successful close, a side-by-side Rule 506(c) channel for accredited investors run through MainVest Funding Solutions, LLC, escrow of committed funds until an offering was fully subscribed, and the plain statement that the investments were 'far from' safe. From January 2022 the homepage advertised '10-25% target returns', 'No investor fees', a 5% acceptance rate and a '96%+ on track with repayments' statistic; by January 2023 the on-track figure was gone and the counters read 450+ opportunities, $15M+ provided and 50K+ repayments processed, rising to 500+, $30M+ and 100K+ by January 2024. The 2023 for-investors page explained that a revenue-sharing note carries 'an investment multiple ... the amount owed to investors, no later than the maturity date' and that listing required $10,000 from 10 people the founder knew personally.
- Wind-down chronology: Synapse Financial Technologies Chapter 11 filed April 22, 2024 (trustee Jelena McWilliams; estate shortfall estimated at $65 million to $96 million); Evolve Bank froze payment processing for Synapse clients in May; Mainvest closure announced May 17, 2024; repayments through the portal accepted through May 22; site dark June 12; operations ceased June 14, 2024; approximately $2.4 million of Mainvest user funds frozen (Boston Globe, May 31, 2024); Lawyers for Civil Rights letter to FINRA and the FDIC, June 2024, citing 30,000 investors, $30 million and 450+ businesses; trustee statement October 23, 2024 that frozen funds should be returned by year end; Chapter 11 case dismissed November 14, 2025 by Judge Martin Barash with up to $95 million of end-user funds unresolved; CFPB $1 settlement approved September 2025 to fund redress from its civil penalty fund.
- Regulatory status: Form CFPORTAL filed July 24, 2018 (file 007-00162), amended October 15, 2018, March 6, 2020 and September 1, 2022; FINRA CRD 298384; no Form CFPORTAL-W on EDGAR; FINRA's funding-portal list still included MainVest, Inc. on August 3, 2026. No SEC litigation release, FINRA disciplinary action, receivership or class action involving MainVest, Inc. or Mainvest Holdings Corp found as of September 2026. Mainvest Holdings Corp filed no Form C-AR for fiscal 2023 and no Form C-TR.

**Primary source pages**

- SEC EDGAR: MainVest, Inc., CIK 0001746059, funding portal file 007-00162 (779 Form C offering chains, 2018 to 2025)
- SEC EDGAR: Mainvest Holdings Corp, CIK 0001785840 (Form D 2019, 2022, 2023; Form C via Republic, November 3, 2022; C-U January 5, 2023; C-AR April 27, 2023)
- 701 Ops, Inc. Form C offering memorandum and Investment Agreement (2021), exhibits to accession 0001746059-21-000090
- 5 Mile Brewing Co LLC Form C primary document (2022), accession 0001746059-22-000413
- Crowdfund Insider, 'Mainvest Shares Additional Information On Wind Down, Synapse Issues' (May 21, 2024)
- Startland News, 'Founders want answers for investors after crowdfunding platform ... unexpectedly shutters' (May 18, 2024)
- Boston Globe, 'Crowdfunding site Mainvest to shut down in June' (May 31, 2024)
- Lawyers for Civil Rights, letter to FINRA CEO Robert Cook and FDIC Chairman Martin Gruenberg (June 2024)
- Banking Dive, 'Synapse bankruptcy case tossed' (November 2025)
- FINRA, Funding Portals We Regulate (checked August 2026)
- Wayback Machine captures of mainvest.com: FAQ (October 4, 2020), homepage (January 9, 2022; January 3, 2023; January 10, 2024), for-investors, funded-businesses and educational-materials pages (January 2023)


## Related

- Full review (HTML): https://altstreet.investments/platforms/reviews/mainvest
- Every platform review: https://altstreet.investments/platforms/reviews
- Methodology and scoring: https://altstreet.investments/platforms
- Category hub: https://altstreet.investments/categories/private-credit-rbf

---

Source page: https://altstreet.investments/platforms/reviews/mainvest
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.