Netcapital Inc. announced on December 8, 2025 that Rich Wheeless will assume the role of Chief Executive Officer, succeeding Martin Kay who will remain as an advisor to the company.
Wheeless brings more than two decades of financial leadership experience, having served as CEO of ParcelPal Logistics, Inc. and holding senior finance roles at Taal Distributed Information Technologies, Rivetz Corp., LaunchKey Inc., and Pilus Energy. His background in mergers and acquisitions, treasury, corporate finance, and operational turnaround positions him to steer Netcapital’s transition toward a broker‑dealer model and broader capital‑raising capabilities.
Netcapital’s subsidiary, Netcapital Securities Inc., recently received FINRA approval to operate as a broker‑dealer, enabling the company to support larger Reg A+ and Reg D offerings. The new CEO will oversee the expansion of the platform into crypto and blockchain‑enabled investments, aiming to broaden revenue streams beyond Regulation Crowdfunding.
The company’s financial health remains a concern, with negative margins and declining revenue growth in recent years and an Altman Z‑Score of –4.45. Despite these challenges, management highlighted disciplined cost control and a growing mix of higher‑margin digital asset transactions as drivers of the strategic pivot.
Martin Kay will continue as an advisor, focusing on technology strategy and regulatory compliance, while Wheeless will lead day‑to‑day operations and growth initiatives. “I am excited to join Netcapital’s management team and to build upon the company’s existing platform,” Wheeless said, emphasizing the opportunity to integrate crypto and blockchain into small‑business financing.
Investors responded positively to the leadership change and strategic outlook, reflecting confidence in the company’s ability to scale its digital private‑capital platform and capture new market segments.
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