Workflow Lifecycle

Here’s a clear and structured section you can include in your documentation to describe the Investment Workflow Lifecycle with step and status values:

Every investment in EquiDeFi follows a structured lifecycle defined by two key fields:

Understanding these values is critical for monitoring and reacting to an investor’s progress through the system via the API or webhooks.

Each investment progresses through a clearly defined sequence of step values. These represent the investor’s position in the workflow and help determine what data is required, what actions are next, and how the system should respond.

The investor has registered for the offering. This may be a new user or a returning user with an existing EquiDeFi account.

The investor selects how they intend to invest (Individually, Jointly, as an Entity, or as a Trust) and provides their name and phone number.

The investor specifies the number of shares to invest in, along with accreditation status, broker-dealer affiliation, and—for Reg A/A+ offerings—annual income and net worth.

The investor submits payment using credit card, ACH, or wire. Stripe is used for card/ACH payments. Credit card payments are held for 5 days pending compliance review. If the investor does not complete the workflow in time, funds are released and must be resubmitted. ACH payments are processed immediately. Investors can also opt to submit their payment via Check or Wire transfer, when they are received by the issuer it must be marked manually in the issuer portal.

The investor provides citizenship and identification details. Individuals may need to submit a driver's license. Entity and trust investors must complete biometric verification via our KYC provider.

The investor provides their SSN/TIN or entity EIN, and lists all required signers. All individuals owning 25% or more of an entity must be included and will be required to pass KYC and sign the agreement.

The investor is shown a review screen before their KYC is processed. U.S. individual/joint investors complete KYC silently. Other investor types follow an embedded flow with our KYC provider.

The investor signs the subscription agreement. All required signers must also complete their signatures before the investment can proceed.

The investor uploads accreditation documents and proof of address (for Reg D 506(c)), or completes additional compliance questions (for Reg A/A+).

The investment is under internal review. Compliance and subscription documents, signer KYC, and uploaded materials are evaluated.

The investment is ready to be countersigned by the issuer. Some trailing items (e.g. KYC for additional signers or payment confirmation) may still be outstanding.

The investment has been countersigned and is ready to be included in a closing tranche.



Note: Once an investment is fully closed, the step will be null.

The step value updates automatically as the investment advances through the workflow but can also be overwritten at any time in the issuer portal (with proper role-based permissions)

The status field reflects the overall state of the investment across the lifecycle. It determines what actions are available and what compliance or operational processes are pending. Below is a detailed breakdown of each status:

The investor is still actively working through the investment workflow. This status means one or more required steps are incomplete — for example, they may not have submitted documents, signed agreements, completed KYC, or provided payment instructions. The investment is not yet ready for review.

The investor has completed all required workflow steps, and the investment is issuer or blocker review. This status typically indicates:

Additional conditions that may still exist in this status:

Despite the review phase, the investment is not yet ready for issuer approval or countersignature.

The investment has been reviewed and approved by the compliance team or broker-dealer. At this stage:

On the issuer portal, all required checks and compliance flags are displayed, ensuring full transparency before the investment is finalized.

The investment has been countersigned by the issuer and is now included in a closing tranche. This is the final, confirmed state of the investment. It is considered fully executed and may be used for reporting, fund disbursement, or cap table updates.

The investment has been cancelled and will not proceed further. All related subscription agreements are considered terminated, and any funds already in motion must be returned manually (off-platform) or any holds released. Common reasons for rejection:

This is a terminal state, and the investment will not progress to approval or closing.