Family offices are moving earlier into venture but wait 15 to 16 years for cash. Startups are the stage where secondary liquidity can be designed in from the start.

Tokenised startup equity combined with PISCES, whose FCA rules were published on 10 June 2025, could give family offices a controlled way to sell part of a stake before a company is sold or listed. SEIS holding rules still set the pace.

Crowdcube says £543 million of secondary share sales are in its PISCES pipeline, a figure it says could reach £750 million across 29 listings.

MoonPay has bought a set of American securities permissions rather than a piece of technology, which is the hardest part of tokenisation to build. None of those permissions reach a UK company's shares.

A year on, PISCES has hosted at least six auctions across five companies on four approved venues, thinner on volume than hoped but wider than it looks.

Private company shareholders in the UK have a new, concrete answer to the question of when they can actually sell, and the first company to test it is not a startup at all, which is exactly why founders should pay attention.

For UK founders weighing how to reward long serving staff without forcing a sale or an IPO, Moneybox has just supplied a fresh data point, and a useful one, because it is the first British fintech to put real numbers behind the answer.

One of Britain's best known fintech names is trimming its workforce, and the reason it gives says a good deal about where the sector is heading. Starling Bank is cutting about 130 jobs, roughly three per cent of a workforce of more than 4,000 people, as it restructures its banking and technology tea

Equity crowdfunding made a simple promise: ordinary people could back a young company early, alongside the founders, and share in what it became. Monzo is the poster child. One early round filled in 96 seconds. In December 2018 the bank raised about £20m from roughly 36,000 people. Buying in was effortless, a few taps in an app. Getting out is the part nobody designed for. Most crowd investors do not sit directly on a company's share register. They invest through a nomi

For years the frustration voiced by British founders and the people who build alongside them has been the same. You can grow a company worth billions in London and still find that nobody who helped create that value can realise any of it, short of selling to an overseas buyer or waiting out an IPO t

On 30 June, something quietly ends for anyone who owns shares in a private British company. Until that date, trading those shares on the London Stock Exchange's Private Securities Market, the venue built under the UK's new PISCES regime, costs nothing in transaction fees. From 1 July, the first real

A dental technology company has put its shares on Solana through a Regulation S offering, and the UK adviser on the deal hints at where private capital formation is heading.

The first big test of tokenised equity exposed the gap between onchain demand and the real shares behind it.

The model widened who could invest. The next one has to fix what it left unsolved: liquidity, selection, and the cost of staying in.

Midas and Symbiotic have built an RFQ-based liquidity layer with up to 40 million dollars of capacity, letting investors redeem tokenised assets instantly on chain.

For UK founders sitting on illiquid equity, the landscape for secondary share trading just quietly got bigger. On 22 April 2026, Asset Match Limited became the third operator to receive FCA approval to run a trading venue under the PISCES framework (the Private Intermittent Securities and Capital Exchange System), Britain's regulated sandbox for trading shares in private companies. This follows approvals for the London Stock Exchange's Private Securities Market (PSM) and J

This month, something changed. Republic Europe, formerly known as Seedrs, one of the UK's most established equity crowdfunding platforms, has partnered with the London Stock Exchange to offer access to PISCES: the Private Intermittent Securities and Capital Exchange System. It is a clunky acronym for something genuinely significant.