Crowdcube has teamed up with the London Stock Exchange. According to the company, Crowdcube investors will soon be able to gain access to late-stage, high-growth private firms listed on LSEG’s new Private Securities Market (PISCES). The London Stock Exchange is the first, and currently only, marketplace to be approved to operate a PISCES marketplace. Crowdcube will be recognized as a Registered Auction Agent.
PISCES is part of a broader policy aimed at reinforcing London’s status as a global financial center and maintaining its competitiveness. Final rules for a PISCES marketplace were published in June 2025.
PISCES is an initiative to enable access to private securities in an environment where public listings have declined and private securities have grown dramatically. PISCES transactions will be exempt from stamp duty, reducing the cost for investors. According to the FCA, only Sophisticated investors (including self-certified), HNWs, and institutions may participate in the marketplace. Sophisticated Investors must meet specific criteria to be deemed sophisticated, including demonstrating sufficient experience to understand the risks associated with an investment.
Announced in August, Julia Hoggett, CEO of the London Stock Exchange, explained at the time that the PISCES market represented an effort to support firms across all stages of their growth.
This is being described as a key step in financial innovation, aimed at levelling the playing field and giving the community of two million members the same set of opportunities that had been reserved for institutional investors.
At the same time, Crowdcube explains that it allows firms to stay private for longer, reward company workers, and then potentially turn loyal customers into shareholders.
As a Registered Auction Agent for the new PISCES market, Crowdcube now aims to serve as the bridge between high-potential private companies and a diverse group of eligible investors.
Julia Hoggett, CEO of the London Stock Exchange, commented on the partnership, calling it unique and an opportunity to leverage “Crowdcube’s experience as a leading private markets investment platform in the UK.”
Matt Cooper, Co-CEO of Crowdcube, stated:
“As many of Europe’s leading late-stage companies remain private for longer – by choice or necessity – they need the right infrastructure to keep them investing and innovating in the UK. The London Stock Exchange’s Private Securities Market is an innovation that strives to provide precisely this support – while acting in a wholly inclusive way that ensures that not only institutional investors get a piece of the action, but a much broader base of investors are supported and encouraged to do so too.”
This partnership marks a significant milestone and serves as a defining moment in the ongoing evolution of private markets. It also enhances the value of Crowdcube’s business, as investors seek more options, not fewer, in their quest for diversified investment opportunities.
Liquidity in private markets has been a topic of considerable interest for years. As new technology has enabled a more streamlined process for trading private shares, new marketplaces have emerged to serve this sector of finance. At the same time, the cost of becoming a public firm, due to excessive regulations and compliance, has diminished the number of public companies, compelling more firms to remain private for as long as possible. An initiative to open up access to private securities to a broader market is good policy, as it can benefit all constituents of the capital formation equation.
