Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
UK Launches PISCES to Modernize Capital Markets
Report | May 29, 2025
Image: Freepik
New UK Pilot Helps Growth Companies Raise Capital Without Going Public
On May 15, 2025, the UK government announced a new capital markets pilot called PISCES (Public Intermittent Securities and Capital Exchange System), a public market model designed to help high growth private companies raise money from investors without going fully public. Backed by the UK Treasury and the Financial Conduct Authority, PISCES offers qualifying issuers a new way to raise funds with more flexibility and less burden than a traditional stock exchange public listing, while keeping investor protections in place.
See: How Fintechs Are Unlocking Value in Private Markets
The goal is to close the funding gap for companies that have outgrown early stage venture capital but aren't yet ready or suitable for an IPO. The UK government said this new model will be tested with select scale-ups in 2025, and if successful could become a long term option that strengthens capital markets and keeps fast-growing businesses in the UK.
Key features of PISCES include:
- Public fundraising without full-time listing for high growth companies
- Intermittent capital raising using specific time windows
- Digital infrastructure to handle share issuance and disclosures (faster and transparent)
- Designed for UK companies looking to scale up
- Built-in regulatory oversight during the pilot phase
What Does Intermittent Capital Raising Mean?
Unlike a regular public company that remains on a stock exchange after it's initial listing, a company in the PISCES model can only raise money during specific time windows. So, they don't have to meet ongoing reporting or trading requirements in between those times. This creates more flexibility for companies that need capital but don’t want (or can’t manage) the cost and complexity of being fully public company.
Does Canada Have Anything Similar?
Right now, Canada does not have a similar program like PISCES. Some similar options exist but they aren't the same:
See: State of UK Equity Crowdfunding Entering 2025
- The TSX Venture Exchange helps smaller public companies with lighter compliance requirements but still requires continuous listing
- The exempt market allows private fundraising but not from the general public
- Equity Crowdfunding allow small raises from retail investors but raises are capped at $1.5 million per year
- Regulatory sandboxes exist in Canada, but they haven’t yet been used to pilot new capital markets models
What Canada Can Learn
The UK’s PISCES pilot is a good example of how policy and tech can work together to create smarter capital markets. It offers private companies more options for raising money at scale, while giving investors access to early-stage growth opportunities in a safe and structured way. If it means keeping more home grown Canadian scale-ups in the country then that's a good thing. With the right mix of regulatory support, infrastructure, and industry input, Canada could create its own version of PISCES to strengthen domestic capital formation and innovation. This is another one to watch.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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