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July 2, 2025

LSE pitches Revolut, Octopus Energy and others to join Pisces

Landmark initiative would offer buyers access to private company shares

Freya Pratty and Tom Matsuda

2 min read

Revolut, Octopus Energy and Euan Blair’s Multiverse are among the startups being courted by the London Stock Exchange Group to join Pisces, its new private stock market, according to reports.

The companies joined a conference for firms interested in participating in Pisces (Private Intermittent Securities and Capital Exchange System), hosted by LSE chief Julia Hoggett, CityAM reported on Wednesday.

Others in attendance include London fintechs OakNorth, Atom Bank and Thought Machine. If the companies decide to join, it could offer a larger pool of buyers access to shares in some of the UK’s highest value companies: Revolut, for example, sold secondaries at a $45bn valuation last year.

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Sifted has approached all companies for comment.

The LSE has been on a mission to keep British tech companies in the city, following a spate of underperforming IPOs and homegrown startups opting to float abroad. 

Food delivery startup Deliveroo gave the group its worst IPO in history in 2021, shedding more than a quarter of its value in a single day. Senior figures at fintechs Monzo and Revolut are said to oppose a London float, while Wise recently announced plans to move its primary listing to New York

Pisces

Pisces is a platform to facilitate the trading of shares in private companies. 

The UK’s Financial Conduct Agency laid out its rules for Pisces last month, in anticipation of trading beginning later this year.

The idea has been billed by the government as a way to offer individuals better choice over when their shares are traded, providing a stepping stone for companies on the road to an IPO.

It comes as interest in secondary transactions is high. Startups and their investors continue to wait for viable exits and are turning to secondaries in a search for liquidity – recent data suggests 78% of companies are likely to sell secondary shares.

Freya Pratty

Freya Pratty is a senior reporter and investigations lead at Sifted. She also co-authors Sifted's weekly Climate Tech newsletter. Follow her on X , LinkedIn and Bluesky

Tom Matsuda

Tom Matsuda is a fintech reporter at Sifted and writes our weekly fintech newsletter. Find him on X and LinkedIn