Piece

What Piece does

Piece is a Berlin-headquartered, German-regulated fintech operating a tokenized securities platform that enables retail investors to acquire fractional economic exposure to income-generating European and Japanese real estate properties from minimum investments of €10–€100. Each investment is structured as a separate bond-like security (Piece Token) issued under the German Electronic Securities Act (eWpG), with its own ISIN, MiFID II compliance, and a typical 10-year maturity that pays quarterly cash distributions from rental income plus a bonus interest tied to property price appreciation at maturity. The platform is operated by Piece Germany GmbH, which is registered as a tied agent to Concedus GmbH under a BaFin brokerage license, while a sister entity (German Estate Group GmbH) holds legal title to the underlying properties — providing vertical integration between the investment platform and the real assets backing the tokens.

The technology stack centers on blockchain-based tokenization for issuance, registry management, and custody of property-linked digital securities, with an integrated secondary trading market to provide early-exit liquidity before maturity. Distribution is fully self-serve and digital, relying on SEO, referral incentives (€20 per referred friend), earned media across European outlets (Milano Finanza, Forbes Italia, La Repubblica, EU-Startups), and emerging Japanese media coverage. The company reports 10.1% average returns across the platform in 2025.

Piece generates revenue primarily through transaction fees on the brokerage of tokenized securities, with additional income derived from facilitating rental income distributions and maturity-related bonus interest payments. It serves a single end-customer segment — retail individual investors in Europe and increasingly Japan — segmented into those seeking low-barrier real estate exposure and those specifically seeking overseas Japanese property access. Founded in May 2023 by Kentaro Sohara (ex-Bain Capital, ex-McKinsey) and Riccardo Momigliano (ex-Doctolib, ex-P&G), Piece has raised approximately €3.38M total funding and is positioned at the intersection of regulated EU securities infrastructure and retail-accessible real estate investing.

Name

Piece

Legal name

Piece Germany GmbH

Website

https://piece.investments

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Piece is a Berlin-based, BaFin-regulated fintech that issues blockchain-based tokenized securities giving retail investors fractional exposure to income-generating European and Japanese real estate from as little as €10–€100 per property, with quarterly rental distributions and long-term maturity.

Ownership category

akta.pro rank

Product category

Tokenized Real Estate Securities

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Miscellaneous Intermediation (52391)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Real Estate Tokenization Platforms (FSADAEAC)

akta.pro secondary industries

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Transfer Agent, Cap Table & Token Lifecycle Management (registrar, corporate actions, burns/mints) (FSAPAIAF), Digital Asset Custody & Wallet Infrastructure for Institutions (MPC/HSM, key mgmt, policy controls) (FSAPAIAE)

Keywords

• Tokenized real estate securities
• Fractional property investing
• Real estate investment platform
• Blockchain property tokens
• Rental income securities

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Security Investment Fees: Piece earns revenue from investors purchasing tokenized securities on its platform. Each investment is a standalone security linked to a single property with a defined term. The platform facilitates the brokerage of these securities under MiFID II compliance.
2. Rental Income Distributions: Investors receive quarterly cash payments from rental income generated by the underlying properties. Upon maturity, bonus interest based on property price appreciation is paid. The platform acts as the intermediary for these distributions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Piece operates a digital investment platform that allows retail investors to purchase tokenized securities ("Piece Tokens") linked to specific income-generating real estate properties, starting from €10–€100 per Piece. Each token represents economic exposure to a property's quarterly rental income and long-term price appreciation, with a built-in secondary trading market providing liquidity before the security's maturity.

Product overview

Piece operates as a unified digital real estate investment platform offering tokenized securities linked to individual income-generating properties. The core product consists of the Piece Platform (main investment interface), Piece Tokens (blockchain-based digital securities under German eWpG regulation), individual property investment opportunities across Europe and Japan, and a Secondary Trading Market for liquidity. Users can invest from €100 minimum to gain economic exposure to rental income and property appreciation without direct property ownership.

Differentiator

Problem solved

Functional benefit

Products and services

• Piece Platform Digital investment platform enabling fractional ownership of income-generating European and Japanese real estate properties via tokenized securities, with a minimum investment of €100. Built for retail investors who want passive real estate exposure without direct ownership.
• Piece Tokens Tokenized securities issued on blockchain in accordance with the German Electronic Securities Act (eWpG), each linked to a single income-generating property, carrying its own ISIN, and paying quarterly interest from rental income plus a bonus interest at maturity based on property appreciation. Each token typically has a 10-year term.
• Piece Secondary Trading Market On-platform secondary trading functionality that allows investors to sell their Piece Tokens to other investors before the security's maturity date, providing a liquidity option for an otherwise long-dated bond-like instrument. Liquidity is dependent on finding a matching buyer.
• Japanese Properties Pilot Program Cross-border offering that extends Piece's tokenized securities model to Japanese income-generating properties via a partnership with Makes Group, enabling European investors to buy tokenized exposure to Tokyo, Nagoya, and Osaka metropolitan-area real estate.

Quantifiable outcome

• 10.1% average returns in 2025
• +2 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Makes GroupcoreStrategic or Co-development Partner · 11 March 2026Strategic partnership with Makes Group, a Japanese urban real estate developer headquartered in Shibuya-ku, Tokyo. The collaboration enables Piece to offer tokenized securities linked to prime Japanese income-generating properties (Tokyo, Nagoya, Osaka metropolitan areas) to European investors. Makes Group handles property planning, development, management, and resale of branded condominiums under the Makes Series. This is a pilot program for cross-border real estate investment.
• House of Finance & Tech BerlinsupportingOthers · 14 January 2026Piece officially joined House of Finance & Tech Berlin (HoFT) as a member. HoFT is a Berlin-based organization supporting finance and technology companies.
• Concedus GmbHcoreImplementation/ SI/ Consulting PartnerConcedus GmbH, based in Nuremberg, holds a brokerage license at BaFin (Germany's financial supervisory authority). Piece Germany GmbH is a contractually tied agent to Concedus GmbH within the meaning of Section 3(2) of the German Securities Institutions Act (WpIG), acting exclusively on behalf of and under the liability of Concedus when brokering financial instruments.
• German Estate Group GmbHcoreOthersGerman Estate Group GmbH is a sister company of Piece Germany GmbH and the legal owner of each property listed on the Piece Platform. Properties are owned by this dedicated company, with Piece acting as the investment platform.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Lofty AI: US-based blockchain-enabled fractional real estate investment platform. Comparable in tokenization technology and retail fractional ownership model, though US regulatory environment differs materially from Piece's BaFin-regulated EU setup.
• RealT: US-based real estate tokenization platform issuing fractional ownership tokens of rental properties on blockchain. Closely comparable to Piece in product (tokenized single-property securities) and target market (retail investors), though operates under different regulatory regime.
• Reental: Spanish real estate tokenization platform offering fractional property investments to retail investors across Europe. Highly comparable on geography, product (fractional tokenized real estate), and customer base (European retail).
• Brickstarter: Italy-based real estate crowdfunding and fractional ownership platform. Direct competitor in the Italian market where Piece also has its operational roots, with overlapping customer base and product offering.
• Yielders: Italian and European real estate investment platform offering fractional property ownership to retail investors. Comparable on geography, retail focus, and fractional ownership model, though without blockchain tokenization infrastructure.
• CrowdEstate: European real estate crowdfunding platform operating across multiple EU countries with retail investor focus. Comparable on geographic focus and retail real estate investment model, but without blockchain-based tokenization.

Broad incumbents

• Securitize: Institutional digital asset securities issuance and tokenization infrastructure provider. Comparable in tokenization technology stack and regulatory compliance approach, but serves institutional issuers rather than retail investors directly.
• EstateGuru: European real estate P2P lending and investment platform operating across multiple EU jurisdictions. Comparable in serving retail investors seeking real estate exposure, but operates via lending rather than direct equity tokenization.

Emerging players

• Homebase: US-based fractional real estate investment app focused on single-family rental properties. Comparable product offering and retail focus, but US-only and traditional (non-tokenized) structure.
• Parcl: Real estate-focused digital asset platform offering exposure to property markets via tokenized assets. Comparable in blockchain-based real estate exposure model, but uses synthetic/index exposure rather than direct property ownership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds3 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Piece