Lise
Lise (Lightning Stock Exchange) is a Paris-based regulated exchange operating Europe's first fully tokenized equity venue, enabling French SMEs and ETIs to raise up to €12 million via tokenized IPOs and retail investors to trade tokenized shares 24/7 with instant settlement on Hyperledger Besu.
- Company typePrivate
- Founded2025
- HeadquartersParis, France
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
What Lise does
Lise SA (Lightning Stock Exchange) is a Paris-headquartered fintech operating Europe's first fully tokenized equity exchange, authorized under the EU's DLT Pilot Regime (Regulation 2022/858) via an SNR DLT license from the ACPR and an investment firm license (CIB 18883), with supervision from the AMF and Banque de France. The platform merges a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) on a single permissioned distributed ledger built on Hyperledger Besu, enabling tokenized share issuance, order matching, and atomic settlement with no T+2 lag, operating 24/7. The company serves two primary customer segments: French SMEs and ETIs in strategic sectors (aerospace, defense, energy, industry, real estate) seeking public-market capital raises of up to €12 million, and retail investors seeking direct access to SME IPOs without intermediary gatekeeping, with 0% account opening and subscription fees. Lise is a subsidiary of Kriptown, with CACEIS (Crédit Agricole group) as a minority investor in the parent and BNP Paribas and Bpifrance as institutional backers; Allinvest Group acts as financial adviser/bookrunner for listings. Revenue is generated via transaction- and listing-related fees charged to issuers, while investor access is free. The platform is geo-restricted (excluding the USA, Canada, Australia, and Japan) and Lise's first IPO — the world's first fully on-chain IPO — was completed with ST Group in April 2026, raising €2.07 million.
Lise firmographics
Firmographics- Name
- Lise
- Legal name
- Lise SA
- Website
- https://lise.com
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Lise (Lightning Stock Exchange) is a Paris-based regulated exchange operating Europe's first fully tokenized equity venue, enabling French SMEs and ETIs to raise up to €12 million via tokenized IPOs and retail investors to trade tokenized shares 24/7 with instant settlement on Hyperledger Besu.
- Ownership category
- akta.pro rank
Lise industry classification
Industry- Product category
- Tokenized Securities Exchange / Capital Markets Infrastructure
- NAICS
- Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD)
- akta.pro secondary industry
- Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)
Keywords
Where Lise is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices1 record
Markets served
Lise business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Listing/IPO Fees: Companies pay fees to list and conduct IPOs on the Lise platform. The exchange targets SMEs and ETIs raising up to €12 million via tokenized IPOs.
- Trading/Subscription Fees: Lise charges no account opening fees and no subscription fees for investors, suggesting revenue may be generated through other transaction-based or listing-related fees rather than investor-facing charges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Investor tier — zero cost access |
| Other | Multi-year contract | Company listing/IPO — not publicly disclosed |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Lise product offering
Product offeringCore offering
Lise operates Europe's first fully tokenized stock exchange combining a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) on a single distributed ledger built on Hyperledger Besu. The platform enables French SMEs and ETIs to raise up to €12 million via tokenized IPOs and provides 24/7 secondary trading of tokenized shares with instant settlement, eliminating the traditional T+2 lag.
Product overview
Lise (Lightning Stock Exchange) operates as a unified tokenized market infrastructure combining a Multilateral Trading Facility (MTF) and Central Securities Depository (CSD) on a single distributed ledger platform. The core exchange platform offers two integrated markets: the Primary Market for IPOs and new share subscriptions, and the Secondary Market for trading already-issued tokenized securities. Both markets operate 24/7 with instant settlement, leveraging blockchain technology to eliminate traditional T+2 settlement delays. The platform targets French SMEs and mid-cap companies (ETI), enabling capital raises of up to €12 million and providing retail investors access to strategic sectors including industry, defense, energy, and real estate.
Differentiator
Problem solved
Functional benefit
Products and services
- Lise Lightning Stock Exchange Next-generation French stock exchange built on distributed ledger technology (DLT), operating as the first fully tokenized equity exchange in Europe. Combines multilateral trading facility (MTF) and Central Securities Depository (CSD) functions on a single blockchain platform, enabling 24/7 trading with instant settlement for SME and mid-cap companies.
- Marché Primaire (Primary Market) Primary market for IPO investments allowing investors to subscribe to new share offerings directly when companies are first introduced on the exchange, with potential tax advantages under the IR-PME scheme and 0% subscription fees.
- Marché Secondaire (Secondary Market) Secondary market enabling investors to buy and resell already-issued tokenized shares 24/7, with secured transactions, instant settlement, and immediate delivery of securities.
- ST Group Tokenized IPO The first IPO conducted on Lise's tokenized platform: ST Group, a French aerospace and defense SME specializing in high-performance composites for Airbus, Thales, and Dassault, raised €2.07 million via fully on-chain issuance, order matching, and settlement.
Companies that use Lise
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Lise technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature5 records
Lise partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered key and core.
- Allinvest GroupkeyAllinvest Group acted as financial adviser and bookrunner for ST Group's tokenized IPO on Lise, the world's first fully on-chain IPO. Allinvest Group provides the listing structuring and advisory services that enable companies to access the Lise platform.
- Memo BankkeyMemo Bank provides the banking infrastructure (API banking and escrow/cantonnement account) enabling Lise to operate instant settlement-delivery. This collaboration makes Lise the first tokenized stock exchange in Europe with dedicated payment infrastructure from an independent bank.
- Hyperledger BesucoreLise's platform is built on Hyperledger Besu, a permissioned Ethereum-based blockchain. This DLT infrastructure underpins the entire exchange, enabling tokenized equity issuance, trading, and settlement on a single shared ledger.
Scale indicators6 records
Recent moves7 records
Expansion highlights5 records
Lise competitors and assessment
Company assessmentDirect peers
- tZERO: US-regulated alternative trading system (ATS) for tokenized securities and digital assets. Directly comparable as a regulated, blockchain-based venue enabling issuance and secondary trading of tokenized private equities — the same product category Lise targets in Europe.
- Bitfinex Securities: Regulated tokenized securities platform operated by Bitfinex group. Directly comparable as a venue enabling tokenized equity and debt issuance with on-chain settlement for retail and institutional investors.
- Archax: FCA-regulated digital securities exchange, broker, and custodian in the UK. Directly comparable as a regulated venue for tokenized equities, bonds, and funds targeting institutional and professional investors.
Broad incumbents
- SIX Digital Exchange (SDX): Swiss digital exchange operated by SIX Group, the incumbent Swiss exchange infrastructure provider. Comparable as a regulated, DLT-based venue for tokenized securities within a broader portfolio of traditional exchange and post-trade services.
- Euronext: Largest pan-European exchange operator, including the Paris markets where Lise operates. Comparable as a regulated venue listing SMEs and mid-caps, and the principal incumbent Lise must compete with for French SME IPOs and secondary liquidity.
- Deutsche Börse: German exchange operator with a DLT-based trading and settlement initiative (D7). Comparable as a large incumbent building tokenized market infrastructure for European securities, with deep resources and incumbent issuer relationships.
Emerging players
- 24X: Emerging DLT-based exchange targeting 24/7 trading of tokenized US securities. Closely comparable to Lise on the always-on, on-chain trading and settlement concept, but focused on the US market under a separate regulatory framework.
- Securitize: Tokenization platform and broker-dealer enabling issuance and trading of digital securities. Comparable as enabling infrastructure for tokenized equity and fund issuance, intersecting with Lise's issuer and investor ecosystem.
- Ondo Finance: Tokenized real-world asset platform, particularly tokenized securities and yield-bearing products. Comparable as a tokenization-native venue/issuer operating in the RWA tokenization category that Lise is also addressing with equity tokenization.
Regional players
- ADGM (Abu Dhabi Global Market) - Digital Asset Exchanges: ADGM-regulated digital asset trading platforms in the Middle East offering tokenized securities venues. Comparable as a regulated tokenized securities exchange, but operating in a different geography from Lise's Europe-only footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
Lise social profiles
Digital presenceLise compliance and trust
Trust signalCompliance3 records
Lise financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lise leadership team
Management profileNumber of profiles
Profiles3 records
Lise funding detail
Funding detailFunding overview
Funding rounds2 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lise M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lise
What does Lise do?
Lise operates Europe's first fully tokenized stock exchange combining a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) on a single distributed ledger built on Hyperledger Besu. The platform enables French SMEs and ETIs to raise up to €12 million via tokenized IPOs and provides 24/7 secondary trading of tokenized shares with instant settlement, eliminating the traditional T+2 lag.
Is Lise a public or private company?
Lise is a private company. It is classified as venture growth investor backed and is currently operating.
When was Lise founded?
Lise was founded in 2025. It employs 1 to 10 people.
Where is Lise based?
Lise is headquartered in Paris, France, in the Europe region.
How does Lise make money?
Two revenue lines are on record. Listing/IPO Fees are the primary driver. The others are trading/Subscription Fees.
Who are Lise's main competitors?
Direct peers on record are tZERO, Bitfinex Securities and Archax. Broad incumbents are SIX Digital Exchange (SDX), Euronext and Deutsche Börse. Emerging players are 24X, Securitize and Ondo Finance. ADGM (Abu Dhabi Global Market) - Digital Asset Exchanges is listed as a regional player.
Does Lise have an API?
No public API is recorded for Lise.
What industry is Lise in?
Lise's product category is Tokenized Securities Exchange / Capital Markets Infrastructure. Its primary akta.pro industry code is FSAPAIAD, Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity), with a secondary code of FSADAEAA, Tokenized Securities & Capital Markets (Equity, Debt, Funds). Its NAICS code is 52321 and its SIC code is 6200.