Catalist

What Catalist does

Catalist Markets Limited is the operator of New Zealand's only licensed and regulated stock exchange designed specifically for growth businesses. Founded by Colin Magee (former Head of Conduct at the Financial Markets Authority) and Harry O'Connor, the company secured its bespoke stock exchange license following approximately two years of multi-agency regulatory engagement. Headquartered in Auckland's CBD and operational since June 2021, Catalist addresses a capital markets gap for medium-sized New Zealand businesses — typically valued $6M to $100M+ — that have outgrown early-stage funding but remain below the threshold for full NZX/ASX listing.

The platform is built around a proprietary periodic auction system rather than continuous trading. Catalist operates three market tiers — Public Market, Wholesale Markets, and Private Markets — where buyers and sellers submit bids simultaneously and a single clearing price is determined by competitive supply and demand. Supporting modules include Open Market Auction (OMA) and Structured Liquidity Programme (SLP) mechanisms, an electronic share registry with automated settlement, integrated investor onboarding with AML/CFT verification, and FATCA/CRS compliance tooling. Since launch, Catalist has administered over $1.54B in value, transacted $259M+, listed 1,170+ financial products, and conducted 1,120+ trading events.

Catalist earns revenue through two primary streams: secondary market trading fees charged to investors (0.25% of value traded, with a $30 minimum and $150 maximum per transaction) and quote-based listing/service fees paid by businesses for capital raising tools, registry services, and additional modules. Distribution combines a self-serve digital marketplace with channel partnerships spanning all major NZ angel investment groups (Angel HQ, Mainland Angels, FKA), fund managers (Punakaiki Fund, Bridgewest Ventures, NZVC), and an adviser/lawyer platform. Client money is custodied with ASB Bank. Beyond core exchange services, Catalist generates thought leadership through quarterly and annual NZ Angel Market Reports tracking deal activity, sector trends, and investor statistics.

Name

Catalist

Legal name

Catalist Markets Limited

Website

https://catalist.co.nz

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Catalist is New Zealand's only licensed and regulated stock exchange for growth businesses. It operates a digital marketplace connecting retail and wholesale investors with medium-sized NZ businesses via periodic auctions for capital raising and secondary trading of equity, debt, and fund products.

Ownership category

akta.pro rank

Product category

Stock Exchange

NAICS

Securities and Commodity Exchanges (52321), Investment Banking and Securities Intermediation (523150), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

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

akta.pro primary industry

Regional / Local Stock Exchanges (FSAFAAAG)

akta.pro secondary industry

Public & PIPE Capital Raising Intermediation (IPO Follow-ons/Convertibles/PIPES) (FSAEALAL)

Keywords

• Growth stock exchange
• Capital raising platform
• Secondary market trading
• Periodic auction trading
• Investment marketplace

Headquarters

HQ city

Parnell

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Secondary Market Trading Fees: Investors are charged a trading fee when buying or selling financial products in secondary market auctions. This is the primary revenue stream from investors using the platform.
2. Listing and Service Fees for Businesses: Fees charged to businesses for listing products, accessing capital raising tools, registry services, and other business solutions. Pricing varies based on services provided.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Catalist operates a licensed and regulated stock exchange platform that connects New Zealand growth businesses with investors through periodic auctions. The platform facilitates capital raising (primary market) and secondary trading of equity, debt securities, and managed investment products. Supporting offerings include Wholesale Markets for wholesale investors, Private Markets for private liquidity events, fund management infrastructure with automated onboarding, registry and payments, nominee services, and an investment pathway tailored for Active Investor Plus Visa applicants.

Product overview

Catalist is a licensed and regulated stock exchange providing a unified platform for New Zealand's growth economy. The core offering consists of the Catalist Public Market, an online marketplace connecting investors with businesses through periodic auctions for capital raising and secondary trading of equity, debt, and managed investment products. Supporting modules include Wholesale Markets (for wholesale investor access) and Private Markets (for shareholder liquidity), alongside fund management, investment group portfolio tools, adviser platforms, nominee services, and AIP Visa investment pathways. The platform also publishes the New Zealand Angel Market Reports as a market intelligence offering.

Differentiator

Problem solved

Functional benefit

Brands

• Catalist Public Market: The licensed and regulated public stock exchange platform for growth businesses.
• Catalist Wholesale Markets
• Catalist Private Markets
• AIP Visa Investments

Products and services

• Catalist Public Market A licensed and regulated stock exchange connecting everyday investors with New Zealand growth businesses. Supports equity (shares), debt securities, and managed investment products through periodic auctions for capital raising and secondary trading.
• Catalist Wholesale Markets A market option allowing businesses to reach new wholesale investors or existing qualifying investors with automated paperless transactions while maintaining reduced regulatory requirements.
• Catalist Private Markets A private liquidity and capital raising solution allowing businesses to manage auctions, trading, and pre-emptive rights transactions for private investors with flexible rules and electronic settlement.
• Fund Management Platform Services for fund managers including automated investor onboarding (AML/CFT checks, wholesale investor approvals), FATCA/CRS compliance, automated registry, capital calls, payments, and investor dashboards.
• Investment Group and Angel Portfolio Management Tools for angel groups and investment clubs including investment record keeping, beneficial ownership tracking, transaction management, deal room access for investors, and payment administration.
• Adviser and Lawyer Platform Platform for financial advisers and lawyers to manage client investments, including automated capital raising, registry management, secondary market events, pre-emptive rights, and deal room functionality.
• Nominee Company Services A fully integrated nominee service where Catalist Nominee Limited holds legal ownership of financial products while investors retain beneficial ownership, simplifying cap tables and shareholder management.
• Active Investor Plus (AIP) Visa Investment Platform Exclusive investment opportunities for individuals seeking NZ residency through the Active Investor Plus Visa, providing access to qualifying funds and direct investments on the platform.

Quantifiable outcome

• $1.54B+ in value under administration
• +3 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Angel HQcoreChannel Partner/ Reseller/ DistributorAngel HQ is a participating investment group on the Catalist platform, facilitating deal flow and investor engagement. They curate investment opportunities and help manage the investment process for their members on the platform.
• Mainland Angel InvestorscoreChannel Partner/ Reseller/ DistributorMainland Angel Investors participate in Catalist platform listings, providing investor network and deal facilitation for growth businesses seeking capital.
• FKA (First Kiwi Angels)coreChannel Partner/ Reseller/ DistributorFKA (First Kiwi Angels) is a participating investment group that supports deal flow and investor community engagement on the Catalist platform.
• PledgeMeminorGTM or Marketing PartnerPledgeMe crowdfunding platform is referenced as an alternative channel for retail investors to access certain offerings (e.g., Healthtex retail offer), with Catalist facilitating access following campaign closes.
• BrightlineminorChannel Partner/ Reseller/ DistributorBrightline is referenced as the channel through which Eight360 sells to the United States Navy, acting as a system integrator for defence applications.

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Cboe Europe: European equities exchange operator known for pioneering periodic auction trading mechanisms (such as Cboe Europe Equities). Comparable via shared use of periodic auctions as a core matching model, though Cboe Europe operates at scale and in equities listed on other primary exchanges.
• Nasdaq First North: Nasdaq-operated growth market for smaller companies across the Nordics and Europe with lighter listing requirements. Directly comparable as a growth-business stock exchange serving SMEs between crowdfunding and full main-market listing.
• PrimaryMarkets: Australia-based private securities trading and capital raising platform enabling secondary trading in unlisted shares and fund units. Comparable to Catalist in serving growth-stage and private-market investors through an intermediated trading venue, though Catalist is licensed as a stock exchange.

Broad incumbents

• OTC Markets Group: US operator of marketplaces for trading over-the-counter securities, including smaller and emerging companies. Comparable as an exchange-style venue for less-liquid growth securities, though at vastly larger scale and in continuous trading rather than periodic auction format.
• AIM (London Stock Exchange): LSE's growth-market segment for smaller companies, providing lighter regulatory access to public markets. Comparable as a long-established licensed venue purpose-built for growth-stage businesses rather than blue-chip issuers.
• ASX (Australian Securities Exchange): Australia's primary exchange, frequently the destination for NZ growth companies that outgrow Catalist. Comparable in that it is a fully licensed securities exchange, but ASX operates a far larger and broader market with continuous trading rather than periodic auctions.
• NZX (New Zealand's Exchange): New Zealand's main licensed securities exchange serving large-cap issuers. Catalist differentiates as a complementary growth-stage venue under bespoke NZ regulation, but NZX remains the dominant incumbent competing for the same pool of growth businesses that may eventually graduate.
• Euronext Growth: Pan-European growth-company market under Euronext designed for SMEs seeking public-market access without full main-listing burdens. Closely comparable product-market positioning to Catalist's role in New Zealand.

Regional players

• Snowball Effect: New Zealand equity crowdfunding platform for retail investment in growth-stage NZ businesses. Comparable as a domestic capital-raising channel for NZ SMEs, although it is an unregulated wholesale/retail crowdfunding venue rather than a licensed exchange.
• PledgeMe: New Zealand crowdfunding platform serving early-stage businesses and investors with public offers. Comparable to Catalist as a NZ-focused capital-raising channel for SMEs, and explicitly referenced as an adjacent channel that funnels deals to Catalist for follow-up trading.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/CatalistMarkets
• Facebookfacebook.com/CatalistMarkets
• LinkedInlinkedin.com/company/catalistmarkets

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors2 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 Catalist