Asset Match
Asset Match is an FCA-authorised London-based online marketplace running periodic electronic auctions to provide liquidity and price discovery for shares of private, unquoted, and AIM-delisted companies. It serves sophisticated investors, private company shareholders seeking to monetise holdings, and private companies providing secondary-market liquidity.
- Company typePrivate
- Founded2011
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Asset Match does
Asset Match is a London-based, FCA-authorised online marketplace that provides secondary-market liquidity and price discovery for shares in private and unquoted companies through periodic electronic auctions. Founded in 2011 by Iain Baillie and Stuart Lucas, the platform operates four distinct venues: AM Private Market (ongoing periodic auctions with Standard CREST-enabled and Bespoke rule-customised segments), AM BookBuild (one-off specialist auctions for large transactions, fundraisings, and corporate actions), AM Connect (curated deal flow of secondary sales, fundraisings, and tax-efficient investments sourced from a network of brokers and investment managers), and a PISCES trading facility approved by the FCA in April 2026 for regulated intermittent trading events in private securities. Underlying technology consists of proprietary order books, a non-discretionary single-price auction pricing algorithm, and a matching engine purpose-built for the structural characteristics of private securities, where discrete events, bespoke participation rules, and intermittent liquidity are the norm.\n\nThe business model is a pure transaction-fee structure: Asset Match charges a 3% commission on the trade value of securities executed through its auctions, with bespoke advisory pricing undisclosed. The go-to-market combines direct enterprise sales to private companies (including AIM delistees seeking a regulated secondary venue) with a distribution network of stockbrokers, investment managers, and financial advisers who route investor demand onto the platform. Marquee relationships include BrewDog (£10m+ traded since 2014, with the 2019 auction valuing equity at £1.1bn), Tottenham Hotspur (official share-trading platform since 2016, share price up 5.4x), Arsenal Football Club (official debenture trading platform since 2019), and Brompton Bicycle (annual auctions from 2021 onward), alongside recent AIM delistees such as Tissue Regenix and Synairgen.\n\nThe firm's regulatory positioning is its defining strategic asset: it holds FCA firm reference number 579310 and was the first recipient of FCA approval to operate a Private Intermittent Securities and Capital Exchange System under the UK Financial Market Infrastructure Sandbox, making it currently the only authorised PISCES operator in the market. The company is privately held by its founders with no disclosed institutional investment beyond an October 2013 funding round of approximately $469k, operates with a disclosed headcount of 7 employees and aggregate 2025 remuneration of £460k, and is run by Iain Baillie (Founder & Executive Chairman), Stuart Lucas (Founder), and Matthew Wilson (CEO). Cumulative trading volume across 802 periodic auctions since 2014 stands at approximately £123m, with 15,000+ registered users and 45+ companies having traded on the venue.
Asset Match firmographics
Firmographics- Name
- Asset Match
- Legal name
- Asset Match Limited
- Website
- https://assetmatch.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Asset Match is an FCA-authorised London-based online marketplace running periodic electronic auctions to provide liquidity and price discovery for shares of private, unquoted, and AIM-delisted companies. It serves sophisticated investors, private company shareholders seeking to monetise holdings, and private companies providing secondary-market liquidity.
- Ownership category
- akta.pro rank
Asset Match industry classification
Industry- Product category
- Private Securities Trading Platform
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Multi-Asset Auction & Periodic Matching Platforms (FSAFAEAK)
- akta.pro secondary industries
- Auction & Primary Issuance Platforms (IPO/Follow-on/Bond Auctions) (FSAFANAI), Retail Multi-Asset Exchanges (FSAFAEAA)
Keywords
Where Asset Match is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Asset Match business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Commission on Trade Value: Asset Match charges a 3% commission on the trade value of securities executed through its platform. This is the primary revenue stream, earned on each completed auction transaction.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | 3% commission on trade value |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels5 records
Asset Match product offering
Product offeringCore offering
Asset Match operates an online marketplace for unquoted and private company shares, facilitating periodic auctions to provide liquidity and price discovery. The platform comprises three market types: AM Private Market (ongoing periodic auctions for secondary trading), AM BookBuild (one-off specialist auctions for large trades and corporate actions), and AM Connect (curated fundraising and secondary opportunities), supported by proprietary order books and a non-discretionary pricing algorithm.
Product overview
Asset Match operates a multi-product online marketplace for unquoted and private company securities, providing liquidity solutions and price discovery via periodic auctions. The platform comprises three market types: AM Private Market (ongoing periodic auctions for secondary trading), AM BookBuild (one-off specialist auctions for corporate actions and large trades), and AM Connect (curated fundraising and secondary opportunities). The platform also operates PISCES (Private Intermittent Securities and Capital Exchange System), an FCA-approved regulatory framework for intermittent trading of private company shares. All markets are supported by proprietary order books and non-discretionary pricing algorithms. The company serves investors seeking private market access, shareholders looking to realize investments, and private companies providing shareholder liquidity.
Differentiator
Problem solved
Functional benefit
Brands
- AM Private Market: Auction-based market for buying and selling existing shares in companies admitted to trading on the platform, offering Standard and Bespoke market segments.
- AM BookBuild
- AM Connect
Products and services
- AM Private Market Auction-based market for buying and selling existing shares in private companies via periodic auctions. Features proprietary order books and market algorithms to enable trading in a fair, transparent and regulated environment. Offers a Standard segment (CREST-enabled settlement, shares freely transferable) and a Bespoke segment (custom settlement rules, participation limited to existing shareholders and invited new investors). Designed for private companies seeking shareholder liquidity and for investors seeking access to private UK companies.
- AM BookBuild Platform for large transactions or one-off corporate actions that require price discovery or professional intermediary services. Used for pricing large trades, fundraisings, and corporate actions such as open offers and distributions. The Asset Match team of trusted experts guides each client through market selection and execution.
- AM Connect Curated collection of new investment opportunities and deal flow from Asset Match's network of investors, brokers and investment managers. Includes secondary sales, fundraises and tax-efficient investments such as SEIS/EIS. Access is restricted to a curated group of sophisticated investors.
- PISCES Trading Platform Secondary-market trading framework enabling private companies to facilitate intermittent trading of their existing shares through regulated trading windows. Features auction-based price discovery via single-price auction mechanism, company-controlled access, enhanced disclosure, and stamp duty exemption. Companies determine trading windows and eligible participants.
Quantifiable outcome
- £123 million in trading volume across 802 periodic auctions since 2014
- +3 more outcomes
Companies that use Asset Match
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
Asset Match technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Asset Match partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Ramsey CrookallcoreRamsey Crookall appointed as settlement partner for Asset Match, providing custody and settlement services for trades executed on the platform.
- London South EastminorAsset Match went live on London South East financial news and market data platform, increasing visibility to retail investors and market participants.
- Monex EuropecoreMonex Europe and Asset Match announced a strategic partnership to support private market trading and liquidity solutions. Monex Europe is a financial services company providing currency and payment solutions.
- InvestegatecoreInvestegate and Asset Match announced a strategic collaboration for regulatory announcements and market communications. Investegate provides RNS regulatory news distribution services.
- Jarvis Investment ManagementcoreJarvis Investment Management became the preferred broker for Asset Match auctions, replacing The Share Centre. They provide stockbroking and settlement services via their shareDeal active platform for auction participants.
- UHYminorAsset Match featured in UHY's Capital Markets Outlook 2025 publication, providing thought leadership and market insights on private market liquidity.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Asset Match competitors and assessment
Company assessmentDirect peers
- Vesttoo (formerly SharesPost) - secondary note: skipped:
- JP Jenkins: JP Jenkins is a UK-based matched-broker service that facilitates trading in unlisted and delisted shares, including AIM delistees. It directly competes with Asset Match in the UK private and delisted company liquidity market.
- Mirabaud Private Shares: Mirabaud Private Shares provides trading and custody services for private securities, primarily across European markets. It operates in a similar niche to Asset Match, offering secondary-market solutions for unlisted equities.
- Hiive: Hiive runs an online secondary marketplace for shares in private and pre-IPO companies, with a focus on tech and growth-stage startups. It directly mirrors Asset Match's marketplace model of connecting buyers and sellers of illiquid private securities.
Broad incumbents
- Forge (formerly SharesPost): Forge Global is a leading private securities marketplace with significantly broader scale and capital than Asset Match. It provides secondary trading in pre-IPO shares across thousands of private companies and represents the most globally scaled direct competitor in this category.
- tZERO: tZERO is a blockchain-focused securities trading platform that has historically operated alternative trading systems for private and tokenised securities. It is a broad incumbent exploring adjacent private-market trading capabilities relevant to Asset Match's market.
- Carta: Carta is a dominant cap table management and equity administration platform that has expanded into secondary trading and liquidity programs. While primarily an admin tool, its liquidity services increasingly overlap with Asset Match's offering for private company shareholders.
- Nasdaq Private Market: Nasdaq Private Market (NPM) operates a regulated platform for secondary trading in private company stock and tender offers, leveraging Nasdaq's broader exchange infrastructure. It is a well-capitalized incumbent competing for the same private securities liquidity opportunity Asset Match addresses.
- Liquidnet: Liquidnet operates institutional trading networks, including secondary private market block trading. As a broader capital-markets infrastructure player, it represents an incumbent that could expand into PISCES-style intermittent trading adjacent to Asset Match's offering.
Others
- Hamilton Lane: Hamilton Lane operates private market funds and a secondary fund-intermediation business for limited partnership interests. While focused on fund interests rather than single private securities, it is adjacent to Asset Match's thesis of unlocking liquidity in private market assets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Asset Match social profiles
Digital presenceAsset Match compliance and trust
Trust signalCompliance2 records
Asset Match financial estimates
Financial estimateRevenue estimate
Valuation estimate
Asset Match leadership team
Management profileNumber of profiles
Profiles3 records
Asset Match funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Asset Match M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Asset Match
What does Asset Match do?
Asset Match operates an online marketplace for unquoted and private company shares, facilitating periodic auctions to provide liquidity and price discovery. The platform comprises three market types: AM Private Market (ongoing periodic auctions for secondary trading), AM BookBuild (one-off specialist auctions for large trades and corporate actions), and AM Connect (curated fundraising and secondary opportunities), supported by proprietary order books and a non-discretionary pricing algorithm.
Is Asset Match a public or private company?
Asset Match is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Asset Match founded?
Asset Match was founded in 2011. It employs 1 to 10 people.
Where is Asset Match based?
Asset Match is headquartered in London, United Kingdom, in the Europe region.
How does Asset Match make money?
One revenue line is on record: commission on Trade Value.
Who are Asset Match's main competitors?
Direct peers on record are Vesttoo (formerly SharesPost) - secondary note: skipped, JP Jenkins, Mirabaud Private Shares and Hiive. Broad incumbents are Forge (formerly SharesPost), tZERO, Carta, Nasdaq Private Market and Liquidnet. Hamilton Lane is listed as an others.
Does Asset Match have an API?
No public API is recorded for Asset Match.
What industry is Asset Match in?
Asset Match's product category is Private Securities Trading Platform. Its primary akta.pro industry code is FSAFAEAK, Multi-Asset Auction & Periodic Matching Platforms, with a secondary code of FSAFANAI, Auction & Primary Issuance Platforms (IPO/Follow-on/Bond Auctions). Its NAICS code is 523210 and its SIC code is 6211.