The FinTech IPO Playbook: Decoding the UK’s equity markets for companies seeking scale
Contents
The UK remains a leading global hub for FinTech innovation, supported by a mature and diverse ecosystem of public markets designed to meet the needs of companies at every stage of growth – from early-stage disruptors to established financial technology platforms.
For FinTechs considering public capital as part of their funding strategy, understanding the differences between the UK’s three key equity markets - the London Stock Exchange (LSE) Main Market, the Alternative Investment Market (AIM), and the Aquis Growth Market (Aquis) - is essential. Each venue offers different levels of regulatory oversight, investor reach, cost, and flexibility, making some more appropriate for scaling FinTechs than others.
This article outlines the key distinctions between these markets and the strategic considerations relevant to FinTech founders, boards and investors.
Key contacts
Sushil Kuner
Partner & Head of Financial Services Regulation
Overview of each market
Main Market (LSE)
The Main Market is the UK’s premier venue for mature, large-scale businesses. It maintains the highest regulatory standards, strong investor protections and access to broad pools of global institutional capital. For FinTechs that have reached substantial scale, particularly those aiming for index inclusion, increased international visibility, or a step-change in governance, the Main Market provides significant credibility and market depth. Membership in major indices such as the FTSE 100 and FTSE 250, also offers exposure to tracker funds and index linked investment vehicles.
AIM
AIM, launched in 1995 by the LSE, is designed for smaller, high growth and entrepreneurial companies. It is well suited to growth-stage FinTechs seeking flexibility, lighter regulation and access to specialist growth investors. Its admission framework allows high-growth and innovative companies to list earlier, raise public capital repeatedly and mature their governance structures over time. Many technology and FinTech issuers have used AIM as a stepping stone to a Main Market listing as they scale.
Aquis
Aquis - owned by Aquis Exchange PLC and operating independently of the London Stock Exchange - offers the most accessible route for early-stage or micro-cap businesses, with proportionate rules tailored to younger companies. Its two tiers offer a structured progression path:
- Access (early stage businesses)
- Apex (more established growth companies)
Aquis differentiates itself with proportionate, “schooling style” regulation that supports companies through different growth phases. It aims to increase competition in UK capital markets and provide an alternative to AIM for small businesses seeking public market capital. For FinTech ventures looking for an alternative to private funding, Aquis can offer visibility, discipline and early access to public capital.
Regulatory requirements and governance standards
Main Market
- Requires a minimum market capitalisation of £30 million and at least 10% free float
- No longer a prescription to produce historical financial information for a minimum of three financial years
- Working capital adequacy is no longer an eligibility test
- Must adhere to the UK Corporate Governance Code, appoint a Sponsor and comply with ongoing disclosure requirements
This level of structure suits scaled FinTechs with robust controls, mature risk frameworks and strong investor-facing governance.
AIM*
- No formal minimum market cap or free float requirement
- A 12 month working capital sufficiency statement is required
- Companies must retain a Nominated Adviser (Nomad), whose role includes assessing suitability for listing
- Governance requirements are lighter and issuers may choose their governance code, typically the Quoted Companies Alliance Governance Code
AIM remains the market of choice for many fast-growth FinTechs due to its flexibility and ability to support recurrent fundraising.
Aquis
- Designed for micro cap and early stage companies, with proportionate and tiered regulatory requirements
- A 12-month working capital sufficiency statement is required
- Companies in the Access tier are introduced to public company basics, while those in Apex adopt higher governance standards
- Generally lower liquidity and higher investor risk than AIM or Main Market
Aquis offers an accessible entry point for young FinTechs still building track record, infrastructure and governance maturity.
*At the time of writing AIM reforms announced in late 2025 are yet to be implemented.
Investor base, liquidity and visibility
Main Market
- Attracts global institutional investors due to its stringent regulatory environment
- Offers high liquidity and visibility, including eligibility for FTSE indices
- Increased analyst coverage and media presence further enhance exposure – important for FinTechs seeking international recognition
AIM
- Appeals to growth and technology-focused investors comfortable with higher risk, scaling businesses
- Not eligible for major FTSE indices, limiting some institutional participation
- AIM reforms expected to lighten burdens and align aspects more closely with the Main Market, potentially improving investor confidence
Aquis
Strategic benefits for FinTech companies
Benefits of the Main Market
- High credibility – beneficial for regulated or consumer-facing FinTechs
- Prestige and enhanced market confidence
- Eligibility for FTSE indices, allowing access to tracker funds and expanding the passive investor base
- Greater analyst coverage and broader investor engagement
- Best suited for companies with significant scale, stable revenues and mature governance frameworks
Benefits of AIM
- More flexible and cost effective route to public capital
- Ideal for scaling FinTechs building traction, expanding internationally or investing in product development
- Suitable for high growth or earlier stage companies
- Acts as a launchpad to the Main Market - many companies progress once they achieve scale and maturity
- Continuing regulatory reforms aim to maintain its appeal
- Retail investor access (via an MTF Admission Prospectus)
Benefits of Aquis
- Proportionate, stage based regulation tailored to very early-stage firms
- Offers an alternative entry point to public capital for companies too early even for AIM
- Supports business development through structured progression from Access to Apex
- Retail investor access through an MTF Admission Prospectus
- Promotes competition and innovation in UK capital markets
Which market fits which company?
| Company type | Recommended market | Rationale |
| Large, scaled FinTech platforms | Main market | High liquidity, strong governance expectations, index eligibility, strong investor confidence |
| Growth-stage FinTechs scaling domestically or internationally | AIM | Flexibility, specialist investor base, cost-effective, less prescriptive rules Nomad-led admission, suitable for scaling |
| Very early-stage or micro-cap FinTech innovators | Aquis | Proportionate, staged regulation, lower barriers to entry, early capital access |
Conclusion
The UK offers a uniquely flexible ecosystem of public markets that can support FinTech companies from early experimentation through to global scale.
- The Main Market provides prestige, discipline and deep institutional capital
- AIM offers a dynamic environment for high-growth FinTechs looking to scale rapidly
- Aquis delivers an accessible on-ramp for early-stage innovators seeking visibility and foundational governance
Choosing the right platform depends on a FinTech’s maturity, funding needs, regulatory preparedness and long-term strategic ambitions. For founders and boards, a clear understanding of the differences between these markets, especially around regulatory obligations, governance, investor audience and admission criteria is essential in selecting the optimal listing venue.
If you’re exploring the UK public markets or considering whether a Main Market, AIM or Aquis listing is right for you, we’re here to help.
Whether you need early-stage guidance or are preparing for an IPO, contact Jeremy Swift, Equity Capital Markets Partner in our London Corporate team, who can support you through every stage of the process.
High level comparison table
|
Category |
Main Market |
AIM |
Aquis |
|
Purpose/Target Companies |
Designed for established, larger companies seeking high visibility, liquidity and access to institutional capital |
Built for smaller, high-growth, dynamic companies looking for flexible entry to public markets |
Focused on very early-stage or smaller companies, offering proportionate, tiered regulation (Access for early-stage; Apex for more advanced companies) |
|
Market Ownership |
Operated by the London Stock Exchange |
Operated by the London Stock Exchange |
Independent exchange operated by Aquis Exchange |
|
Regulatory Stringency |
Highest regulatory standards; adherence to the UK Corporate Governance Code; mandatory Sponsor |
Lighter, more flexible rules; Nomad (Nominated Adviser) required. Corporate governance requirements are less prescriptive |
Proportionate, stage‑based regulation aimed at supporting early‑stage businesses. Less burdensome governance than AIM |
|
Listing Requirements |
Minimum £30m market cap; 25% free float |
No formal minimum market cap or free float; working-capital sufficiency required |
Requirements differ by tier: Access (introductory level); Apex (higher standards). Generally lower than AIM and Main Market |
|
Admission Process |
Prospectus approved by the FCA; Sponsor involvement required |
AIM MTF Admission Prospectus and Nomad declaration |
Admission requirements vary by segment; structured "schooling" progression model |
|
Corporate Governance Expectations |
Must adopt UK Corporate Governance Code |
Companies may choose which governance code to follow; lighter ongoing rules |
Governance expectations increase from Access to Apex, aligning with company maturity |
|
Index Eligibility |
Eligible for FTSE indices (FTSE 100, FTSE 250). Enhances visibility and access to tracker funds |
Not eligible for FTSE indices; limits access to certain institutional investors |
Not eligible for FTSE indices; investor base is more specialised |
|
Investor Base & Liquidity |
Broad global institutional investor base; high liquidity; strong analyst coverage |
Attracts growth‑oriented investors; liquidity varies depending on company size and sector |
Typically lower liquidity; investors are often small‑cap specialists. Higher investment risk |
|
Cost & Compliance Burden |
Highest listing and ongoing compliance costs |
Lower than Main Market; designed to be cost‑effective for scaling companies |
Typically lower than AIM due to proportionate regulation; suitable for micro‑caps |
|
Strategic Advantages |
Prestige, visibility, institutional access, index eligibility. Enhances market confidence |
Flexible regulatory framework; effective platform for early‑stage and fast‑growing companies; can act as a launchpad to Main Market |
Alternative marketplace promoting innovation and competition in UK capital markets; supports scale‑up journey and stepping stone to more established stock markets |
The content of this page is a summary of the law in force at the date of publication and is not exhaustive, nor does it contain definitive advice. Specialist legal advice should be sought in relation to any queries that may arise.
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