Tokenization and SME Financing: A New Market Infrastructure

Alejandro Martínez · 2026-06-03

Imagine a platform where European SMEs can raise funds without relying on traditional channels, which are often slow and expensive. An infrastructure built to truly connect available capital to the real economy, where previously illiquid assets become instantly accessible and tradable. By leveraging tokenization and modern settlement mechanisms, this new generation of marketplace transforms how investors and companies interact: lower costs, better liquidity, and new growth opportunities. This is the story of a quiet but profound revolution: rebuilding the market so it serves the economy, not the other way around. Check out the summary and video of the keynote "Marketplace 3.0: Tokenization for SME Financing" by Mark Kepeneghian, Founder and CEO of Lise, at FinTech R:Evolution | #FFT26 | Flight to Quality. ### The SME Financing Gap in European Markets In Europe, SMEs still lack access to smooth, size-appropriate market financing mechanisms. Between bank credit, which is often constrained, and listed markets, which are too heavy and costly for many companies, there's a poorly covered space. It's not a lack of savings or interest in the real economy: it's a market infrastructure problem. The paradox is well known. On one hand, France and Europe have abundant savings that governments have been trying to redirect toward productive investment for years. On the other hand, SMEs and mid-caps still lack equity to finance growth, strengthen investment capacity, or hire. Existing tools like IR-PME, PEA-PME, small-cap funds, and public IPO support exist but haven't been enough to kickstart the market. Intermediation mechanisms remain calibrated for larger issuers who can absorb fixed costs, administrative burdens, and legal complexity that are disproportionate for smaller operations. ### Why First-Generation Marketplaces Fell Short A first wave of platforms tried to disintermediate some financing. But these models often just smoothed access to supply without really addressing liquidity and the long-term circulation of securities. On a classic market infrastructure, post-trade relies on a heavy, fragmented, and costly chain. After an order is executed, multiple layers of intermediation come in: exchange, clearing, settlement, central depository, custody. These layers lengthen timelines and generate significant fixed costs. For a large issuer, this architecture is absorbable. For an SME, it becomes quickly prohibitive, especially due to recurring listing costs. As long as you don't address post-issuance, you only solve part of the problem. ### How Tokenization Reshapes the Market Chain This is where tokenization comes in to rethink the market structure itself. By making securities easier to transfer, trace, and integrate into more efficient exchange and settlement mechanisms, it reduces management, transmission, and processing costs. It also reopens the liquidity question. As long as a security is slow to transfer, costly to administer, and hard to circulate, investors stay locked in a long-holding mindset. - **Lower barriers to entry**: Smaller companies can access capital markets without prohibitive costs. - **Improved liquidity**: Securities become more tradable, attracting a wider investor base. - **Faster settlement**: Modern mechanisms reduce delays and operational risks. > "Tokenization isn't just a tech upgrade; it's a fundamental rethinking of how markets connect capital to real economic needs." In contrast, an infrastructure that allows simpler and more direct circulation of securities opens up new possibilities. It's about building a market that works for everyone, not just the biggest players. ### What This Means for US Professionals For US-based professionals watching European payments news and EU payment system developments like wero europe, this shift is a signal. Tokenization-driven marketplaces could set a new standard for SME financing globally. The lessons from Europe's experiment with lighter, more efficient market infrastructure may influence how US markets evolve to better serve smaller businesses. As tokenization gains traction, expect cross-border implications for investment flows and regulatory frameworks.