Every model has to start somewhere, and the choice of first home tells you what the builders were optimising for. SUPA's first phase runs from a Cayman segregated portfolio company. Cayman was chosen as the fastest and cheapest way to test the hypothesis — not as a permanent statement about where the business belongs. The same structure is later deployed in Switzerland.

SUPA SPC is registered in the Cayman Islands (CR-430549) as a segregated portfolio company under Part 14 of the Companies Act. The feature that made it useful is segregation: each business unit's assets answer only to its own liabilities, with no cross-recourse. That maps directly onto the product — many isolated units inside one framework — and it is available without building a separate company for every activity.

Speed and cost as design constraints

A phase-one structure has a job to do: let the team bring flow and test whether the model works. Optimising for speed and cost at that stage is deliberate. A structure that is quick and inexpensive to stand up lets the hypothesis be tested before large commitments are made. That is a different goal from a long-term licensing footprint, which is why the licensing route continues in parallel rather than being settled on day one.

What comes after

The publicly mentioned licensing route runs through a UK holding company, a Guernsey GFSC sandbox path (concierge, applying in autumn 2026), the Central Bank of Ireland Innovation Hub, a Guernsey Financial Firm Business licence and an Irish EMI with an EU passport. The decision on a bank jurisdiction comes later, once the model has proven itself. Cayman is the first home, not the final one.

This article is general information about how the structure is described publicly. It is not legal, tax or financial advice, and it is not a statement about the right jurisdiction for any particular business.

In short:

  • The first phase runs from a Cayman segregated portfolio company.
  • Cayman was chosen as the fastest, cheapest way to test the hypothesis.
  • Segregation — no cross-recourse between units — is the feature the product uses.
  • Further licences are pursued in parallel; the same structure is later deployed in Switzerland.

Read how the protocol is structured: the protocol.