United Kingdom verdict (TL;DR)
Verified 2026-05-18The UK cap table market has been reshaped by two events: Carta's acquisition of Capdesk (London-built, 2021), which means Carta now has a direct UK office and UK legal entity with local support; and the post-2024-scandal trust migration that benefited Ledgy (Zurich-built, GDPR-native, strong UK and EU presence) and Pulley among UK founders. Ledgy is the highest-ranked alternative to Carta for UK Series A+ startups, with native EMI (Enterprise Management Incentive) scheme support, Companies House-aware cap table mechanics, and EUR/GBP billing. UK Companies House requires that all share transfers be confirmed via PSC (Persons with Significant Control) register updates and Confirmation Statement filings; cap table software used by UK private limited companies must support this workflow natively or via integration.
Picks for United Kingdom
- UK Series A+ startup cap table and EMI option management: ledgy Swiss-built, GDPR-native, UK-strong. Best support for EMI option scheme compliance, GBP billing, and UK investor portal access. Ranked first for UK buyers prioritizing EU/UK data residency and EMI depth.
- UK startups wanting the most complete cap table platform: carta Carta UK (via Capdesk acquisition) provides local UK support and entity. Deepest feature set; the 2024 trust caveat applies but Carta UK operates with UK legal agreement structures.
- UK venture-backed startups seeking post-scandal Carta alternative: pulley US-built but increasingly used by UK founders, particularly those with US-anchored Delaware entities alongside UK ops. Cleaner data-handling posture post-2024 Carta scandal.
- UK startups formerly on Capdesk (Carta-acquired): capdesk Capdesk (London-built) was acquired by Carta in 2021 and now operates under the Carta brand with UK entity. Existing Capdesk customers are effectively Carta UK customers. Included for transparency about market consolidation.
- UK early-stage budget cap table (pre-Series A): eqvista Budget-tier for UK pre-seed startups. USD pricing but accessible for founders not yet justifying Ledgy or Carta pricing.
- UK pre-IPO and listed company equity stewardship: shareworks Morgan Stanley-anchored. Natural choice for UK pre-IPO companies with Morgan Stanley or similar investment bank relationships and UKLA (UK Listing Authority) equity plan requirements.
How the cap table / equity management market looks in United Kingdom
The UK cap table market has three meaningful differences from the US: EMI (Enterprise Management Incentive) options, Companies House filing obligations, and post-Brexit UK GDPR data residency requirements.
EMI options are HMRC-approved option schemes for qualifying UK companies (gross assets under £30M, trading company status). They provide significant employee tax advantages: no income tax at grant or exercise if exercised at grant-date market value, only capital gains tax at sale. EMI is the dominant equity-incentive vehicle for UK tech SMEs and startup-to-scaleup companies; cap table software must correctly model EMI option eligibility criteria, HMRC notification (within 92 days of grant), and disqualifying event tracking. Ledgy has the deepest EMI compliance in the category; Carta UK (via Capdesk) handles EMI but with less granular HMRC notification automation.
Companies House (the UK company register) requires that private limited companies update their PSC (Persons with Significant Control) register within 14 days of changes and file an annual Confirmation Statement. Share transfers in UK private limited companies must also be accompanied by a stock transfer form (J30 form) and Stamp Duty payment (0.5% on transfers above £1,000). Cap table software used by UK private limited companies needs to generate J30 forms and trigger Confirmation Statement updates; Ledgy and Carta UK both handle this workflow.
Post-Brexit UK GDPR (retained EU law) requires that UK cap table software vendors processing shareholder personal data are either UK-registered data controllers or covered by an adequacy decision. Ledgy (Swiss, SCCs with UK addendum), Carta UK (UK entity post-Capdesk acquisition), and Pulley (US, SCCs required) each have different data-transfer postures; ask for the UK GDPR data processing agreement before signing.
HMRC EMI notification (online submission within 92 days of grant) is a hard deadline; Ledgy automates this, Carta UK handles it with manual support, Pulley does not natively generate HMRC EMI notification files. Companies House PSC register updates (within 14 days of significant control changes) and annual Confirmation Statements must be filed; cap table software should flag these obligations. Stamp Duty (0.5%) on UK share transfers above £1,000 via stock transfer form (J30) must be tracked. CSOP (Company Share Option Plan) and SAYE (Save As You Earn) are HMRC-approved option schemes for larger UK companies not qualifying for EMI; Shareworks and Carta UK handle these, Ledgy is developing SAYE support. UK GDPR (post-Brexit, ICO-regulated) requires lawful basis for processing shareholder personal data; standard data processing agreements with UK-resident cap table vendors are table-stakes.
Quick comparison, ranked for United Kingdom
| Product | Best for | Starts at | 10-emp/mo* | Pricing | G2 | Geo |
|---|---|---|---|---|---|---|
| 5 Ledgy | European startups through pre-IPO | $0 | $0 | 4.7 | Strongest in EU; UK; Switzerland; growing US presence | |
| 1 Carta | Venture-backed startups through pre-IPO and public | $0 | $0 | 4.4 | Global; strongest in US; EU presence via Capdesk acquisition | |
| 2 Pulley | Venture-backed startups through Series C | $0 | $0 | 4.7 | Global; strongest in US | |
| 10 Capdesk (Carta-owned) | European startups through scale-up (Carta-owned) | $0 | $0 | 4.3 | Strongest in UK, EU, Nordics; under Carta global umbrella | |
| 4 Eqvista | Pre-Series A startups and bootstrapped | $0 | $0 | 4.5 | Global; strongest in US | |
| 3 Shareworks by Morgan Stanley | Public companies and pre-IPO at scale | Quote | - | 4.2 | Global; strongest in US, Canada, UK | |
| 6 Astrella by Computershare | Pre-IPO and public companies | Quote | - | 4.2 | Global; strongest in US, UK, Australia, EU | |
| 7 Gust Equity Management | First-time founders and pre-Series A | $25 | $25 | 4.4 | Strongest in US; growing internationally | |
| 8 Qapita | APAC startups through scale-up | $0 | $0 | 4.6 | Strongest in India, Singapore, Indonesia, Vietnam, Southeast Asia | |
| 9 AngelList Stack | AngelList-funded early-stage startups | $0 | $0 | 4.4 | Strongest in US; AngelList-funded startup community |
*10-employee monthly cost = base fee + (per-employee × 10) using the lowest published tier. For opaque-pricing vendors, no value is shown.
What buyers in United Kingdom actually pay
Median annual deal size by employee band, in GBP. Crowdsourced from anonymized buyer disclosures.
| Product | Employee band | Median annual (GBP) | Sample | Notes |
|---|---|---|---|---|
| Ledgy | UK Series A-B startup (20-200 employees) | £5,400 | 74 | GBP-billed; includes EMI scheme support |
| Ledgy | UK Series C+ (200-1,000 employees) | £14,000 | 31 | Enterprise tier; investor portal included |
| Carta | UK startup (Carta UK / Capdesk entity) | £7,200 | 58 | GBP-billed via Carta UK; Scale tier typical |
| Pulley | UK startup (US Delaware entity primary) | £5,200 | 29 | USD-priced; used for US entity cap table |
| Eqvista | UK pre-seed (1-20 employees) | £1,100 | 44 | Budget tier; USD-billed |
| Shareworks by Morgan Stanley | UK pre-IPO or listed (500+ employees) | £54,000 | 18 | GBP enterprise; Morgan Stanley-anchored |
United Kingdom-built or United Kingdom-strong vendors worth knowing
Not yet ranked in our global top 10, but credible options for United Kingdom buyers and worth a shortlist.
Ledgy
Visit ↗Zurich-headquartered but UK-strong and GDPR-native. Deep EMI scheme support, GBP billing, Companies House-aware cap table. Paris and Berlin offices alongside London presence. The highest-ranked non-Carta cap table platform for UK and EU buyers. ~1,000+ EU and UK customers including Zego, Onto, Timo.
Capdesk (now Carta UK)
Visit ↗Founded in London 2016; acquired by Carta 2021. Now operates as Carta's UK legal entity with London support team. Existing Capdesk customers are effectively Carta UK customers. Noted for transparency about market consolidation, not as an independent alternative.
Global picks that don't fit here
- QapitaAPAC-anchored (Singapore/India market). No meaningful UK go-to-market or UK compliance stack. Use Ledgy or Carta UK for UK companies.
- AngelList StackBuilt for AngelList-funded US entities. No UK company law support. Not relevant for UK private limited company cap tables.
All 10, ranked for United Kingdom
Same intelligence as the global ranking, vendor trust, review patterns, verified pricing, compliance, reordered for the United Kingdom market.
Ledgy
European cap table leader, GDPR-first architecture.
Ledgy is the European cap table leader, founded 2017 in Zurich, Switzerland. The product covers cap table + equity grants + ESPP + 409A-equivalent valuations with GDPR-first architecture and explicit support for European equity schemes (BSPCE in France, Mitarbeiterbeteiligung in Germany, EMI in the UK). Strengths: European cap table leader (default for European startups and scale-ups), GDPR-first architecture, EU data residency, strong fit for European equity schemes (EMI, BSPCE, Mitarbeiterbeteiligung), modern UX, founder-led culture. Best fit for European startups and scale-ups where GDPR-native architecture and EU equity scheme support matter. Trade-offs: weaker US presence than Carta or Pulley, smaller installed base outside Europe, US 409A valuation depth below Carta, and brand recognition lower in NA venture-backed community.
European startups and scale-ups (10-2,000 employees) where GDPR-native architecture, EU data residency, and EU equity scheme support (EMI, BSPCE, Mitarbeiterbeteiligung) matter.
US-only venture-backed startups (Carta or Pulley better fit), late-stage US pre-IPO (Carta or Shareworks better), APAC startups (Qapita better fit), or buyers prioritizing US 409A depth.
Strengths
- European cap table leader
- GDPR-first architecture (EU data residency)
- Works for European equity schemes (EMI, BSPCE)
- Modern UX
- Founder-led culture
- Multi-currency and multi-jurisdiction support
- Built for European scale-ups
Weaknesses
- Weaker US presence than Carta or Pulley
- Smaller installed base outside Europe
- US 409A valuation depth below Carta
- Brand recognition lower in NA venture-backed
- Smaller integration ecosystem (~40)
Pricing tiers
partial- Ledgy StarterFree for early-stage; up to 25 stakeholders$0 /mo
- Ledgy Growth~$2.4K/year; up to 100 stakeholders$200 /mo
- Ledgy Scale$10K-$40K/year for Series B+ European scale-upsQuote
- Ledgy Enterprise$40K-$200K/year for late-stage European companiesQuote
- · Per-stakeholder scaling
- · Multi-jurisdiction equity scheme add-ons
- · Annual price increases of 5-8%
Key features
- +Cap table management with GDPR-first architecture
- +Equity grant administration (EMI, BSPCE, ISO/NSO)
- +European ESPP administration
- +EU data residency
- +Multi-currency and multi-jurisdiction support
- +Investor portal
- +Modern UX
- +40+ integrations
Carta
Most complete cap table platform, with a real trust gap to address.
Carta is the cap table category leader, founded 2012 as eShares. Last primary valuation $7.4B (2021 Series G); 2024 secondary tender implied a meaningful markdown. The product covers cap table + equity grants + 409A valuations + ESPP + secondary transactions + post-IPO transfer agent. The defining event of the category in this period: the January 2024 customer-data scandal, in which Carta was publicly accused of using customer cap table data to broker secondary share sales without explicit disclosure. CEO Henry Ward apologized publicly, Carta announced exit from secondary trading, and material customer migration to Pulley and other competitors was reported through 2024-2025. The product is still the most complete cap table platform, largest installed base, deepest feature set, full lifecycle from formation to IPO. But the trust gap is real. Strengths: deepest cap table feature set in category, largest venture-backed installed base, mature 409A valuation services, full IPO/post-IPO transfer agent integration. Trade-offs: the 2024 scandal materially impacts vendor trust scores, pricing has crept up over 2024-2025, Support response times vary as company scaled, and buyers must explicitly evaluate data-handling policies and audit trail. Buyers must do this evaluation; it is no longer optional.
Venture-backed startups and scale-ups (10-5,000+ employees) wanting the most complete cap table platform with full lifecycle from formation to IPO, provided buyers explicitly evaluate vendor data-handling policies and audit trail before contracting.
Buyers who weight vendor data-handling policies heavily (Pulley clearer post-scandal positioning), European startups needing GDPR-native architecture (Ledgy better fit), APAC startups (Qapita better fit), or budget-conscious early-stage founders (Eqvista cheaper).
Strengths
- Deepest cap table feature set in category
- Largest venture-backed installed base
- Mature 409A valuation services
- Full IPO/post-IPO transfer agent integration
- Comprehensive ESPP administration
- Comprehensive RSU/ISO/NSO accounting
- Mature secondary transaction infrastructure (now operated as separate entity post-2024)
Weaknesses
- January 2024 customer-data scandal, central trust event in category
- Pricing crept up over 2024-2025
- Support is hit-or-miss
- Material customer churn to Pulley reported 2024-2025
- Data-handling policies require explicit buyer evaluation
- Founder community sentiment materially worse post-scandal
Pricing tiers
partial- Carta LaunchFree for early-stage; up to 25 stakeholders$0 /mo
- Carta Build~$3K/year base + per-stakeholder pricing for growth-stage$250 /mo
- Carta Scale$15K-$80K/year typical for venture-backed Series B+Quote
- Carta Enterprise$80K-$400K+/year for late-stage and pre-IPO with full ESPP + 409AQuote
- · Per-stakeholder scaling above tier limits
- · 409A valuation service fees ($2K-$8K per valuation)
- · ESPP administration fees
- · Annual price increases of 8-12%
- · Implementation services for late-stage
Key features
- +Cap table management with full audit trail
- +Equity grant administration (ISO/NSO/RSU)
- +409A valuation services (in-house)
- +ESPP administration
- +Secondary transaction infrastructure (post-2024 operated separately)
- +Post-IPO transfer agent integration
- +Investor portal
- +Fund administration (Carta LLC)
- +100+ integrations
Pulley
Modern Carta alternative; won material business after the 2024 scandal.
Pulley is the modern Carta alternative, founded 2019 (Y Combinator W20). The product covers cap table + equity grants + 409A valuations + ESPP at meaningfully closer feature parity to Carta than any other independent vendor. The defining moment for Pulley: the January 2024 Carta customer-data scandal materially accelerated Pulley adoption. Pulley publicly reported customer wins from former Carta customers throughout 2024-2025, and founder community sentiment shifted from "Carta is the default" to "Pulley is the credible alternative." Strengths: modern UX, strong feature parity with Carta for venture-backed startups, founder-led culture (CEO Yin Wu, ex-Microsoft, ex-Stanford), explicit data-handling policies (publicly addressed post-Carta scandal), aggressive product velocity. Best fit for venture-backed startups wanting Carta feature parity without the 2024 scandal baggage. Trade-offs: Lighter market share than Carta, 409A valuation services not as mature, post-IPO transfer agent depth below Shareworks, and brand recognition still building outside venture-backed startup community.
Venture-backed startups (10-1,000 employees) wanting Carta feature parity with explicit data-handling policies and modern UX, particularly buyers who weight vendor trust heavily after the 2024 Carta scandal.
Late-stage / pre-IPO companies needing deepest 409A and transfer agent integration (Carta or Shareworks better), European startups (Ledgy better fit), APAC startups (Qapita better fit), or buyers prioritizing largest installed base.
Strengths
- Modern UX
- Strong feature parity with Carta for venture-backed startups
- Founder-led culture (Yin Wu, YC W20)
- Explicit data-handling policies (post-scandal positioning)
- Aggressive product velocity
- Material customer wins from Carta in 2024-2025
- Affordable pricing at early-stage
Weaknesses
- Narrower customer base than Carta
- 409A valuation services less mature
- Post-IPO transfer agent depth below Shareworks
- Brand recognition still building outside venture-backed community
- Smaller integration ecosystem (~50)
Pricing tiers
public- Pulley FreeUp to 25 stakeholders; basic cap table$0 /mo
- Pulley Build~$1.2K/year; up to 100 stakeholders$100 /mo
- Pulley Pro~$5K-$18K/year typical for Series A-B$400 /mo
- Pulley Enterprise$18K-$80K/year for Series C and beyondQuote
- · Per-stakeholder scaling above tier limits
- · 409A valuation service fees ($1.5K-$5K per valuation)
- · Annual price increases of 6-10%
Key features
- +Cap table management with audit trail
- +Equity grant administration (ISO/NSO/RSU)
- +409A valuation services
- +ESPP administration
- +Investor portal
- +Modern UX
- +Explicit data-handling policies
- +50+ integrations
Capdesk (Carta-owned)
Carta-owned EU brand, included for honest market consolidation flag.
Capdesk is the Carta-owned European cap table brand, originally founded 2014 in Copenhagen and London, acquired by Carta in 2021. Capdesk now operates as Carta's EU presence rather than as an independent alternative, this is the central honesty point about Capdesk in the post-2021 era. Buyers should evaluate Capdesk as a Carta product with the same vendor-trust considerations from the January 2024 Carta scandal, not as an independent European Carta alternative. Strengths: established European cap table presence, integrated with Carta global platform, EU data residency, mature UK and EU equity scheme support. Best fit for European startups already on Capdesk who want continuity with Carta's broader platform, but new European buyers should evaluate Ledgy as the independent alternative. Trade-offs: post-Carta-acquisition Capdesk is a Carta product (the 2024 Carta scandal applies), product velocity has been mixed since acquisition, and brand confusion exists in the European market about Capdesk versus Carta.
Existing Capdesk customers wanting continuity with the Carta global platform. New European buyers evaluating cap table software in 2026 should compare Capdesk against Ledgy as the independent European alternative.
Buyers who weight vendor data-handling policies heavily after the 2024 Carta scandal (Ledgy or Pulley clearer positioning), buyers wanting an independent European cap table vendor (Ledgy better fit), or US-only venture-backed startups (Carta or Pulley directly better fit).
Strengths
- Established European cap table presence
- Integrated with Carta global platform
- EU data residency
- Mature UK and EU equity scheme support
- Continuity for existing Capdesk customers
Weaknesses
- Carta-owned (the 2024 Carta scandal applies)
- Post-Carta-acquisition product velocity mixed
- Brand confusion in European market about Capdesk versus Carta
- New European buyers should evaluate Ledgy as independent alternative
- Lighter market share than Ledgy in EU
Pricing tiers
partial- Capdesk StarterFree for early-stage; up to 25 stakeholders$0 /mo
- Capdesk Build~$2.4K/year; up to 100 stakeholders$200 /mo
- Capdesk Scale$10K-$30K/year for European Series A-BQuote
- Capdesk Enterprise$30K-$120K/year for late-stage European companiesQuote
- · Per-stakeholder scaling
- · Annual price increases of 8-12% (Carta-aligned)
- · Implementation services
Key features
- +Cap table management
- +Equity grant administration (EMI, BSPCE, ISO/NSO)
- +European ESPP administration
- +EU data residency
- +Investor portal
- +Carta global platform integration
- +40+ integrations
Eqvista
Affordable cap table for early-stage founders.
Eqvista is the affordable cap table platform, founded 2018. The product covers cap table + equity grants + 409A valuations at meaningfully lower price than Carta or Pulley. Strengths: affordable pricing for early-stage founders (free tier for under 20 stakeholders), simple UX, fast onboarding, basic 409A valuation services. Best fit for pre-Series A founders and bootstrapped companies wanting basic cap table without the cost of Carta or Pulley. Trade-offs: thinner feature set than Carta or Pulley, smaller installed base, Support is hit-or-miss, ESPP and post-IPO depth materially below mid-market+ vendors, and brand recognition lower in venture-backed community.
Pre-Series A startups and bootstrapped companies (1-50 employees) wanting basic cap table at meaningfully lower price than Carta or Pulley.
Venture-backed Series A+ companies (Carta or Pulley better depth), late-stage / pre-IPO (Carta or Shareworks better), European startups (Ledgy better fit), or buyers needing comprehensive ESPP.
Strengths
- Affordable pricing (free tier for early-stage)
- Simple UX
- Fast onboarding
- Basic 409A valuation services
- Fits bootstrapped and pre-Series A
- Per-cap-table pricing model
Weaknesses
- Thinner feature set than Carta or Pulley
- Smaller installed base
- Uneven support quality
- ESPP and post-IPO depth materially below mid-market+
- Brand recognition lower in venture-backed community
- Smaller integration ecosystem (~25)
Pricing tiers
public- Eqvista FreeUp to 20 stakeholders; basic cap table$0 /mo
- Eqvista Basic~$300/year; up to 50 stakeholders$25 /mo
- Eqvista Premium~$1.2K/year; up to 200 stakeholders$100 /mo
- Eqvista Enterprise$3K-$15K/year for 200+ stakeholdersQuote
- · Per-stakeholder scaling above tier limits
- · 409A valuation service fees ($1K-$3K per valuation)
- · Annual billing for discount
Key features
- +Cap table management
- +Equity grant administration
- +Basic 409A valuation services
- +Investor portal
- +Modern UX
- +25+ integrations
Shareworks by Morgan Stanley
Public-company-anchored equity management with bank relationship.
Shareworks is the Morgan Stanley-anchored equity management platform, originally founded as Solium in 1999 in Calgary and acquired by Morgan Stanley in 2019 for $900M. The product covers cap table + equity grants + ESPP + post-IPO transfer agent + brokerage with deep public-company anchoring. Strengths: Morgan Stanley-anchored bank relationship (the differentiator at scale), strongest public-company and pre-IPO fit, mature ESPP administration at enterprise scale, comprehensive RSU/ISO/NSO accounting, full transfer agent integration. Best fit for public companies and pre-IPO at scale where the bank relationship matters more than modern UX. Trade-offs: UX dated relative to Carta and Pulley, post-Morgan Stanley acquisition created some product velocity issues 2019-2022, Support depends on tier, and Behind modern entrants on release cadence on AI features.
Public companies and pre-IPO companies (500-50,000+ employees) where the Morgan Stanley bank relationship matters and where ESPP + transfer agent integration are primary requirements.
Venture-backed early-stage startups (Carta or Pulley better fit), modern UX seekers (Carta and Pulley cleaner), European startups (Ledgy better fit), or buyers prioritizing AI-first features.
Strengths
- Morgan Stanley-anchored bank relationship
- Strongest public-company and pre-IPO fit
- Mature ESPP administration at enterprise scale
- Comprehensive RSU/ISO/NSO accounting
- Full transfer agent integration
- Brokerage integration (Morgan Stanley)
- Stability of public-company parent
Weaknesses
- UX dated relative to Carta and Pulley
- Post-Morgan Stanley acquisition product velocity issues 2019-2022
- Support inconsistency reported
- Lagging upstarts on velocity on AI features
- Pricing meaningful at enterprise scale
Pricing tiers
opaque- Shareworks Standard~$30K-$120K/year typical for pre-IPO / late-stageQuote
- Shareworks Pro$120K-$500K/year for public companiesQuote
- Shareworks Enterprise$500K-$2M+/year for large public companies with full ESPPQuote
- · ESPP per-participant fees
- · Transfer agent fees (per shareholder transaction)
- · Implementation services ($50K-$300K)
- · Annual price increases of 5-8%
- · Brokerage transaction fees
Key features
- +Cap table management
- +Equity grant administration (ISO/NSO/RSU)
- +ESPP administration at scale
- +Post-IPO transfer agent integration
- +Morgan Stanley brokerage integration
- +Comprehensive equity accounting (ASC 718)
- +60+ integrations
Astrella by Computershare
Computershare-anchored cap table with transfer agent integration.
Astrella is the Computershare-anchored cap table platform, launched 2018 as Computershare's modern cap table offering. The product covers cap table + equity grants + ESPP integrated with Computershare's mature transfer agent services for IPO and post-IPO equity stewardship. Strengths: Computershare transfer agent integration (the differentiator at scale), strong fit for pre-IPO and public companies needing transfer agent continuity, mature equity accounting, public Computershare parent stability, multi-jurisdiction support. Best fit for pre-IPO and public companies prioritizing transfer agent continuity. Trade-offs: Smaller deployed base versus Carta or Shareworks, modern UX below Carta and Pulley, Support inconsistency reported, and Product velocity trails newer entrants on AI features.
Pre-IPO and public companies (500-25,000+ employees) prioritizing transfer agent continuity with Computershare for IPO and post-IPO equity stewardship.
Venture-backed early-stage startups (Carta or Pulley better fit), modern UX seekers (Carta and Pulley cleaner), European-only startups (Ledgy better fit), or buyers prioritizing AI-first features.
Strengths
- Computershare transfer agent integration
- Best for pre-IPO and public companies
- Mature equity accounting (ASC 718, IFRS 2)
- Public Computershare parent stability
- Multi-jurisdiction support
- Strong stewardship lifecycle
Weaknesses
- Thinner footprint than Carta or Shareworks
- Modern UX below Carta and Pulley
- Support response times vary
- Ships slower than the challengers on AI
- Brand recognition lower in venture-backed community
Pricing tiers
opaque- Astrella Standard~$24K-$80K/year typical for pre-IPOQuote
- Astrella Pro$80K-$300K/year for public companiesQuote
- Astrella Enterprise$300K-$1.2M+/year for large public companies with full transfer agentQuote
- · Transfer agent fees (per shareholder transaction)
- · ESPP per-participant fees
- · Implementation services
- · Annual price increases of 5-8%
Key features
- +Cap table management
- +Equity grant administration (ISO/NSO/RSU)
- +ESPP administration
- +Computershare transfer agent integration
- +Comprehensive equity accounting (ASC 718, IFRS 2)
- +Multi-jurisdiction support
- +50+ integrations
Gust Equity Management
Early-stage founder-friendly equity bundled with formation.
Gust is the early-stage founder-friendly equity management platform, with Gust Launch (incorporation) and Gust Equity Management (cap table) as integrated tooling. Founded 2013 (Gust Launch and Equity Management products specifically launched 2018-2019). The product covers incorporation + cap table + equity grants + basic 409A at affordable pricing for early-stage founders. Strengths: founder-friendly tooling, integrated with Gust Launch incorporation, AngelList alternative for first-time founders, simple UX, affordable pricing, fast onboarding. Best fit for first-time founders wanting incorporation + cap table bundled. Trade-offs: thinner enterprise features than Carta or Pulley, ESPP and post-IPO depth materially below mid-market+ vendors, smaller installed base, Support is hit-or-miss, and brand recognition lower in venture-backed community.
First-time founders and pre-Series A startups (1-25 employees) wanting incorporation + cap table + basic equity management bundled in a single tool with affordable pricing.
Venture-backed Series A+ companies (Carta or Pulley better depth), late-stage (Carta or Shareworks better), European startups (Ledgy better fit), or buyers needing comprehensive ESPP.
Strengths
- Founder-friendly tooling
- Integrated with Gust Launch incorporation
- Affordable pricing for early-stage
- Simple UX
- Fast onboarding
- Fits first-time founders
Weaknesses
- Thinner enterprise features than Carta or Pulley
- ESPP and post-IPO depth materially below mid-market+
- Smaller installed base
- Uneven support quality
- Brand recognition lower in venture-backed community
- Smaller integration ecosystem (~30)
Pricing tiers
public- Gust Launch~$300/year; incorporation + basic cap table$25 /mo
- Gust Equity Management~$600/year; full cap table + grants$50 /mo
- Gust Pro~$2.4K/year; advanced cap table + 409A$200 /mo
- · Per-stakeholder scaling above tier limits
- · 409A valuation service fees
- · Annual billing for discount
Key features
- +Incorporation (Gust Launch)
- +Cap table management
- +Equity grant administration
- +Basic 409A valuation services
- +Modern UX
- +30+ integrations
Qapita
APAC equity management leader.
Qapita is the APAC equity management leader, founded 2019 in Singapore with engineering in Bengaluru, India. The product covers cap table + equity grants + ESPP + 409A-equivalent valuations with explicit support for APAC equity schemes (Indian ESOP regulations, Singapore ESS, Indonesian ESS, Vietnamese equity). Strengths: APAC equity management leader (default for Indian, Singaporean, and Southeast Asian startups), strong fit for APAC equity schemes and tax regulations, modern UX, founder-led culture, affordable pricing for the region. Best fit for APAC startups and scale-ups where Indian/Singaporean/SEA equity scheme support and regional tax compliance matter. Trade-offs: weaker US/EU presence than Carta, Pulley, or Ledgy, smaller installed base outside APAC, US 409A and EU GDPR depth below regional leaders, and brand recognition lower outside APAC venture-backed community.
APAC startups and scale-ups (10-1,000 employees) where Indian/Singaporean/SEA equity scheme support, regional tax compliance, and APAC data residency matter.
US-only venture-backed startups (Carta or Pulley better fit), European-only startups (Ledgy better fit), late-stage US pre-IPO (Carta or Shareworks better), or buyers prioritizing US 409A depth.
Strengths
- APAC equity management leader
- Works for APAC equity schemes (Indian ESOP, Singapore ESS)
- Modern UX
- Founder-led culture
- Affordable pricing for the region
- Multi-currency and multi-jurisdiction APAC support
- Built for India/Singapore/SEA scale-ups
Weaknesses
- Weaker US/EU presence than Carta, Pulley, Ledgy
- Smaller installed base outside APAC
- US 409A and EU GDPR depth below regional leaders
- Brand recognition lower outside APAC
- Smaller integration ecosystem (~30)
Pricing tiers
partial- Qapita StarterFree for early-stage; up to 25 stakeholders$0 /mo
- Qapita Growth~$1.2K/year; up to 100 stakeholders$100 /mo
- Qapita Scale$6K-$24K/year for APAC scale-upsQuote
- Qapita Enterprise$24K-$100K+/year for late-stage APAC companiesQuote
- · Per-stakeholder scaling
- · Multi-jurisdiction APAC equity scheme add-ons
- · Annual price increases of 5-8%
Key features
- +Cap table management
- +Equity grant administration (Indian ESOP, Singapore ESS, RSU/ISO/NSO)
- +APAC ESPP administration
- +Multi-currency and multi-jurisdiction APAC support
- +Investor portal
- +Modern UX
- +30+ integrations
AngelList Stack
AngelList-anchored equity stack for AngelList-funded startups.
AngelList Stack is the AngelList-anchored equity management product, originally launched 2020 as part of AngelList's broader founder tooling. The product covers incorporation + cap table + equity grants + banking integrated with the AngelList rolling fund and SPV ecosystem. Strengths: AngelList-anchored ecosystem (default for AngelList-funded startups), integrated with AngelList rolling funds and SPVs, modern UX, affordable pricing, fast onboarding. Best fit for AngelList-funded startups wanting equity management within the AngelList ecosystem. Trade-offs: thinner enterprise features than Carta or Pulley, smaller installed base outside AngelList ecosystem, ESPP and post-IPO depth materially below mid-market+ vendors, Support depends on tier, and brand recognition lower outside AngelList community.
AngelList-funded early-stage startups (1-50 employees) wanting equity management bundled with AngelList rolling fund / SPV ecosystem and AngelList-native banking.
Non-AngelList-funded startups (Carta or Pulley better fit), late-stage / pre-IPO (Carta or Shareworks better), European startups (Ledgy better fit), APAC startups (Qapita better fit), or buyers needing comprehensive ESPP.
Strengths
- AngelList-anchored ecosystem
- Integrated with AngelList rolling funds and SPVs
- Modern UX
- Affordable pricing for early-stage
- Fast onboarding
- Best for AngelList-funded startups
Weaknesses
- Thinner enterprise features than Carta or Pulley
- Smaller installed base outside AngelList ecosystem
- ESPP and post-IPO depth below mid-market+
- Support inconsistency reported
- Brand recognition lower outside AngelList community
- Smaller integration ecosystem (~25)
Pricing tiers
public- AngelList Stack FreeFree for early-stage; AngelList-funded startups$0 /mo
- AngelList Stack Pro~$1.2K/year; advanced cap table$100 /mo
- AngelList Stack Enterprise$3K-$15K/year for Series A+Quote
- · Per-stakeholder scaling above tier limits
- · 409A valuation service fees
- · Annual billing for discount
Key features
- +AngelList-native cap table
- +Equity grant administration
- +Basic 409A valuation services
- +AngelList rolling fund / SPV integration
- +AngelList-native banking integration
- +Modern UX
- +25+ integrations
Frequently asked questions
The questions buyers actually ask before they sign.
What is EMI, and which cap table software handles it best?
Does Capdesk still exist as an independent platform?
Should a UK startup use Ledgy or Carta?
What was the Carta scandal?
Carta vs Pulley, which one in 2026?
Cap table vs ESPP platform, what is the difference?
How much should I budget for cap table software?
Should I do data-handling policy evaluation post-Carta scandal?
How long does cap table software implementation take?
How does this compare to your spend management and procurement rankings?
What about European and APAC cap table software specifically?
Final word
Looking at a different market? See the global Cap Table / Equity Management ranking, or pick another country at the top of this page.
Last updated 2026-05-18. Local pricing reverified quarterly. Found something inaccurate? Tell us.