Pulley vs Vestd: The Complete 2026 Comparison Guide for Equity Management Software

Choosing the right cap table management software can make or break your equity administration process. Two platforms often come up in conversations: Pulley and Vestd. Both promise to simplify how you track ownership, manage share schemes, and handle investor relations. But they’re built for different markets and solve different problems.

This guide breaks down everything you need to know about Pulley vs Vestd. We’ll cover pricing, features, target audiences, integrations, and real-world use cases. By the end, you’ll know exactly which platform fits your company’s needs. We’ll also introduce Altshare as a strong alternative worth considering if neither Pulley nor Vestd checks all your boxes.

Let’s dig into what makes each platform tick and where they fall short.

Understanding Cap Table Management: Why It Matters in 2026

Before comparing Pulley and Vestd directly, let’s talk about why cap table management matters so much right now. Companies are staying private longer than ever before. This trend creates new challenges around equity tracking and liquidity events.

The Growing Complexity of Private Company Equity

Ten years ago, most startups went public within seven years of founding. That timeline has stretched dramatically. Many companies now remain private for 10 to 15 years or longer. During that time, they run multiple funding rounds. They grant stock options to employees. They navigate secondary sales and tender offers.

Each of these events adds complexity to your cap table. Without proper software, mistakes multiply. Errors in equity records can lead to:

• Legal disputes with employees or investors
• Problems during due diligence for fundraising
• Tax complications from incorrect 409A valuations
• Ownership disputes that delay or kill acquisition deals

Good cap table software prevents these headaches. It keeps your ownership records accurate and audit-ready at all times.

What Modern Cap Table Software Should Do

A solid equity management platform needs to handle several core functions well. These include basic cap table tracking, scenario modeling, employee equity plans, and investor reporting.

Cap table tracking means maintaining an accurate record of who owns what. This sounds simple but gets complicated fast. You need to track common shares, preferred shares, options, warrants, convertible notes, and SAFEs. Each has different terms and conversion mechanics.

Scenario modeling lets you run “what-if” calculations. What happens to founder ownership if you raise $10M at a $50M pre-money valuation? How does a new option pool affect existing shareholders? These questions come up constantly during fundraising.

Equity plan administration covers the operational side of stock options and restricted stock. You need to track vesting schedules, handle exercises, and generate tax documents for employees.

Investor reporting keeps your shareholders informed. Good platforms generate professional updates and give investors a portal to check their holdings.

Both Pulley and Vestd address these needs, but with different approaches and for different audiences. Let’s examine each platform in detail.

Pulley Overview: Cap Table Software Built for US Startups

Pulley launched in 2019 in Mountain View, California. The company has raised $50.1 million across multiple funding rounds. Notable investors include Founders Fund, Stripe, and La Famiglia. In 2022, Pulley closed a $40 million Series B led by Founders Fund at a valuation between $150 million and $300 million.

Pulley’s Core Value Proposition

Pulley positions itself as the modern alternative to Carta for early and mid-stage startups. The platform focuses on simplicity and speed. According to their marketing, you can go from zero to a fully functional cap table in under an hour.

The target customer is clear: venture-backed startups in the United States. Pulley handles the specific needs of this market, including 409A valuations, US tax compliance, and integration with common startup tools.

One major development in 2026 is Pulley’s partnership with Nasdaq Private Market. This gives Pulley customers access to secondary liquidity programs. Stakeholder holdings data transfers securely via API, making tender offers and secondary sales much smoother.

As Pulley states: “As companies stay private longer, the demand for secondary liquidity events is growing dramatically. This partnership underscores Pulley’s commitment to addressing the evolving needs of its customers.”

Key Features of Pulley

Pulley offers a comprehensive feature set for US-focused startups:

• Cap table management: Track all share classes, options, warrants, and convertible instruments in one place
• 409A valuations: Get compliant valuations directly through the platform
• Equity plan administration: Manage option grants, vesting schedules, and exercises
• Scenario modeling: Run fundraising scenarios to understand dilution impacts
• Document management: Store and organize equity-related legal documents
• Investor relations: Share updates and give investors access to their holdings
• Secondary transactions: Access to Nasdaq Private Market for liquidity events

The interface is widely considered more approachable than Carta’s. This matters a lot for founder-led companies without a full-time CFO managing equity.

Pulley’s Strengths

Several things make Pulley stand out in the market:

Fast setup: The platform emphasizes rapid onboarding. Import your existing cap table data and get running quickly. This beats older platforms that can take weeks to set up properly.

Strong fundraising tools: The scenario modeling features let you test different funding terms without touching a spreadsheet. Model multiple rounds, see dilution impacts, and compare investor offers side by side.

Clean user experience: Pulley built their platform from scratch in 2019. They didn’t inherit legacy code or outdated interfaces. The result is a modern, intuitive product that founders can actually use themselves.

Reasonable pricing for early-stage: While Pulley doesn’t publish prices publicly, the company targets startups at seed through Series B. Pricing reportedly scales with company complexity.

Integrations: Pulley connects with HRIS systems and other startup tools. This reduces manual data entry and keeps employee records in sync.

Pulley’s Limitations

No platform is perfect. Here’s where Pulley falls short:

Scale limitations: As companies grow past Series B, some users find Pulley’s features lacking compared to Carta’s enterprise capabilities. Very large cap tables with hundreds of investors may need more robust tooling.

US-focused: Pulley was built for American startups. If you’re a UK or European company, you’ll find many features don’t apply to your jurisdiction. Share schemes like EMI (Enterprise Management Incentives) aren’t supported.

Document migration: You’ll still need to clean and upload legacy legal documents. If you have bespoke legal workflows, expect some configuration work to make everything fit.

No employee portal: Some competitors offer dedicated portals where employees can view their equity, check vesting progress, and exercise options. Pulley’s employee-facing features are less developed.

Vestd Overview: UK-Focused Share Scheme Management

Vestd launched in 2015 in London, United Kingdom. The platform focuses specifically on the UK market, offering equity management, share scheme administration, and investment solutions. Investors include York Capital Management and Brand Capital, among others.

Vestd’s Core Value Proposition

Where Pulley targets US startups, Vestd goes all-in on the UK market. The platform specializes in UK-compliant share schemes, particularly EMI schemes that offer tax advantages to employees and employers.

Vestd describes itself as an “online platform providing equity management, share scheme, and investment solutions for companies, with a focus on scalability and ease of use.”

This UK focus is both a strength and limitation. British companies get a platform built specifically for their regulatory environment. International companies won’t find what they need here.

Key Features of Vestd

Vestd offers a feature set tailored to UK businesses:

• EMI scheme setup and management: Create and administer tax-efficient option schemes
• Growth shares: Issue shares that only have value above a certain hurdle
• Digital share certificates: Generate compliant certificates automatically
• Cap table tracking: Maintain accurate ownership records
• Company valuations: Get HMRC-compliant valuations for share schemes
• Investor management: Track shareholders and send updates
• Scenario modeling: Project ownership changes from new rounds or exits
• Document generation: Create scheme rules, option agreements, and board minutes

Vestd’s Strengths

Several factors make Vestd compelling for UK companies:

Deep UK expertise: Vestd understands HMRC requirements inside and out. They help companies set up EMI schemes correctly from the start, avoiding costly compliance mistakes.

All-in-one platform: You don’t need separate tools for valuations, document generation, and cap table management. Everything lives in one place.

Guided setup process: Vestd walks you through creating share schemes step by step. You don’t need to be an equity expert to get started.

Affordable for small companies: UK SMEs often have smaller budgets than VC-backed startups. Vestd’s pricing reflects this market reality.

Ongoing compliance support: The platform helps with annual filings and keeps you compliant with changing regulations.

Vestd’s Limitations

Vestd has clear boundaries:

UK-only: If you operate outside the UK, Vestd won’t work for you. US companies need 409A valuations and US tax compliance. Vestd doesn’t offer these.

Smaller ecosystem: Compared to Pulley or Carta, Vestd integrates with fewer external tools. The partner network is smaller.

Limited secondary market access: Vestd doesn’t have partnerships like Pulley’s Nasdaq Private Market integration. Liquidity events require more manual coordination.

Less venture-focused: The platform serves SMEs and growing companies broadly, not just VC-backed startups. Features like advanced fundraising modeling may be less developed.

Pulley vs Vestd: Head-to-Head Feature Comparison

Now let’s compare these platforms directly across the features that matter most. This table gives you the quick view, and we’ll break down each category below.

Geographic Focus and Compliance

This is the biggest differentiator between Pulley and Vestd. Your company’s jurisdiction basically makes this decision for you.

Pulley was built for the US market from day one. Every feature assumes you’re operating under Delaware corporate law, issuing options that need 409A valuations, and dealing with US tax requirements. If you raise venture capital in the US, Pulley speaks your language.

Vestd was built for the UK market with equal dedication. The platform understands Companies House filings, HMRC requirements, and the specific mechanics of EMI schemes. If you’re a British company wanting to give employees equity, Vestd guides you through the process correctly.

Cross-border companies face a harder choice. If you’re a UK subsidiary of a US parent, you might need both platforms or a different solution entirely. Neither Pulley nor Vestd handles multi-jurisdiction equity well.

Scenario Modeling and Fundraising Tools

Pulley takes a clear lead here. The platform was built with VC-backed startups in mind. That means fundraising scenarios are a core feature, not an afterthought.

With Pulley, you can model questions like:

• What’s my ownership percentage after raising $10M at a $50M pre-money valuation?
• How does a 15% option pool refresh affect existing shareholders?
• What terms should I push for to maintain X% founder ownership?
• How do different liquidation preferences affect payout scenarios?

Vestd offers scenario modeling too, but it’s less sophisticated. The UK market has fewer venture-backed companies doing rapid sequential fundraising. Most Vestd users don’t need the same complexity.

If fundraising modeling is your top priority, Pulley wins this comparison.

Share Scheme Administration

For UK companies, Vestd dominates this category. EMI scheme administration requires deep knowledge of HMRC rules, filing requirements, and valuation methodologies. Vestd built their entire platform around this need.

With Vestd, you can:

• Set up a compliant EMI scheme from scratch
• Generate all required legal documents
• Get HMRC-ready valuations
• Track grants, vesting, and exercises
• Handle annual filings automatically
• Issue growth shares with hurdle values

Pulley handles US equity plan administration well. You can manage option grants, track vesting, and process exercises. But it’s designed for US tax rules. ISOs, NSOs, 83(b) elections, and 409A compliance are the focus.

Choose based on your jurisdiction. UK companies need Vestd’s approach. US companies need Pulley’s approach.

Employee Experience

How do employees interact with each platform? This matters more than you might think. Confused employees create support tickets. Clear equity information builds trust and retention.

Vestd offers a solid employee portal. Team members can log in to see their grants, vesting schedules, and current values. They get visibility into what their equity might be worth at different exit scenarios.

Pulley has more limited employee-facing features. Some users note there’s not a dedicated employee portal with the same depth. Employees may have less direct access to information about their holdings.

If employee self-service is a priority, Vestd has the edge in this comparison.

Secondary Transactions and Liquidity

Companies staying private longer need ways to provide liquidity. Pulley recognized this trend and partnered with Nasdaq Private Market. This integration is a genuine differentiator.

Pulley customers who opt into an NPM liquidity program get smooth data transfer via API. Their cap table information is already authenticated in the system. This removes friction from tender offers and secondary sales.

As Pulley explains: “Pulley is the first cap table management system to provide this service to their clients via NPM’s Cap Table Connect product.”

Vestd doesn’t have an equivalent partnership. UK companies can still run secondary transactions, but they’ll need to coordinate the process more manually. Data doesn’t flow automatically to a marketplace.

For companies anticipating secondary liquidity needs, Pulley offers a clear advantage.

Pricing Analysis: Pulley vs Vestd Cost Structures

Understanding pricing helps you budget accurately. Unfortunately, neither platform makes this completely easy.

Pulley Pricing

Pulley does not publish pricing on their public website. You need to contact their sales team for current rates. This approach is common among US cap table providers.

Based on market reports and user feedback, Pulley’s pricing typically scales with:

• Number of stakeholders on your cap table
• Features you need (basic vs. advanced)
• Whether you want 409A valuations included
• Company stage and complexity

Pulley positions itself as more affordable than Carta, especially for early-stage startups. Companies at seed and Series A reportedly find the pricing reasonable. Costs increase as you add shareholders and need more advanced features.

Vestd Pricing

Vestd uses a subscription model with published tiers. This transparency helps UK companies budget more easily. Pricing depends on:

• Number of team members with equity
• Features included in your plan
• Whether you need valuation services
• Level of support required

Vestd’s approach works well for SMEs with tighter budgets. You can start small and upgrade as your equity complexity grows.

Total Cost of Ownership

Don’t just look at subscription fees. Consider the full cost of using each platform:

For Pulley:

• Platform subscription
• 409A valuation fees (if not included)
• Time spent on data migration
• Legal review of generated documents

For Vestd:

• Platform subscription
• Valuation costs
• Accountant fees for annual filings
• Legal review for scheme setup

Both platforms save money compared to doing everything manually with lawyers and spreadsheets. The question is which one fits your specific situation better.

User Experience and Interface Design

Software you don’t use provides zero value. User experience determines whether your team actually adopts the platform.

Pulley’s Interface Philosophy

Pulley built their platform from scratch in 2019. They didn’t inherit legacy interfaces or outdated design patterns. The result shows.

Users consistently praise Pulley’s clean, modern interface. Navigation is straightforward. You don’t need training to accomplish basic tasks. Founders can manage their cap table themselves without dedicated finance staff.

The scenario modeling tools stand out particularly. Running “what-if” analyses feels intuitive. You can adjust variables and see results immediately without spreadsheet gymnastics.

Some users wish for more customization options. The simplicity that makes Pulley approachable can feel limiting for complex situations.

Vestd’s Interface Philosophy

Vestd takes a guided approach. The platform walks you through processes step by step. This works well for users unfamiliar with equity administration.

Setting up an EMI scheme involves many decisions. Vestd prompts you through each one with explanations along the way. You don’t need to know everything upfront.

The employee portal is well-designed too. Team members can check their equity without creating support work for administrators.

Power users sometimes find the guided approach slow. If you know exactly what you want to do, the hand-holding can feel excessive.

Mobile Experience

Both platforms focus on desktop web access. Neither has a standout mobile app. You can access both on mobile browsers, but it’s not the primary use case.

For occasional checks on the go, either platform works. For serious cap table work, use a laptop or desktop.

Integrations and Ecosystem

Your cap table software doesn’t exist in isolation. It needs to work with your other tools.

Pulley Integrations

Pulley connects with the startup ecosystem tools you probably already use:

• HRIS systems: Sync employee data automatically
• Accounting software: Reduce duplicate data entry
• Legal tools: Streamline document workflows
• Banking: Connect for payment processing
• Nasdaq Private Market: Enable secondary transactions

The Nasdaq Private Market integration deserves special attention. This connection makes Pulley a genuine end-to-end platform for equity lifecycle management. No other mid-market cap table tool offers the same.

Vestd Integrations

Vestd’s integration ecosystem is smaller but covers UK essentials:

• Accounting software: Connect with UK accounting platforms
• Companies House: Prepare filing data
• Banking: Process share purchases
• HR tools: Sync team information

The UK focus means integrations prioritize tools common in the British market. American tools may not connect as smoothly.

API Access

Both platforms offer API access for custom integrations. If you have development resources, you can build connections to your specific tools.

Pulley’s API powers the Nasdaq Private Market integration. This suggests robust capabilities for data exchange.

Vestd’s API enables automation for high-volume scenarios. Large companies with complex needs can build custom workflows.

Security and Compliance

Equity data is sensitive. Security matters enormously.

Pulley’s Security Approach

Pulley handles data for venture-backed startups, including companies that have raised hundreds of millions of dollars. Security expectations are high.

Standard security features include:

• Encryption in transit and at rest
• Role-based access controls
• Audit logs for all changes
• Regular security assessments
• SOC 2 compliance (check current status)

The Nasdaq Private Market partnership required meeting institutional security standards. This gives confidence in Pulley’s security posture.

Vestd’s Security Approach

Vestd maintains security appropriate for UK financial data:

• GDPR compliance
• Encrypted data storage
• Access controls by role
• Regular backups
• UK data residency options

UK companies often have specific data residency requirements. Vestd addresses these concerns for the local market.

Regulatory Compliance

Each platform focuses on its home jurisdiction’s regulations:

Pulley: SEC requirements, 409A valuation standards, Delaware corporate law norms, IRS tax compliance

Vestd: HMRC requirements, Companies House filings, FCA considerations where applicable, UK corporate law

Don’t use Pulley for UK compliance. Don’t use Vestd for US compliance. Each platform optimizes for one jurisdiction.

Customer Support and Resources

When something goes wrong or you have questions, support quality matters.

Pulley Support

Pulley offers support through multiple channels:

• Email support: Response times vary by plan tier
• Chat support: Available for quick questions
• Documentation: Self-service knowledge base
• Onboarding help: Guidance during initial setup

Higher-tier plans typically get faster response times and dedicated support contacts. Early-stage startups on basic plans may experience slower responses.

Vestd Support

Vestd emphasizes hands-on support for equity questions:

• Phone support: Speak with UK-based team members
• Email support: Detailed written assistance
• Webinars: Educational sessions on equity topics
• Resources: Guides for UK share scheme administration

The UK focus means support staff understand local requirements deeply. You won’t explain HMRC rules to someone unfamiliar with them.

Educational Resources

Both platforms invest in customer education:

Pulley provides content on US startup equity topics: fundraising mechanics, option pool sizing, 409A valuations, and dilution math.

Vestd covers UK-specific topics: EMI scheme setup, growth shares, HMRC valuations, and Companies House requirements.

The content reflects each platform’s target market. US founders find Pulley’s resources more relevant. UK founders prefer Vestd’s guidance.

Real-World Use Cases: When to Choose Each Platform

Let’s look at specific scenarios where each platform shines.

Choose Pulley When…

Scenario 1: US Seed-Stage Startup

You just raised a $3M seed round. You have 10 employees and need to set up a stock option plan. You want clean cap table management without Carta’s complexity or cost. Pulley’s fast setup and founder-friendly interface fit perfectly.

Scenario 2: Series A Company Planning Secondary Sales

You raised Series A two years ago. Early employees want some liquidity, but you’re not planning an exit soon. Pulley’s Nasdaq Private Market integration lets you offer tender offers smoothly.

Scenario 3: Founder Managing Equity Without a CFO

You don’t have dedicated finance staff yet. You need to understand dilution scenarios for your upcoming fundraise. Pulley’s intuitive modeling tools let you run analyses yourself.

Choose Vestd When…

Scenario 1: UK Startup Setting Up EMI Scheme

You’re a 15-person London startup. You want to offer tax-efficient options to your team. You’ve never set up a share scheme before. Vestd walks you through every step of EMI scheme creation.

Scenario 2: UK SME Adding Employee Ownership

You run a 50-person professional services firm. You want to give senior team members equity stakes. Vestd helps you structure this correctly for UK tax purposes.

Scenario 3: UK Company Needing HMRC Valuations

You need compliant valuations for share scheme purposes. Vestd’s integrated valuation service gives you HMRC-ready numbers.

Altshare: A Strong Alternative to Both Pulley and Vestd

What if neither Pulley nor Vestd fits your needs perfectly? Maybe you’re a multi-jurisdiction company. Perhaps you want different features than either platform offers. Consider Altshare as an alternative.

Why Altshare Stands Out

Altshare addresses gaps that both Pulley and Vestd leave open. The platform offers:

Multi-jurisdiction support: Manage equity across multiple countries without switching platforms. This matters for companies with US headquarters and international subsidiaries, or European companies with US investors.

Complete employee experience: Altshare provides a full employee portal where team members can view their equity, understand vesting, model exit scenarios, and manage exercises. This addresses a gap in Pulley’s offering.

Flexible compliance: Support for various regulatory frameworks, not just US or UK. Growing companies expanding internationally find this valuable.

Modern technology: Built with recent technology that enables smooth user experience and reliable performance.

When Altshare Makes Sense

Consider Altshare if you:

• Operate in multiple countries
• Need strong employee-facing features
• Want a platform that grows with you internationally
• Find both Pulley and Vestd too jurisdiction-specific
• Need flexibility that single-market tools don’t provide

Altshare vs Pulley vs Vestd Summary

Altshare offers the flexibility that jurisdiction-specific tools can’t match. For companies outgrowing single-market solutions, it’s worth serious consideration.

Making Your Decision: Key Questions to Ask

Choosing between Pulley, Vestd, and Altshare comes down to your specific situation. Ask yourself these questions:

Where Is Your Company Incorporated?

This is the biggest factor. A Delaware C-Corp needs US-compliant tools. A UK limited company needs UK-compliant tools. If you have entities in multiple countries, you need something that handles both.

US company? Pulley is a strong choice.

UK company? Vestd makes sense.

Multi-jurisdiction? Look at Altshare.

What’s Your Primary Use Case?

Different platforms excel at different things:

• Fundraising modeling: Pulley leads here
• EMI scheme management: Vestd dominates
• Employee equity communication: Vestd and Altshare both strong
• Secondary transactions: Pulley with NPM integration
• Multi-country complexity: Altshare

What’s Your Budget?

Early-stage companies often have tight budgets. Vestd’s published pricing helps UK companies plan ahead. Pulley requires a sales conversation but generally works for startup budgets. Altshare offers competitive pricing for its feature set.

Get quotes from each platform for your specific situation. Compare total cost of ownership, not just subscription fees.

How Complex Is Your Cap Table?

A 10-person startup with two investors has simple needs. A 200-person company with eight funding rounds, multiple option plans, and international employees has complex needs.

Simple cap tables? Any platform works.

Complex situations? Look for features that match your specific complexity.

Do You Need Secondary Transaction Support?

If providing employee liquidity is on your roadmap, Pulley’s Nasdaq Private Market integration matters. This isn’t something you can easily add to other platforms later.

Migration Considerations

Already using another cap table tool? Migration is possible but requires planning.

Moving to Pulley

Pulley emphasizes fast setup. They’ve built import tools for common scenarios. You’ll need to:

• Export data from your current system
• Clean up any inconsistencies
• Upload to Pulley
• Verify everything imported correctly
• Upload legacy legal documents

Budget a few days for migration, even with Pulley’s fast setup claims. Checking data accuracy takes time.

Moving to Vestd

Vestd offers migration support for UK companies. The process typically includes:

• Review of your current cap table
• Data transfer assistance
• Verification of share scheme compliance
• Document upload and organization

If you’re setting up an EMI scheme for the first time during migration, expect a longer timeline. Getting HMRC approval adds weeks to the process.

Moving to Altshare

Altshare handles migrations from various sources. Their team helps with:

• Data mapping from different platforms
• Multi-jurisdiction considerations
• Employee communication during transition
• Parallel running during verification

Complex migrations benefit from Altshare’s flexibility in handling different data formats and jurisdictions.

Future Considerations

The cap table software market continues to change. Here’s what to watch.

Industry Trends

Longer private timelines: Companies staying private longer increases demand for secondary liquidity tools. Platforms with marketplace integrations have an advantage.

International expansion: Startups go global earlier now. Single-jurisdiction tools create friction. Multi-country platforms gain appeal.

Employee expectations: Workers expect transparency about their equity. Platforms with strong employee portals win on retention and satisfaction.

Automation: Manual processes are giving way to automated workflows. Data flows between systems without human intervention.

Platform Evolution

Both Pulley and Vestd will likely expand their feature sets. Pulley may add more international capabilities as customers grow. Vestd might extend beyond the UK market eventually.

Altshare’s multi-jurisdiction approach positions it well for these trends. As companies become more global, flexible platforms gain advantage.

Regulatory Changes

Tax laws and equity regulations change over time. Platforms need to keep up. Consider:

• How quickly did each platform adapt to recent regulatory changes?
• What’s their track record on compliance updates?
• Do they have legal/compliance teams monitoring changes?

Vestd’s HMRC expertise means fast adaptation to UK changes. Pulley stays current on US requirements. Altshare monitors multiple jurisdictions.

Conclusion

Choosing between Pulley and Vestd depends heavily on where your company operates. US startups should seriously consider Pulley for its fast setup, strong fundraising tools, and Nasdaq Private Market integration. UK companies will find Vestd’s EMI scheme expertise and HMRC compliance support hard to beat. For companies operating across borders, Altshare offers the flexibility neither single-market platform provides. Take time to evaluate each option against your specific needs, budget, and growth plans.

FAQs About Pulley vs Vestd and Cap Table Management