The best Carta alternatives in 2026

Carta is still the default cap table platform for venture-backed startups in the US. It is an SEC-registered transfer agent, it bundles 409A valuations into its higher plans, and many law firms and investors already have Carta logins. That reach is also why so many founders look for an alternative. Carta does not publish prices for its paid plans, the free tier ends once you pass 25 stakeholders or $1M raised, and the features finance teams care about most (409A valuations, ASC 718 expense reports, exit modeling) sit in the top two tiers.

The market has also shifted in 2026, and several "Carta alternatives" lists you will find online are now out of date:

• Pulley is shutting down. Pulley's website states that it will cease all operations and services on December 8, 2026, and that it has entered an exclusive partnership with Carta to migrate its customers. Pulley was the best-known low-cost Carta rival, so it is no longer an option for new buyers, and current Pulley customers have to move somewhere before December.
• Capdesk is now part of Carta. Carta acquired the London-based Capdesk in 2022, and the product has since been folded into Carta Europe. If you are leaving Carta, Capdesk is not a separate path.
• Shareworks now carries the Morgan Stanley at Work name. Morgan Stanley's site says stock plan accounts were previously referred to as Shareworks. The private company cap table, 409A and liquidity services are sold under Morgan Stanley at Work.

This guide compares Carta with six tools that are still independent and actively sold in October 2026: Ledgy, Cake Equity, Eqvista, Astrella, Vestd and Morgan Stanley at Work. Every price below comes from the vendor's own pricing page as of October 2026. Where a vendor only quotes on request, we say so rather than estimate.

What to Look For When Leaving Carta

Most founders who leave Carta do it for one of five reasons. Use them as your checklist.

1. Pricing you can predict. Carta's paid plans (Build, Grow and Scale) have no public price. Several alternatives publish a base fee plus a per-stakeholder rate, so you can work out next year's bill from your hiring plan.
2. 409A valuations. In the US you need a defensible 409A before you grant options. Carta includes 409As only from the Grow plan up. Some alternatives include them in a mid-tier plan or sell them as a fixed-price add-on.
3. ASC 718 reporting. Once you have an audit, your accountant will ask for a stock-based compensation expense report. Carta puts ASC 718/US GAAP reporting in its Scale plan. Check where each alternative puts it, and whether it costs extra.
4. International equity. UK companies need EMI and CSOP schemes, HMRC valuations and Companies House filings. European companies need local valuations and IFRS 2 reporting. Many US-first tools do not cover this.
5. Fundraising and scenario modeling. SAFE conversion modeling, priced round pro formas and exit waterfalls are easy to take for granted until they are missing.

Migration matters too. Your cap table history, signed documents, vesting schedules and exercise records all have to move. A vendor that does the migration for you, and reconciles the result before go-live, saves weeks.

Comparison Table

Carta review

Carta is the incumbent. It covers cap table management, electronic securities, option exercises, 409A valuations, ASC 718 and IFRS reporting, fundraising workflows, board meetings, tender offers and QSBS attestation. In the US it acts as your SEC-registered transfer agent and can handle the money movement for option exercises and repurchases.

Plans and pricing

Carta's US pricing page for corporations lists four plans. Only the first has a public price.

• Launch (free): up to 25 stakeholders and $1M raised. Includes cap table management, securities issuance, exercising and repurchasing, 83(b) filing, investor management, equity reporting, HRIS and payroll integration, SAFE modeling, SAFE fundraising and closings, and email, chat and phone support.
• Build: up to 50 stakeholders. Adds priced round modeling, Deal Closings, Deal Pro Forma and white-glove onboarding, and lets you buy add-ons. (ISO management appears on the Launch plan card, but Carta's comparison table shows it from Build.)
• Grow: flexible stakeholder limit. Adds board meetings, Form 3921, 409A valuations and 409A audit support.
• Scale: flexible stakeholder limit. Adds ASC 718/US GAAP reporting with audit support, Rule 701 management, IFRS financial reporting with audit support, exit modeling, IPO advisory and SSO for admins.

Build, Grow and Scale are priced on request. Add-ons sold separately on any paid plan include Total Compensation (salary and equity benchmarks), Equity Advisory (tax sessions for employees), Liquidity (tender offers) and QSBS Attestation. Carta also has separate plans for LLCs.

For UK companies, Carta's UK plans start with the same free Launch tier (25 stakeholders, $1M raised), which includes ASA, SAFE and CLN issuance. EMI share plans and EMI/CSOP valuations come in at the Grow plan, and IFRS/UK GAAP reporting at Scale.

Pros

• The widest feature set in one product, from incorporation to IPO advisory
• SEC-registered transfer agent for US companies, with online exercises and repurchases
• 409A valuations and ASC 718 audit support handled in-house on higher plans
• Investors, lawyers and employees often already know the interface

Cons

• No public prices for Build, Grow or Scale, so budgeting needs a sales call
• The free Launch plan ends at 25 stakeholders or $1M raised, which many seed companies pass quickly
• 409A valuations need Grow, and ASC 718 reporting needs Scale

Who it is for, and who should skip it

Stay with Carta if you are a US venture-backed company that wants one vendor for the cap table, 409As, ASC 718, tender offers and eventually IPO preparation, and your board is comfortable with quote-based pricing. Skip it if you want to know your price before you talk to sales, or if you only need a clean cap table and options administration.

Cake Equity review

Cake Equity positions itself as a simpler, cheaper Carta for US startups. Its website says it is built for the US market with a Los Angeles-based team. It covers cap table management, ISOs, NSOs, RSUs, RSAs, SAFEs, convertible notes and warrants, plus 409A valuations, QSBS tracking, Form 3921 and Rule 701, an employee app called My Cake, and an AI connector (Cake MCP) that lets you query the cap table from AI tools.

Plans and pricing

All prices are in US dollars and billed annually.

• Free: $0, up to 5 stakeholders, no credit card required.
• Build: $1,000 a year with 25 stakeholders included and $1 for each additional stakeholder. Cap table management, SAFEs and convertible notes, templated option grants, board approval flow, fundraising modeling, built-in e-signing and the My Cake portal.
• Team: $2,750 a year (annual only) with 40 stakeholders included and $5 for each additional stakeholder. Adds two 409A valuations a year, AI access through MCP, incentive plans (options, RSUs, RSAs), option exercising, warrants and a full contract editor.
• Pro: custom pricing with 100 stakeholders included and $60 for each additional stakeholder. Adds audit-ready ASC 718 reporting, Form 3921 reporting, ISO/NSO split handling, Rule 701 tracking, a managed migration that is reconciled and signed off before go-live, and priority support in a dedicated Slack channel. Billed annually, with quarterly billing available.

Annual-plan add-ons: 409A valuation $1,500 a year, QSBS $500 a year, SPV $500 a year and stock-based compensation $500 a year.

Migration from Carta

Cake's pricing page says it handles the full transfer for free whether you are moving from Carta, Pulley or a spreadsheet, and that most migrations finish within 2 to 5 business days. Its site also runs a free migration offer aimed at Pulley customers.

Pros

• Published prices with clear stakeholder allowances and overage rates
• Two 409As a year included on the Team plan
• Free migration from Carta, Pulley or spreadsheets
• Covers SAFEs, convertible notes, warrants and scenario modeling on paid plans

Cons

• US-focused: no UK EMI or European scheme support advertised
• Audit-ready ASC 718 reporting is listed on the custom-priced Pro plan
• Overage on the Pro plan ($60 per extra stakeholder) adds up fast for large teams

Who it is for, and who should skip it

Cake fits US seed and Series A startups that want to leave Carta for a known annual price and still get 409As. Skip it if you are a UK or European company, or if you need a transfer agent and enterprise liquidity programs.

Ledgy review

Ledgy was founded in 2017 in Zürich and has offices in London and Zürich. It is the most established Carta alternative in Europe, and it is built around employee equity plans: automated granting, vesting with performance conditions, HRIS-driven onboarding and offboarding, employee dashboards and local compliance reporting. It also has products for public companies.

Plans and pricing

Prices are in euros and billed annually.

• Launch (free): cap table management, equity plans and grants, simple vesting, stakeholder dashboards, employee scenarios and self-serve support. The plan table caps it at 50 stakeholders, while a banner on the same page describes a free plan for up to 25 stakeholders, so confirm your limit at signup.
• Scale: from €5k a year. 50+ stakeholders, data room, 70+ HRIS integrations, DocuSign integration, automated granting, a vesting tranche builder with up to five performance conditions, end-to-end exercising, document templating, investor dashboard, valuation calculator, EMI1 and EMI40 reports, Register of Members, UK Companies House reporting, tax rate and payroll reporting, and access to independent HMRC, 409A, BSPCE and fair market valuations. Includes an implementation specialist, email support and AI chat support.
• Enterprise: from €18k a year. 200+ stakeholders, unlimited performance conditions, global mobility reporting, GraphQL API, dividends workflows, SAML SSO, SCIM, role-based access, IPO preparation and a dedicated customer success manager.

Financial reporting add-on (IFRS 2, FRS 102 and ASC 718): Essentials from €3k a year (Black-Scholes valuations, tranche-level expensing, graded or straight-line amortization, forfeiture rates, disclosures report) and Advanced from €5k a year (adds cost centre movements and performance conditions; journal entries and multi-currency conversion are marked coming soon).

Ledgy says companies affiliated with its VC and community partners may qualify for a discount.

Valuations

Ledgy works with valuation partners including Deloitte, Aranca and Cooper Parry for EMI, CSOP, 409A and growth share valuations, and says lifetime audit review support is included at no extra cost.

Pros

• Strong UK and European compliance: EMI reporting, Companies House, HMRC and BSPCE valuations
• Accounting under IFRS 2, FRS 102 and ASC 718 from one add-on
• Deep equity plan automation with HRIS integrations and performance vesting
• Free plan for small cap tables, with published starting prices for paid tiers

Cons

• Paid tiers start at €5k a year, more than US budget tools
• Financial reporting is an extra €3k to €5k a year on top of the plan
• Valuations are delivered through partners rather than in-house

Who it is for, and who should skip it

Ledgy is the pick for UK and European startups, and for US companies with large teams in Europe, that want one system for EMI, BSPCE and US options. Skip it if you are a small US-only startup that mainly needs a cheap cap table plus 409A.

Eqvista review

Eqvista combines equity management with a 100% in-house valuation team, and it leads with valuations: 409A, fair market value, ASC 820 portfolio valuations, software and IP valuations, gift and estate valuations and QSBS attestation letters. It is also registered with the SEC as a transfer agent.

Plans and pricing

• Freemium Cap Table: $0, for companies with fewer than 20 stakeholders. Cap table and ESOP management, vesting schedules, stakeholder accounts and a data room.
• Premium Cap Table: $2 per stakeholder per month, with custom pricing above 50 stakeholders. Adds e-signed certificates and SAFE agreements, board resolutions and voting, Rule 701, Form 3921, waterfall (exit) modeling, funding round modeling, spreadsheet import and cap table onboarding.
• 409A Valuation and Premium Cap Table bundle: priced by stage, per year. Pre-revenue/pre-funding $990, friends and family/angel $1,290, seed $1,990, Series A $2,590, Series B and later custom. Includes unlimited 409A updates and renewals, the Premium Cap Table with white-glove migration, Eqvista Real-Time Valuation and 83(b) elections.

Additional services: expedited processing from $490, QSBS attestation from $1,000 and ASC 718 reporting from $500. Eqvista notes that 409A pricing can vary with revenue, stakeholder count and capital structure.

Migration

Eqvista offers white-glove migration from another provider or a spreadsheet, and its site currently promotes a migration offer for Pulley customers.

Pros

• Free plan for companies under 20 stakeholders
• Unlimited 409A updates and renewals in the bundle, from $990 a year
• Per-stakeholder pricing that is easy to forecast
• SEC-registered transfer agent with a broad menu of valuation services

Cons

• ASC 718 reporting is a separate service from $500
• No UK EMI or European scheme support advertised
• Custom pricing above 50 stakeholders on the Premium plan

Who it is for, and who should skip it

Eqvista suits cost-conscious US startups whose main recurring cost is the 409A, and who want the cap table bundled in. Skip it if you need deep employee plan automation, HRIS-driven workflows or European compliance.

Astrella review

Astrella is the cap table product of EQ Private Company Solutions, part of EQ (Equiniti), which also runs transfer agent, employee plan and proxy businesses. Astrella covers cap table management, round and exit modeling, DocuSign e-signature, document management, equity tracking (options, RSAs, profits interests), convertibles, warrants and SAFE tracking, board notes, and ASC 718/IFRS reporting.

Plans and pricing

Astrella's pricing page says every listed feature is available in every package. Price depends on stakeholder count, priced per year:

• Early Stage: 0 to 25 stakeholders, $1,200 a year
• Emerging: 26 to 100 stakeholders, $3,200 a year
• Accelerate: 101 to 300 stakeholders, $8,200 a year
• Custom: 300+ stakeholders, contact sales

All packages list full-service onboarding with a dedicated implementation manager, unlimited hotline support and employee migration support. 409A valuations, 83(b) filings, HRIS integration and corporate actions are add-on services quoted on request. Astrella offers a 30-day free trial. The page notes that partnership or custom pricing may differ.

Pros

• Simple stakeholder-band pricing, published on the website
• ASC 718/IFRS and exit modeling listed in every package
• Full-service onboarding and unlimited phone support included
• Backed by a large transfer agent and shareholder services group

Cons

• 409A valuations are a quoted add-on, not included
• Price jumps sharply at each band (for example 26 stakeholders moves you to $3,200)
• Fewer published details on international schemes such as EMI

Who it is for, and who should skip it

Astrella fits US companies that want ASC 718 reporting without paying for a top tier, and that like a single published price per stakeholder band. Skip it if you want 409As bundled in, or if you sit just above a band boundary.

Vestd review

Vestd is a UK equity platform that describes itself as the UK's original equity software. It is authorised and regulated by the Financial Conduct Authority and ISO 27001 certified. Vestd focuses on share schemes (EMI, CSOP, growth shares, unapproved options and phantom shares), Companies House filings and SEIS/EIS fundraising rather than US instruments.

Plans and pricing

Prices exclude VAT, require a minimum 12-month term, and annual billing gives two months free.

• Essentials: from £25 a month. Cap table management, share movements, share class creation and Companies House filings, for companies that do not yet need a share scheme.
• Starter: from £220 a month. Self-serve, for zero-value companies with no valuation needed. Companies House integration, digital cap table, unapproved options and growth shares for up to five recipients, two setup calls.
• Guided service: from £420 a month. Scheme setup support, live HMRC submission support, EMI schemes, growth shares, unapproved options, CSOP and phantom shares, unlimited HMRC valuations and HR integrations.
• Enterprise: custom, aimed at 200+ stakeholders. Fully managed scheme administration, scheme migration, governance and audit trails, IFRS 2 and HMRC reporting support, HRIS integration and a dedicated equity account manager.
• InVestd Raise add-on: £150 a month for a funding consultation, S/EIS Advance Assurance, founders agreements, legal documents, data rooms and share issuance.

Pros

• Built for UK share schemes, with HMRC notification support and Companies House integration
• Unlimited EMI, CSOP and growth share valuations on the Guided plan
• Hands-on scheme design help from equity specialists
• FCA authorised and regulated

Cons

• No US 409A or ASC 718 focus, so not suited to US companies
• 12-month minimum term on every plan
• The Starter plan limits conditional equity to five recipients

Who it is for, and who should skip it

Vestd is the right move for a UK company leaving Carta mainly to run EMI or growth share schemes with expert support. Skip it if you have US employees with ISOs, or a US parent company.

Morgan Stanley at Work (formerly Shareworks) review

Morgan Stanley at Work is Morgan Stanley's workplace financial services business. Its site says stock plan accounts were previously referred to as Shareworks, StockPlan Connect or E*TRADE stock plan accounts. For private companies, it offers cap table management, 409A valuation services and support for liquidity events, plus an equity administration platform with a scenario modeling sandbox (model new grants, budget expenses and compare forecasts), tax rate and rule tracking across jurisdictions, and financial education for employees.

Plans and pricing

Pricing is not published. You contact Morgan Stanley at Work for a quote.

Pros

• Built for liquidity events, secondary transactions and tender offers
• Tracks tax rates and rules across jurisdictions for global workforces
• Scenario modeling sandbox for grants and expense forecasts
• A continuous path from private company equity to public company stock plan administration

Cons

• No published prices or self-serve signup
• Aimed at larger companies, which is more than most seed or Series A teams need
• No free tier or trial

Who it is for, and who should skip it

Choose Morgan Stanley at Work if you are a late-stage private company planning recurring tenders or an IPO and want employees to have access to a large wealth management firm. Skip it if you are an early-stage startup comparing annual software fees.

Head-to-Head

Pricing transparency by stakeholder count

Cake Equity, Eqvista and Astrella publish full prices that scale with stakeholder count. For a 40-stakeholder company: Cake's Team plan is $2,750 a year; Eqvista's Premium Cap Table is $80 a month ($960 a year) before any 409A; Astrella's Emerging band is $3,200 a year. Ledgy and Vestd publish starting prices. Carta (paid plans) and Morgan Stanley at Work are quote-based.

Free tiers

Carta Launch is the most generous free plan for US startups: up to 25 stakeholders and $1M raised, with SAFE modeling and SAFE fundraising included. Eqvista's free plan covers fewer than 20 stakeholders. Ledgy's Launch plan is free for small cap tables. Cake's free plan stops at 5 stakeholders. Astrella has a 30-day trial. Vestd and Morgan Stanley at Work have no free plan.

409A valuations

Carta includes 409As from Grow. Cake includes two a year on Team ($2,750) and sells one for $1,500 a year on Build. Eqvista bundles unlimited 409A updates with its cap table from $990 a year. Ledgy offers 409As through valuation partners on Scale. Astrella quotes 409As as an add-on. Morgan Stanley at Work offers 409A valuation services. Vestd focuses on HMRC valuations instead.

Option management and ASC 718

For employee plan automation, Ledgy is the most complete, with HRIS-driven granting, performance vesting and offboarding workflows. For ASC 718: Carta puts it in Scale, Cake in Pro, Astrella in every package, Eqvista sells it from $500, and Ledgy sells it as a €3k-plus add-on that also covers IFRS 2 and FRS 102.

International (UK EMI and Europe)

Ledgy and Vestd are the clear choices for UK EMI. Ledgy adds BSPCE valuations for France and IFRS 2 reporting. Carta's UK plans include EMI share plans and valuations from Grow. Cake says it is built for the US market (its Pro plan lists international option pools), and Eqvista advertises US instruments.

Fundraising and SAFEs

Carta Launch already includes SAFE modeling, SAFE fundraising and closings. Cake covers SAFEs and convertible notes from Build. Eqvista's Premium plan includes SAFE agreements and funding round modeling. Astrella tracks SAFEs and models rounds. Vestd's InVestd Raise add-on covers S/EIS Advance Assurance and share issuance for UK rounds.

Migration from Carta

Cake explicitly offers free migration from Carta. Eqvista offers white-glove migration from another provider. Astrella lists full-service onboarding with a dedicated implementation manager. Ledgy includes an implementation specialist on Scale and fully assisted onboarding on Enterprise. Vestd offers scheme migration support on Enterprise.

How to Choose

Questions to answer first

• How many stakeholders will you have in 12 months, counting employees, advisors, investors and SAFE holders? Price each tool at that number, not today's.
• Where are your employees? Any UK staff means you should check EMI support. French staff means BSPCE.
• Do you have an audit coming? If so, check where ASC 718 or IFRS 2 reporting sits and what it costs.
• How many 409As do you expect each year? A round, a large hire wave or a material event can each trigger a new one.
• Do you need a transfer agent and tender offers, or just a cap table and option grants?

Red flags

• A free plan with a stakeholder cap you will cross before your next round.
• ASC 718 reporting that is only available as an expensive top tier, discovered after your auditor asks.
• Migration quoted as "self-serve" when you have years of transactions and signed documents.
• No published overage rate per extra stakeholder.

What to test in a trial or demo

• Import a copy of your Carta cap table export and check fully diluted totals to the share.
• Model your next SAFE conversion or priced round and compare it with Carta's pro forma.
• Issue a test grant with your real vesting schedule and run an early exercise.
• Ask for a sample ASC 718 report and a sample 409A report.
• Ask exactly what happens to your data and documents if you cancel.

The Verdict

If you are a US startup leaving Carta mostly over price, Cake Equity gives you the clearest published plans and free migration, with two 409As a year on its Team plan. If your 409A is the main cost, Eqvista bundles unlimited 409A updates with a cap table from $990 a year. Astrella is a good middle path when you want ASC 718 reporting without a top-tier plan.

If you are in the UK or Europe, Ledgy is the most complete platform for EMI, BSPCE and IFRS 2, and Vestd is the hands-on choice for UK share schemes. If you are late-stage and planning tenders or an IPO, Morgan Stanley at Work is the enterprise option.

Carta remains the most complete single platform, and its free Launch plan is hard to beat for very early US startups. The case for switching gets stronger once you outgrow Launch and want to know your price before you sign.

If you are a Pulley customer, note the December 8, 2026 shutdown date on Pulley's site, export your data early, and compare the Carta migration offer with the Pulley migration offers from Cake and Eqvista before you commit.