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gohenry Reduces Equity Management Time By 75%


Industry: FinTech
Location: UK, US
Employees: 120

The Company

gohenry empowers young people in a digital banking world. Its cards and app for the digital native generation help parents teach kids (aged 6-18) how to earn, save, spend and learn about money in an increasingly cashless world. Ranked as the 8th fastest growing company by revenue in the Sunday Times Tech Track 100 in 2018, gohenry is the market leader in the UK and having launched recently in the US, is now set for rapid growth.

The Challenge

‘Our company’s shareholding history is complex,’ says Alex Rowe, gohenry’s Investor Relations Manager. With 100+ investors, numerous option-holders, and two huge crowdfunding rounds involving 5000+ Crowdcube nominee investors, the company holds a large and complicated cap table. Initially, gohenry used Google Sheets to maintain its cap table, investor communications, and other historical shareholder information. ‘It’s not just the share issuances, but also a huge amount of share transfers, changes of shareholder names going back years, trusts and pensions, international investors, and a significant amount of tax related work,’ explains Alex. Soon, the company ended up keeping ‘countless sheets and folders’ on file, including duplicates and outdated versions. ‘It became frustrating, because pulling information together was so difficult. Every time I got a request about our cap table, I had to set time aside to find the right sheet in our Drive, but then also find another couple of sheets to verify it’s actually the right information I’m looking at’. With plans to grow even more aggressively, it became clear that goHenry needed a better equity management solution: ‘For a company with 5000 investors, this was not a viable way of doing things,’ confirms Alex. ‘We wanted to consolidate all our data in one portal, which we could access easily and find the information that we needed in any given situation without wasting time’.

The Solution

gohenry was looking into several shareholder management tools when it came across Capdesk. ‘It seemed like the most advanced, and the most intuitive, so we went with it,’ says Alex.

The company formed a good impression of the platform from the very start, thanks to Capdesk‘s customer service. ‘We were trying to onboard in the middle of a massive 6mil. crowdfunding campaign. We were slow and not very responsive at times, so I’m grateful our customer success manager’s patience,’ explains Alex. ‘I was impressed both by the product and the service’.

Alex Rowe
Alex Rowe
Investor Relations Manager

I spend about 25% of the time I used to on equity management, not just because Capdesk is easier and quicker, but also because I know it’s up to date and reliable. It also helps our employees understand their grants and make informed decisions. Overall, I think Capdesk is a bargain, considering the value it creates by letting us focus on more pressing business tasks.

The Result

‘The initial results we saw from Capdesk were very much what we hoped - that convenience and speed of access to our data’, says Alex. ‘I get many ad hoc requests about our equity, which are unpredictable in nature. So to have everything in one tool that I can open on my computer and immediately access the information I need, is incredibly useful. I can instantly see and export not just the cap table, but shareholders’ transaction histories, option grants, and convertible notes too, so I have all our share issuances and transactions in chronological order. Overall, I spend about 25% of the time I used to on equity management, not just because Capdesk is easier and quicker, but also because I know it’s up to date and reliable. This lets us focus on other, non-administrative tasks, which are ultimately more important for the business’.

Capdesk has also helped streamline goHenry’s employee share plan. ‘Before, we were manually updating vesting schedules, but Capdesk does this automatically. I can just go on and see how much has vested, when, etc., which is a much clearer and sensible solution,’ explains Alex. This clarity has also benefited option-holders: ‘Options are highlighted as a really important part of staff contracts, but they’re hard to understand and there are certainly members of the team who have forgotten about them. So for them to be able to log in and truly understand their vesting schedule and exercise rights, means they can stay on top of their grant and make informed decisions. The whole purpose of options is to incentivise employees, so what’s the point of having them if no one’s going to exercise them?’.

Overall, Alex concludes: ‘I’m very glad we joined Capdesk. And I think it’s a bargain, too, considering the value it creates by letting us focus on more pressing business tasks.’ In the future, gohenry will use Capdesk to issue share certificates in subsequent fundraisings, as well as execute option grants.

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