MarketInvoice has been going through tremendous growth. Earlier this year it closed its monster Series B investment round with institutional investors, launched its industry first fintech-bank partnership with Barclays, and headcount increased 30% in just 3 months. Attention was drawn to the company’s equity plan and how its management could be optimised as the company scales for growth. ‘We wanted one secure place to store our cap table where the different stakeholders and the business could access it easily,’ explains Jessica Ryan, Paralegal at MarketInvoice. More importantly though, managing these equity reports was consuming a disproportionate amount of time of the financial and legal teams’ schedule. ‘The more and more new joiners we have, obviously the more admin there is to do, so we looked for a solution that automates this process’.
MarketInvoice was examining different online solutions to their equity management problem. Ultimately, they chose Capdesk for its European focus. ‘Capdesk catered to the UK market more than other providers we had looked at, who seemed to focus on language or criteria that were more US based’, says Jessica.
The company was also satisfied with the support they received during the process of migrating their data onto the platform.
The ease of accessing everything is fantastic, and that gives us a huge time-saving advantage. But we definitely think that letting our shareholders track their plan will be a huge benefit too. From a motivational perspective, it keeps employees aligned with the business goals.
Already, MarketInvoice is enjoying the simplicity and time effectiveness of handling cap tables and vesting schedules on Capdesk. ‘The ease of accessing everything is fantastic, and that gives us a huge time-saving advantage. We currently have 5 people with admin access on Capdesk. Before, they would easily spend a day a quarter doing share admin, but now they can just log in and see at a glance dates of vesting schedules, or number of options of shares for a particular person without needing to calculate anything manually,’ explains Jessica. This has made shareholder communication simpler too: ‘The finance team can now just download any reports they want whenever they’re asked to by shareholders, and also know that the data they pull is accurate’.
Jessica explained how she thinks Capdesk will also help MarketInvoice make the most out of its employee share plan: ‘We definitely think it will be a huge benefit to let our shareholders track their equity. We’ve grown a lot, and shares are one of the benefits we like to offer, but until now employees had to come to someone in legal to clarify how many they had or when they’d vested. Whereas now they’ll just have their own login, and from a motivational perspective, it keeps employees aligned with the business goals‘.
In the near future, MarketInvoice plans to use Capdesk to streamline more of their equity-related tasks, such as electronically issuing and signing grants.
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