Findex vs Ledgy: Comparison for European Startups 2026

Ledgy is the most established European cap table platform, with particular strength in DACH and the UK and a deep focus on equity plan administration. Findex is a Nordic platform built around shareholder relationships and consolidated net worth visibility. Both are European-built, both reject the US-centric defaults of older incumbents, and both take European company law seriously. They diverge on what kind of European company they were built for, and which workflow sits at the centre of the product.

This comparison is for founders, CFOs, and finance leads evaluating European-built cap table platforms. It covers what each does well, where they differ in depth, and which company stage and geography fits each one.

TL;DR: which one for you

Series A or later, DACH or UK headquartered: Ledgy
Complex ESOP, including German VSOP or similar instruments: Ledgy
Multi-jurisdiction European operations with deep payroll integration needs: Ledgy
Nordic company, 10 to 200 shareholders, active investor updates: Findex
Want cap table plus investor updates in one platform: Findex
Shareholders are themselves investors who track portfolios: Findex
Seed-stage Nordic startup with straightforward cap table: Findex
Pre-seed with five shareholders, single jurisdiction: Neither (spreadsheet or Cake's free tier is enough)

The short version: Ledgy is the right tool when equity plan administration across multiple European jurisdictions is the centre of gravity, particularly for growth-stage companies with sophisticated ESOP requirements. Findex is the right tool when shareholder communication, IR, and consolidated net worth visibility are part of the same workflow, particularly in the Nordics.

The fundamental difference

Ledgy and Findex solve adjacent problems with different starting points.

Ledgy, founded in Zurich in 2017, was built around the observation that European startups needed an equity administration platform that understood European company law from day one. The product treats cap table and equity plans as the primary data model, with strong support for share register filings, multi-currency accounting, and country-specific equity instruments. Customer base is concentrated in DACH and the UK, with a growing footprint across the rest of Europe.

Findex started as a personal wealth platform that gives investors a consolidated view of every asset they own across banks, brokers, and private holdings. The IR Portal extends that model to companies, so shareholders see updates, position, and broader net worth in one place. Cap table management is one of the things the platform does. The design choices prioritise the shareholder experience and the IR workflow rather than the depth of equity administration.

Two well-built European tools, optimising for different parts of the same problem.

Side-by-side comparison

Cap table management: Ledgy — Yes, deep. Findex — Yes
Equity plan administration (ESOP, VSOP): Ledgy — Yes, market-leading in Europe. Findex — Basic
Multi-jurisdiction share registers: Ledgy — Strong (DACH, UK, France). Findex — Strong (Nordic), expanding EU
Currency handling: Ledgy — Multi-currency native. Findex — Multi-currency native
HRIS and payroll integrations: Ledgy — Deep (European systems). Findex — Limited
Investor updates and distribution: Ledgy — Functional, secondary focus. Findex — Yes, native
Data room: Ledgy — Available. Findex — Yes
Shareholder portfolio view (read-only): Ledgy — No. Findex — Yes
Two-sided account model: Ledgy — No. Findex — Yes
BankID and Nordic eID: Ledgy — Limited. Findex — Native
Pricing model: Ledgy — Per-shareholder plus modules. Findex — Flat
Customer base location: Ledgy — DACH, UK, expanding Europe. Findex — Primarily Nordic
Time-zone support: Ledgy — European, multilingual. Findex — European, multilingual

Cap table management

Both platforms handle cap table fundamentals: share issuance, transfers, vesting schedules, option grants, dilution modelling, and secondary transactions.

Ledgy is among the most feature-complete cap table platforms in Europe. It handles multiple share classes, preferred share preference stacks, convertible instruments under several European frameworks, and country-specific share register requirements without workarounds. The data model is built around European company law from the ground up, which removes the friction that US-built platforms create for European entities.

Findex handles standard Nordic cap table structures: ordinary and preferred shares, option pools, vesting schedules, secondary transfers, and share register sign-off via BankID. For Nordic companies, Findex covers the workflow end to end. For companies with complex preference stacks, multiple convertible instruments at different conversion mechanics, or DACH-specific share register requirements, Ledgy is more complete.

Verdict on cap table depth: Ledgy at growth stage and beyond. Both are adequate at seed for Nordic-structured companies.

Equity plan administration

This is where the gap is widest, and where Findex is most clearly the wrong tool if the requirement is real.

Ledgy is built for European equity plan administration. ESOP, VSOP (the German virtual stock option plan), French BSPCE, UK EMI schemes, and Swiss equity plans are all natively supported. The platform handles grant issuance, vesting tracking, tax treatment per jurisdiction, exercise workflows, and lifecycle management for option holders. For a Series A or later European startup with an active grant program across multiple countries, Ledgy is the most complete option on the market.

Findex supports basic option plan tracking. Vesting schedules, simple grant records, and exercise events are recorded. Tax-specific workflows, jurisdiction-specific equity instruments, and integration with European payroll systems are not part of the product. Companies with material equity plan administration needs should not choose Findex on this dimension.

Verdict: Ledgy, by a clear margin. If equity plan administration is a primary workflow, Findex is the wrong fit.

Investor relations and shareholder communication

This is where Findex has the clearest advantage.

Ledgy treats investor relations as an adjacent feature. The investor portal lets shareholders see their position and access company documents. Update distribution exists but is secondary to the equity administration focus. Most Ledgy customers handle ongoing investor communication through email, Notion, or a dedicated IR tool, and use Ledgy as the system of record for equity data.

Findex treats investor relations as a primary workflow. Companies distribute updates inside the platform, manage data rooms tied to specific rounds or deals, and shareholders see updates, position, and consolidated net worth in one interface. The two-sided model matters here: shareholders invited to a company on Findex receive their own MyFindex account, which means engagement happens inside the platform rather than across inboxes.

For a company that sends monthly or quarterly updates to 30 to 150 shareholders and wants update history, data room access, and cap table position consolidated in one place, Findex removes the workflow split that Ledgy customers typically manage through separate tools.

Verdict: Findex.

The shareholder portfolio model

Findex has one capability that Ledgy does not attempt to match: shareholders see their holding in your company alongside every other asset they own.

When a shareholder accepts an invitation to Findex, they get a free MyFindex account. From that account they can connect their listed brokerage holdings, add their real estate, and import other private investments. Their position in your company appears next to the rest of their portfolio.

For most shareholders, this is genuinely useful. It also drives organic adoption: shareholders who were originally invited by one of their portfolio companies often continue using the consumer product on their own. Angel investors, family offices, and active operator investors are the most likely to value this.

Ledgy does not have an equivalent. Shareholders see their position in your company only. Whether this matters depends on your shareholder base and whether shareholder engagement is part of how you think about IR.

Pricing

The two platforms use different pricing logic.

Ledgy prices per shareholder with module-based add-ons for advanced features like deeper ESOP administration, integrations, and reporting. Total cost scales with both shareholder count and the breadth of modules required. For growth-stage and late-stage companies, Ledgy is in the enterprise pricing range, and the cost is justified by the depth of equity administration. For seed-stage companies with simple cap tables, Ledgy is often more platform than is needed.

Findex uses flat IR Portal pricing. Cost does not scale with shareholder count, and there are no module add-ons for IR, data room, or shareholder portal capabilities. Companies that grow from 20 to 200 shareholders pay the same monthly fee.

Verdict: Ledgy on bundled equity administration value for growth-stage companies that need the depth. Findex on predictability and cost at scale, particularly for companies whose primary requirement is cap table plus IR rather than complex equity plans.

European fit

Both platforms are European-built and treat European company law as a first-class concern. The geographic specialisation differs.

Ledgy is strongest in DACH and the UK. German VSOP, Swiss equity plans, UK EMI schemes, and French BSPCE are deeply supported. Coverage in the Nordics exists but is less developed than in DACH. National eID coverage varies by market and is not as central to the workflow as it is in Nordic-built tools.

Findex is Nordic-first. BankID, Swedish share register format, Norwegian shareholder filings, and Nordic tax structures are first-class. European coverage outside the Nordics is expanding but is not yet at the depth of Ledgy's DACH coverage. Companies with significant German, Swiss, or French operations may find Ledgy a better fit on jurisdictional depth.

Verdict: Ledgy for DACH-centred or pan-European growth-stage companies. Findex for Nordic-centred companies.

When to choose Ledgy

Choose Ledgy if:

Your company is headquartered in DACH or the UK, and your shareholder base is primarily continental European.
You run active equity grant programs across multiple European jurisdictions.
You need deep ESOP, VSOP, EMI, or BSPCE support with tax treatment per country.
You are Series A or later, and the cost of enterprise pricing is justified by the depth of administration.
You have a dedicated finance or people-ops team that will operate the platform.

When to choose Findex

Choose Findex if:

Your company is Nordic-based, and your shareholders are primarily Nordic or European.
You send monthly or quarterly investor updates, and want them in the same platform as your cap table.
You value flat pricing that does not scale with shareholder count or module count.
You want shareholders to see a consolidated view of their holdings across every investment, not just their position in your company.
BankID and Nordic eID workflows matter for your share register sign-off.
You are seed or Series A, and equity plan administration is straightforward enough that depth is not the primary requirement.

Can you use both?

Yes, and some companies do. The pattern is more common for growth-stage European companies with active equity plans and an engaged Nordic or angel shareholder base. Ledgy for cap table administration, ESOP, and jurisdiction-specific filings. Findex for investor updates, data rooms, and the shareholder portal experience.

The cost of running both is non-trivial, and the discipline required to keep two systems of record in sync adds operational overhead. Most companies eventually consolidate once one platform clearly covers the dominant workflow. For companies where equity administration is the centre of gravity, that platform is usually Ledgy. For companies where shareholder communication and IR are the centre of gravity, it is usually Findex.

Migration considerations

Moving from Ledgy to Findex, or in the opposite direction, is straightforward at the cap table level. Both platforms support CSV export and import. The friction is in the depth of the data being migrated.

Companies moving off Ledgy typically have multi-jurisdiction share registers, country-specific equity plans, and integrations to European HRIS systems. A clean migration to Findex requires either accepting reduced equity-plan administration depth or supplementing Findex with a separate tool for that workflow.

Companies moving off Findex typically have an established shareholder communication workflow and an engaged shareholder base. A clean migration to Ledgy requires moving update distribution to a separate IR tool or accepting Ledgy's less-developed update workflow.

A typical migration looks like:

Export cap table from the current platform
Import into the new platform with mapped fields
Migrate ancillary data: equity plans, share register history, data room contents
Invite all shareholders to verify their position
Lock the source-of-truth in the new platform once everyone has confirmed

Plan four to eight weeks for a clean migration with 30 or more shareholders and active equity plans. Cap-table-only migrations can complete in two to four weeks.

Frequently asked questions

Is Findex a Ledgy competitor?

Findex and Ledgy overlap on cap table management but serve different primary use cases. Ledgy is built around European equity plan administration with depth in DACH and the UK. Findex is built around shareholder relationships, investor updates, and consolidated net worth visibility for Nordic-focused companies. Some companies choose one based on geography and workflow fit. Others run both for complementary reasons.

Can Findex replace Ledgy entirely?

For Nordic seed and Series A companies whose equity grant programs are modest and whose primary need is cap table plus IR, often yes. For growth-stage European companies with active ESOP, VSOP, or other jurisdiction-specific equity plans, Findex does not match Ledgy's depth. The honest answer is workload dependent.

Does Ledgy support BankID?

Ledgy supports several European eID systems, but BankID and other Nordic-specific eID coverage is not as central to the product as it is in Nordic-built tools. Companies that depend on BankID for share register sign-off and shareholder onboarding typically prefer a Nordic-first platform on this dimension.

Which is better for German startups?

Ledgy is the stronger fit for most German startups, particularly those with active VSOP programs, multi-country employee bases, or complex equity instruments. Findex covers the basics of German cap table management but does not match Ledgy on VSOP depth, German payroll integration, or German equity plan accounting.

Which is better for Swedish startups?

Findex is the stronger fit for most Swedish startups. BankID, Swedish share register format, and integrated IR plus shareholder portfolio are native rather than retrofitted. Swedish startups with active equity grant programs and European operations beyond the Nordics may want to evaluate Ledgy alongside.

Is Findex cheaper than Ledgy?

For most companies, yes. Findex uses flat pricing that does not scale with shareholder count or module count. Ledgy is enterprise-priced with per-shareholder pricing and module add-ons, which makes sense for growth-stage companies that need the depth but is expensive for seed-stage companies that do not. Compare current pricing pages and model your projected requirements over 24 months before choosing on cost alone.

Can shareholders see updates and position in one place on both platforms?

On Findex, yes. Shareholders log in to MyFindex and see updates, cap table position, and consolidated net worth in one interface. On Ledgy, shareholders see their position in the Ledgy portal, but updates typically come through a separate channel. The split is workable but adds inbox load for both the founder and the shareholder.

Which platform do European VCs prefer?

European VCs accept both. Ledgy is more common at growth-stage companies, particularly in DACH and the UK, where its equity administration depth matters to diligence processes. Findex is more common at seed and Series A Nordic companies, particularly those with active angel and family-office investor bases. Data quality matters more than platform brand at most stages.

The bottom line

Ledgy and Findex are both well-built European platforms. They sit in different parts of the European cap table software market and rarely compete head-to-head for the same customer.

Ledgy is the right choice for growth-stage European companies with active equity plans, multi-jurisdiction operations, and a finance team that will operate the platform at depth. Findex is the right choice for Nordic companies that treat shareholder communication, cap table, and consolidated net worth as one workflow.

Spreadsheets do not scale past a handful of shareholders, do not survive diligence, and create operational risk every time a transfer happens. Both Ledgy and Findex solve that part. The question is which one fits the geography, stage, and workflow of your specific company.

If your answer involves Nordic operations, active IR, and a desire to remove the email-and-spreadsheet split, book a demo to see how the Findex IR Portal handles cap table plus shareholder communication in one place.