Head-to-head
Ledgy vs Cake Equity: which one in 2026?
Ledgy is a cap table and equity plan platform from Ledgy AG, and Cake Equity is a cap table platform for startups with US-style compliance tooling. Ledgy leans toward international share plans and European hosting, while Cake publishes self-serve prices and sells US reporting such as 409A valuations and Form 3921.
Verdict
Ledgy takes the higher rank here because its scope reaches further, from a free tier through international share plans to listed-company administration, with data held in Switzerland and the EU. Cake Equity is the more practical buy for a young US-oriented company, since the Build and Team prices are public and the compliance tools match American filings. Check Cake's hosting region and missing SOC 2 against your investor requirements.
Ledgy and Cake Equity side by side
| Ledgy | Cake Equity | |
|---|---|---|
| Price entry | Quoted | $0, Build $1,000 per year |
| Free cap table | Launch is free for up to 50 stakeholders on the plan card, although a banner on the same page says 25. | The Free plan covers a cap table for up to 5 stakeholders, which suits a founding team before the first hires. |
| Price of the next step | Scale starts at 5,000 euros a year and Enterprise at 18,000 euros, both billed annually and reached through a sales conversation. | Build is $1,000 a year for 25 stakeholders and Team is $2,750 for 40, both shown on the page. Pro is custom. |
| Where the data is stored | Personal data sits in Switzerland and the EU, and cap table data is stored in Switzerland, per the privacy notice. | Services run on Amazon Web Services in Australia. The opt-in document scanner uses Google Cloud in the US region. |
| Security certificates | ISO 27001:2022 is listed on the homepage and in the AI policy, alongside TLS 1.3 and yearly penetration tests. | ISO/IEC 27001:2022 certified in May 2025. SOC 2 is not held yet and the page says the company is working toward it. |
| AI features named | Ledgy Agent and an MCP connection are described for automating equity admin and answering questions from live equity data. | Cake MCP is marked live for plain-English cap table questions, and an opt-in scanner reads uploaded equity plan documents. |
| Training on customer data | The AI policy says client data stays in the customer's tenant and is not used to train external or general-purpose models. | The platform trains no language model of its own. The scanner vendor, Google, is said not to train on uploads. |
| Compliance and reporting | IFRS 2 expensing, Black Scholes valuations, country-level compliance reports and global mobility reporting on the higher tiers. | 409A valuations, QSBS tracking, ASC 718 reporting, 83(b) elections, Form 3921 and Rule 701 disclosures. |
| Listed companies | A Public offering covers share plan administration, trading and settlement, SAYE plans and insider management, quoted on request. | No listed-company product is named on the pages read. The plan ladder ends at Pro, aimed at private startups. |
Where each one wins
Ledgy wins on
- Handles employees in many countries, with mobility reporting, IFRS 2 expensing and 70+ HRIS integrations
- Cap table data stored in Switzerland and personal data in the EU, with a written AI policy
- A route from private startup to a listed company, including trading and settlement
Cake Equity wins on
- Self-serve prices are posted for Build and Team, so budgeting needs no sales call
- US tax and accounting tooling such as 409A, Form 3921 and Rule 701 comes with Team and Pro
- A working MCP connection to Claude and Codex for questions about the cap table
Which to pick
Pick Ledgy if
You have staff or investors in several countries, want European data storage, or expect to list shares and need plan administration to scale with you.
Pick Cake Equity if
You are a US-style startup that wants posted prices, 409A valuations and tax forms handled, and can accept hosting in Australia and no SOC 2 yet.
Each tool in context: Ledgy profile, Cake Equity profile, and the full Best AI Cap Table Management Software in 2026.
Frequently asked questions
Which is cheaper for a seed-stage startup, Ledgy or Cake Equity?
For a very small team both are free: Ledgy Launch lists 50 stakeholders (a page banner says 25) and Cake Free covers 5. Beyond that Cake publishes $1,000 a year for Build, while Ledgy Scale starts at 5,000 euros a year and requires contacting sales, so Cake is cheaper at the first paid step.
Where does Ledgy store cap table data compared with Cake Equity?
Ledgy's privacy notice says cap table data is stored in Switzerland and other personal data in Switzerland and the EU. Cake Equity's legal hub says services and data are hosted on Amazon Web Services in Australia, and its document scanner uses Google Cloud in the US. Cake does not state its GDPR position on the pages read.
Do Ledgy or Cake Equity use my equity data to train AI?
Neither says so. Ledgy's AI policy states that client data entered into its AI tools stays in the client's tenant and is not used to train external or general-purpose models. Cake says it trains no language model of its own and that Google does not train on scanner uploads, which are opt-in.
Does Cake Equity have SOC 2 certification?
Not yet. The security page says ISO/IEC 27001:2022 was certified in May 2025 and that the company is working toward SOC 2. Ledgy lists ISO 27001:2022 on its homepage and does not name a SOC 2 report on the pages read, so ask each vendor for current audit documents.