Cap Table
Stakeholders, funding rounds, securities, transactions, and the computed cap table.
The cap table is built from transactions. You add stakeholders, create funding rounds, define securities, and then record transactions (issuances, transfers, distributions). Finpy computes ownership automatically from the transaction ledger.
1. Stakeholders
Add the people and entities who own or will own securities: investors, founders, employees, advisors.
2. Funding Rounds
Create rounds (Seed, Series A, etc.) with optional target and raised amounts.
3. Securities
Define security classes: common, preferred, convertible, SAFE, warrant, option, bond. Each has specific economic terms.
4. Transactions
Record issuances, transfers, distributions, conversions, and other transaction types. 22 types available.
5. Cap Table
The computed cap table shows ownership by stakeholder, broken down by security type, calculated from all transactions.
General Partner (GP)
Fund managers who make investment decisions. Can have carried interest and catch-up rate.
Limited Partner (LP)
Passive investors who commit capital to a fund. Receive distributions based on ownership.
Investor
General investor type — used for company fundraising where GP/LP distinction doesn't apply.
Employee
Team members who receive equity compensation (options, RSUs).
Advisor
External advisors who receive equity for their guidance.
Board Member
Board members who may or may not have equity positions.
Common
Standard equity shares with voting rights.
Preferred
Shares with liquidation preference, participation rights, and anti-dilution protections.
Convertible Note
Debt that converts to equity at a future round. Has interest rate, valuation cap, and discount.
SAFE
Simple Agreement for Future Equity. Converts at a future priced round with a valuation cap and/or discount.
Warrant
Right to purchase shares at a fixed strike price within a specified period.
Option
Employee stock option with grant, vest, exercise, expire lifecycle.
Bond
Fixed-income security with interest rate and maturity date.
Common & Preferred Shares
The simplest lifecycle — issue and optionally transfer.
Create Security
Securities → New. Choose "Common" or "Preferred". Set issue price, and for preferred: liquidation preference, participation rights, seniority.
Issue Shares
Transactions → Add Transaction. Type: Issuance. Select the stakeholder, security, units, and amount. This adds shares to their position on the cap table.
Transfer (optional)
To move shares between stakeholders: create a Transfer Out from the seller and a Transfer In to the buyer. Both reference the same security.
Options (Employee Stock Options)
Full lifecycle: grant → vest → exercise → shares, or expire/forfeit/cancel.
Create Option Security
Securities → New. Choose "Option". Set the strike price and vesting terms in the notes/description.
Grant
Transactions → Add. Type: Grant. This creates the option agreement — the employee now has X options granted but not yet vested. Units = number of options granted.
Vest
As options vest (monthly, annually, cliff), create Vest transactions. Units = number of options vesting in this tranche. Repeat for each vesting event.
Exercise
When the employee exercises vested options: create an Exercise transaction on the option security (units out), then create an Issuance on the common share security (units in). The amount is units × strike price.
Expire / Forfeit / Cancel
If options expire unexercised, the employee leaves before vesting, or the grant is cancelled — use the corresponding transaction type to remove the units.
Convertible Notes
Debt that converts to equity at a future priced round.
Create Convertible Security
Securities → New. Choose "Convertible". Set interest rate, valuation cap, conversion discount, and maturity date.
Issue the Note
Transactions → Add. Type: Issuance. The investor puts in capital (amount debit) and receives convertible note units.
Record Interest (optional)
Periodically create Interest transactions to accrue interest on the note. Amount = principal × rate × time.
Convert at Next Round
When a priced round happens: create a Conversion Out on the convertible security (removes the note), then create a Conversion In on the new equity security (issues shares). Calculate the conversion price using the valuation cap or discount, whichever gives the investor a better price.
Redemption (if no conversion)
If the note reaches maturity without converting: create a Redemption transaction to return the principal + accrued interest to the investor.
SAFEs
Simpler than convertibles — no interest, no maturity. Converts at the next priced round.
Create SAFE Security
Securities → New. Choose "SAFE". Set the valuation cap and/or conversion discount.
Issue the SAFE
Transactions → Add. Type: Issuance. The investor puts in capital and receives SAFE units.
Convert at Next Round
When a priced round happens: create a Conversion Out on the SAFE security, then a Conversion In on the new equity security. The conversion price is the lower of: valuation cap / fully diluted shares, or round price × (1 - discount).
Warrants
Right to purchase shares at a fixed price. Similar to options but typically issued to investors, not employees.
Create Warrant Security
Securities → New. Choose "Warrant". Set the strike price and expiration terms.
Issue the Warrant
Transactions → Add. Type: Issuance. The holder receives warrant units. Often issued alongside another security (e.g., as a sweetener in a debt deal).
Exercise
When the holder exercises: create an Exercise transaction on the warrant security (units out), then an Issuance on the underlying equity security (units in). Amount = units × strike price.
Expire
If the warrant expires unexercised: create an Expire transaction to remove the units.
Bonds
Fixed-income securities with periodic interest payments and principal repayment at maturity.
Create Bond Security
Securities → New. Choose "Bond". Set the interest rate (coupon rate) and maturity date.
Issue the Bond
Transactions → Add. Type: Issuance. The investor puts in capital (face value) and receives bond units.
Pay Coupons
At each coupon date, create a Coupon Out transaction. Amount = face value × coupon rate × period. This records the interest payment to the bondholder.
Redeem at Maturity
At maturity, create a Redemption transaction to return the face value (principal) to the bondholder and remove the bond units.
Every transaction records both a debit and credit from the entity's perspective. Debit = money/units IN to the entity. Credit = money/units OUT from the entity. The cap table is computed by summing all unit transactions per stakeholder.