# Cake Equity vs Ledgy: which do AI models recommend for cap table management, September 2026

Finance AI Recommendation Index, September 2026 Edition, Cap table management. Zero of twelve models named Cake Equity first on the direct prompt; zero named Ledgy. Page: https://finance-ai-index.com/corporate/cap-table-management/cake-equity-vs-ledgy/

| | First-choice share | Rank | Negative rate | Labels | Models naming it |
|---|---|---|---|---|---|
| Cake Equity | 7% | #5 of 8 | 0% | 38 | 11 of 12 |
| Ledgy | 3% | #6 of 8 | 6% | 36 | 12 of 12 |

## The direct prompt, model by model

- Claude Haiku 4.5: neither first, one named (first choices: Carta) (alternatives: Cake Equity, Pulley, Qapita)
- GPT-5.4 mini: neither first, one named (first choices: Carta) (alternatives: Eqvista, Ledgy, Shareworks)
- Gemini 3.5 Flash: neither first, one named (first choices: Carta) (alternatives: ClosingWell, Ledgy, Pulley, Qapita)
- Grok 4.1 Fast: neither first, one named (first choices: Carta) (alternatives: Ledgy, Pulley)
- DeepSeek V4 Flash: neither first, one named (first choices: Carta, Qapita) (alternatives: Ledgy)
- Kimi K2: neither first, one named (first choices: Carta) (alternatives: Cake Equity, Eqvista, Ledgy, Pulley)
- GLM 4.7 FlashX: neither first, one named (first choices: Qapita) (alternatives: Cake Equity, Capshare, Mantle, Pulley)
- MiniMax M2.5: neither first, one named (first choices: Carta, Shareworks) (alternatives: EquityZen, Ledgy)
- Perplexity Sonar: neither named (first choices: Carta) (alternatives: Qapita)
- Mistral Small: neither named (first choices: Carta, Qapita)
- Llama 4 Maverick: neither named (first choices: Carta, Pulley, Qapita)
- Qwen 3.7 Flash: neither named (first choices: Carta) (alternatives: Pulley, Qapita)

## What the models said about Cake Equity

- "Qapita (for its global, audit‑ready, mid‑market focus) and Cake Equity (for intuitive UX and transparent pricing) are both strong starting points" (GLM 4.7 FlashX, paraphrase prompt, first choice)
- "The best cap table management software for a company with a limited budget is Cake Equity, which offers a free starting point" (Llama 4 Maverick, budget prompt, first choice)
- "the best cap table management software is usually Cake Equity if you want a free starter tier" (Perplexity Sonar, budget prompt, first choice)

## What the models said about Ledgy

- "Avoid for tight budgets: ... Ledgy (€900/year+)" (Grok 4.1 Fast, budget prompt, hard negative)
- "many reviews note that its scenario modeling lacks depth for complex liquidation preferences" (DeepSeek V4 Flash, negative prompt, soft negative)
- "I'd suggest Carta if you're in the US or Ledgy if you're international/European" (MiniMax M2.5, paraphrase prompt, first choice)
- "Shortlist 3 (e.g., Carta, Pulley, Ledgy) based on your geography/ESOP needs." (Grok 4.1 Fast, scale prompt, first choice)
- "If your company is headquartered in Europe, the UK, or APAC, these platforms are highly competitive" (Gemini 3.5 Flash, scale prompt, alternative)

Share is the count of first choices across the direct, paraphrase, budget and scale prompts over all twelve models, for a mid-market B2B company; rank is within the category. Comparisons are drawn for the top eight products in each category. Published under CC BY 4.0; the output is the models' output, and nothing here is a recommendation by the index.