Finance AI Index
Index Equity and corporate Cap table management › Pulley vs Ledgy
Cap table management · September 2026 Edition

Pulley vs Ledgy

One of twelve models named Pulley first on the direct prompt; zero named Ledgy. Both were named by all twelve models and Pulley carries 56 labels and Ledgy 36, so the shares are not directly comparable.

Pulley

criticized challenger

Named in three categories this edition.

Ledgy

accepted challenger

Named in two categories this edition.

First-choice share8%3%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.
Negative rate30%6%Negative labels as a share of the product's labels, 0 to 100.
Rank in category#4#6A position in a field of 8; printed, not drawn.
Labels5636A count; the two differ.
The two percentage rows are drawn on one 0 to 100 track, Pulley reading right to left. Rank and label count are printed, not drawn.Carta was named alongside these two in eleven of the twelve direct answers. Carta vs Pulley · Carta vs Ledgy · Qapita vs Pulley

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; every quote names the model and the prompt it came from. Both figures come from the cap table management page.

By framing

How many of the twelve models made each the first choice, per way of asking, and how many argued against it.
PulleyFirst choices, of twelve modelsLedgy
Direct102 against Pulley
Paraphrase111 against Pulley
Comparative303 against Pulley
Budget-constrained203 against Pulley · 1 against Ledgy
Scale-constrained111 against Pulley
Negative107 against Pulley · 1 against Ledgy
Bars are first choices, 0 to 12 each sideModels that argued againstA model can name both, so the two sides of a row do not sum to twelve.

Across every category in the September 2026 Edition, Pulley and Ledgy were named in the same answer eighty-five times, of the 168 answers naming Pulley and the 104 naming Ledgy. In those answers Ledgy took the first choice two times and Pulley eighteen.

Every model, every framing

The seventy-two answers behind the chart above, one cell each: where Pulley and Ledgy stood in it.
ModelDirectParaphraseComparativeBudget-constrainedScale-constrainedNegative
Claude Haiku 4.5
GPT-5.4 mini
Gemini 3.5 Flash
Perplexity Sonar
Grok 4.1 Fast
Mistral Small
DeepSeek V4 Flash
Llama 4 Maverick
Qwen 3.7 Flash
Kimi K2
GLM 4.7 FlashX
MiniMax M2.5
Pulley Ledgy first choice named as an alternative argued againstblank: not namedEach cell is one answer, Pulley on the left and Ledgy on the right.

The direct prompt

The plain question, one answer per model, grouped by where Pulley and Ledgy stood in it.

Pulley first, Ledgy not the choice

1 of 12 modelsLedgy was named in the answer but not as the choice, or not at all.
Llama 4 MaverickCarta, Pulley, Qapita

Neither was the first choice, one was named

9 of 12 modelsThe answer put something else first and named one of the two as an alternative.
Claude Haiku 4.5Carta alternatives: Cake Equity, Pulley, Qapita
GPT-5.4 miniCarta alternatives: Eqvista, Ledgy, Shareworks
Gemini 3.5 FlashCarta alternatives: ClosingWell, Ledgy, Pulley, Qapita
Grok 4.1 FastCarta alternatives: Ledgy, Pulley
DeepSeek V4 FlashCarta, Qapita alternatives: Ledgy
Qwen 3.7 FlashCarta alternatives: Pulley, Qapita
Kimi K2Carta alternatives: Cake Equity, Eqvista, Ledgy, Pulley
GLM 4.7 FlashXQapita alternatives: Cake Equity, Capshare, Mantle, Pulley
MiniMax M2.5Carta, Shareworks alternatives: EquityZen, Ledgy

Neither was named

2 of 12 modelsThe answer made no first choice from these two in this category.
Perplexity SonarCarta alternatives: Qapita
Mistral SmallCarta, Qapita

Bold names in an answer are the products the judge labeled a first choice; a model naming several gives each of them that label. The full answer text for every row is in the record.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment and they are never added together. The figures above are the mid-market standing, which is the one the category orders by.
Small business
Pulley leads by thirty points.
Pulley30%#1 of 6
Ledgy0%#6 of 6
The full small business standing →
Mid-marketThe figures above
Pulley leads by five points.
Pulley8%#4 of 8
Ledgy3%#6 of 8
The full mid-market standing →
Enterprise
Pulley leads by five points.
Pulley5%#5 of 9
Ledgy0%#8 of 9
The full enterprise standing →

What the models said about Pulley

Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Six of eight in this category shown.

“When to avoid: Immediately if considering now—migrate risks data loss or disruption... obsolete.” Grok 4.1 Fast · negative prompt · hard negative
“you should avoid Pulley and look at the following highly rated, cost-effective alternatives” Gemini 3.5 Flash · budget prompt · hard negative
“A notable alternative, but Pulley is now shutting down (announced September 2026)” MiniMax M2.5 · negative prompt · hard negative
“Stick with well-reviewed, scalable platforms like Pulley, AngelList Equity, or Cake Equity for early-stage companies.” Mistral Small · negative prompt · first choice
“### 1. The Modern Disruptor: Pulley ... *Long-term Private/Hypergrowth?* Go with Pulley (best efficiency/UX).” Qwen 3.7 Flash · paraphrase prompt · first choice
“Pulley = best modeling and affordability for early founders, but less institutional weight.” DeepSeek V4 Flash · comparative prompt · first choice

What the models said about Ledgy

Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Five of six in this category shown.

“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
Also compared

Comparisons are drawn for the top eight products in each category, each against each. The output is the models' output; nothing here is a recommendation by the index.