Web-Login on Mobile

Carta mobile app users will now be able to login using a web-browser on iOS and Android. Web-login gives us the benefits of browser-based authentication, and better security, without disrupting the user experience.

Who this affects

Employees and Investors

Supported Platforms

iOS & Android

What’s New

In an effort to bring login and authentication together across all Carta platforms, we are launching browser-based login on mobile. The web-login experience will use Safari on iOS and a default browser on Android.



Revamped Employee Onboarding Experience

Employees registering their account on Carta for the first time can now provide their personal information as part of the onboarding process to complete their user profile. 

Who this affects?

Employees who have been issued ISO/NSO option grants or Restricted Stock Units and are registering with Carta for the first time. 

What’s new?

With an objective to provide insightful experiences, we’ve revamped the employee onboarding process to allow users to complete their user profile. Every employee registering with Carta for the first time to accept their first RSU or ISO/NSO option grant will now have the ability to provide the following information:

  • Personal details such as name, date of birth and country of citizenship 
  • Tax ID 
  • Address

Capturing these details upfront allows employees to be transaction ready for events such as exercising.

 

After successfully completing their user profile details, users will be directed to the Tasks page where they can accept their security.  

Timing

  • Available now to 20% of randomly selected Carta customers 
  • General availability for all Carta customers coming by the end of Q2

Portfolio Overview Redesign

Users with holdings in private and public companies can now view their holdings details directly from the Portfolio screen for easy access.

Who this affects?

Shareholders with holdings in private and public companies.

What’s new?

With an objective to provide insightful experiences, we’ve redesigned the Portfolio Overview screen to surface important holding details for each company. This redesign introduces usability enhancements by eliminating extra clicks and effort required to find the information needed to view and understand equity. 

We know things like the quantity of option grants, vesting schedule, and values of securities are some of the most important metrics to have top of my mind when reviewing your portfolio. In the Portfolio Overview, each private company card will now present the following information with the ability to view further details when clicked:

  • Details of your holdings in each company and their vesting schedule 
  • Summary of your securities
  • Current FMV if you have holdings in the company or have exercisable options 
  • A vesting progress bar highlighting the number of options exercised in comparison to the amount granted 

Each public company card will now present the following information with the ability to view further details by clicking on the company name:

  • Market Value
  • Total number of shares held
  • Total holdings value
  • Net holdings value

Improved Public Exercising Experience

Option exercising with Public companies is now easier than ever. 

The exercising experience for public companies has been improved. The exercise request is now a coherent workflow guiding users through each step and providing key information about the exercise. With this detail, users can be more confident with their selection at each step of the exercise request. If there are issues with the exercise, clearer banners explain how Carta calculates share amounts and market prices.


Who this affects: 🇺🇸 Public US companies

What's new:

  • New experience for exercise requests:

    • Added explanations of exercise transaction methods
    • Clearer confirmation of address and payout method
    • Improved order details with indicators on maximum eligible options and clear explanation of order types
    • Incorporated review of taxes withheld and reminder of potential for additional taxes owed at end of the year
    • Summarized the exercise request clearly laying out the cost and transaction details so users understand what will be needed 
  • Cashless exercising reflects issuer imposed trade limits

Action required: No action required

Timing: Released to 100% of all public companies on Jan 24, 2022

Pre-filled W-9s in LP Closings Tool

What's New

LPs subscribing to Funds and SPVs using Carta's Closings Tool can now E-Sign a pre-filled W-9 while filling out subscription documents. 

Having LPs submit a tax form is an important part of the closings process for any Fund or SPV to ensure tax teams correctly prepare LP K-1s. We received feedback from LPs about the friction of printing, signing, and uploading W-9s and wanted to streamline the process.

How it Works

For Individuals

For U.S. based LPs subscribing as an Individual, we can now optionally pre-fill a W-9 for them to review and E-sign in just three clicks. The W-9 is pre-filled based on the information the LP already provided as part of their subscription. 

For Partnerships and LLCs

For LPs subscribing as a partnership or through a LLC we'll ask some additional questions to ensure we are accurately representing the LPs federal tax classification on the W9.

With the initial release of this product we will not be pre-filling W-8s or W-8BEN-Es for non-US LPs but will still allow them to upload their own form.

Who this affects

This is now available to any LPs using Carta's Closings Tool. The Closings Tool gives LPs a quick and easy way to fill out Fund and SPV subscription documents. 

IFRS Initial Release - Financial Reporting

What’s new

Companies using our newest version of the financial reporting tool can now report following International Financial Reporting Standards (IFRS). 

This is the first release of our IFRS reporting that includes:
1. Tranche based valuations
2. FIN28 amortization
3. Correct relationship valuation methodology (differs from US GAAP)
4. Stakeholder country field added to reports
5. Disclosures
6. Stock-based compensation expense journal entry
7. Report error validations specific to IFRS reporting

Later releases will include:
1. In-app custom assumption overrides
2. Forfeiture rate by grouping

How it works

When going to create a new expense scenario, there is now an additional step where users can select which reporting standard they want that scenario to follow. Users have the ability to create multiple scenarios to support both IFRS and US GAAP.

Once the scenario is created users can create both SBC expense reports and disclosure reports that follow the standard and give supporting calculations. 

Who this affects

Private and public companies using our new financial reporting tool. 

Timing

Available for legacy V1 IFRS users and beta customers. If you have a customer that is interested in being a beta user, reach out to Jess Carthey via slack. 

GA will begin with the second release which includes in-app custom assumptions. 

View Public Company Holdings on Mobile

Users with holdings in public companies will now have the ability to view their holdings for both public and private companies straight from the Carta iOS app. Shareholders can now track market values, view total holdings value and more.

Who this affects

Shareholders with holdings in public companies.

Supported platforms

  • iOS (Android coming soon)

What's new

With an aim to provide functional and streamlined experiences for shareholders, we’ve brought the ability to view public holdings on the Carta iOS app. Public company cards will now be present among private companies on the home screen. The following information will be displayed for each public company card with the ability to view further details when clicked:

  • Total number of shares held
  • Total holdings value
  • Net holdings value

New Shareholder Experience Page

We are making it easier for companies to keep employees, investors, and other stakeholders informed about their holdings and company changes. 

Companies have historically been able to grant viewing permissions to their stakeholders via our Cap Table Sharing page and features. This experience, however, was burdensome for many company administrators who found themselves having to change sharing settings as new stakeholders were added to their cap table or existing stakeholders changed their relationship to the company, such as an employee leaving the company or an investor exiting their position.

With our new Shareholder Experience page, company administrators can designate what type of information they want to share with their different stakeholders and set rules based on these preferences. By setting permissions by rules instead of a stakeholder-by-stakeholder process, we make it easier for company administrators to get the right stakeholders the appropriate information and reflect their information sharing philosophy.

Companies can choose to enable a specific shareholder experience based on the relationship of the stakeholder to the company. For example, companies can choose what information founders, investors, employees, and former employees, and other stakeholders access on Carta. We’ve renamed, updated, and simplified our access levels to Restricted, Basic, Advanced, and Full Details. We include a “Recommended” level for different relationships (e.g. Investors = Advanced) to help guide founders and other company administrators on setting up their Shareholder Experience based on user feedback. 

We’ve also added a new rule where former stakeholders--those who no longer have an active investment or holding in the company--will automatically be downgraded to Restricted automatically. This means that as stakeholders enter and exit the cap table, their respective shareholder experience will update automatically.

New Shareholder Experience page: Group levels

We know that sometimes it’s important for company administrators to create experiences specific to a single stakeholder or user. The new Shareholder Experience feature allows companies to set overrides for specific stakeholders in the “Individual levels” tab. We also provide information on that stakeholder’s relationship and holdings information.

New Shareholder Experience page: Individual levels



To help ensure company administrators set access levels that best fit the needs of their stakeholders, our access level guide is clickable from either the Group Level or Individual Level views of the new Shareholder Experience.

Access level guide

We appreciate our users’ feedback on how to make this page clearer and easier to use. We hope these improvements save company administrators valuable time and help them mirror their company information sharing philosophy in our software.

Who is this available for?

The cap table sharing page is available currently via a limited release to select Carta companies. In the coming weeks, we will begin to allow additional companies to migrate to the new Shareholder Experience feature set. This new product is not limited by subscription tier.

Companies with the new Shareholder Experience features enabled can visit Stakeholders > Shareholder Experience. 

If you’d like to enable the new Shareholder Experience page for your company, you can also contact us.

Instant KYC for Non-Individual LPs Completing Subscription Documents

Non-individual Limited Partners who complete subscription documents on Carta can now be KYC’ed instantly.

What’s New

This release is a follow-up to our KYC for Individual LPs feature. If your fund leverages Carta’s KYC/AML service and you have non-individual Limited Partners (LPs) completing subscription documents in Carta, these LPs can now be instantly KYC’ed on the platform. Carta instantly KYCs the LP's control person and beneficial owner(s) in addition to the LP entity itself.

Carta’s instant KYC feature is made possible by Carta integrations with identity and verification databases like LexisNexis, Ekata, Socure, and more.


Limitations

  • For this release, only US-based LPs are supported for instant KYC. Future releases will extend support to non-US LPs


How it Works

  1. As an LP completes their subscription documents, non-individual LPs (for funds that avail of Carta’s KYC/AML service) will see a dedicated Know Your Customer section. Upon landing here, LPs will first be asked if their control person and beneficial owner(s) are all US persons - 





  2. If the control person and beneficial owner(s) are all US persons, then the LP will be shown forms to enter KYC information for these individual(s) -






  3. Finally, the LP is also able to upload any entity formation documents and photo IDs here:



  4. Once subscription documents are signed by the LP, the following are instantly KYC'ed: the LP entity, control person, and beneficial owner(s). If all pass KYC, this is immediately reflected in the Carta UI and General Partners are notified to countersign -


    Timing: Rolled out to all on Aug 31, 2021

    Audience: US-based Limited Partners, General Partners


VC Firm Access Update

What’s new

We're updating firm permissions to be more granular for larger firms, while keeping them easy to manage for emerging managers.

Fund Admin clients on Carta will now have the ability to grant users on their accounts access to only the information they need: Investments, Limited Partner information, Fund Admin, and Fund performance data.


How it works

Admins on a VC firm account have the ability to add users and update their permissions. Permissions are controlled under Settings on a firm account. Non-admins can go to the Settings page to see who the admin on their account is.

Basic VC firm accounts on Carta will be able to grant users Admin or Investments access.

Firms that use Carta for additional services have the ability to grant users additional permissions for each fund in the firm.

Permission

Grants access to

Admin

  • Add, update, or remove other users on the firm
  • Accept securities on behalf of the funds in the firm
  • Update payment information for the funds in the firm
  • Complete tender offers on behalf of funds in the firm
  • Use the portfolio merge tool

Investments

  • Company information for companies that fund has invested in
  • Schedule of investments

Partners

  • Access to partner information, including contact information, commitment amount, and parter documents
  • Access to fundraising and closings tools

Fund Admin

  • Access to fund administration information, including capital calls, distributions, and quarterly reports
  • Ability to communicate with fund admin team through Carta
  • Ability to request and approve fund admin updates

Fund Performance

  • Access to fund performance data

Audit

  • View only access to investments, partners, fund admin, and fund performance data
  • Users with audit access cannot have other access to the fund

Defaults

For each user, an Admin can grant them “default” access to the firm. Defaults will automatically give users these permissions for new funds that are added to the account.


Additional Resources


Who this affects

This update affects all VC firm users on Carta. Users will not see a difference to their existing access with this change, but going forward Admins can update permissions.


Timing

We are rolling this out to a small number of firms starting on August 30 and plan to roll out to all firms within a few weeks.

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