Frederik Mijnhardt, Secfi's CEO, says he expects to see $38 billion worth of startup stock options registered on his platform by year-end.Upon joining London-based ride-sharing startup Karhoo as employees No. 4 and No. 30 in 2015, Wouter Witvoet and Frederik Mijnhardt were excited to learn their compensation packages included stock options in the business. It was the first time they had received such a benefit, and they dreamed of the riches they’d rake in.
“I was looking around in the office, and there were 250 people working there, and I'm like, none of my colleagues know what's coming for them,” Mijnhardt says. “That was our hypothesis.”to help startup employees understand and make better financial decisions about their equity packages and exercise their options. On Tuesday, Secfi announced it has reached $700 million in financing capital after a $150 million investment from New York-based Serengeti Asset Management.
Startup employees looking for assistance with their equity packages can sign up for a free Secfi account, through which they can access tools to calculate their potential payouts and estimate their tax bills, if they choose to exercise their options. They can also speak with experts about their benefits package.
The company also provides financing for employees who want to exercise their options but lack the cash to do so. For a fee that varies based on the risk profile of the company, Secfi covers the exercise costs and taxes, and employees only have to make payments against the financing when their employers go public or through another type of liquidity event.