Pulley is shutting down in December

Disclosure up front: I run Cake, a competitor. Weigh what I say accordingly.

I don't know why Pulley is winding down and I'm not going to guess. What their notice says is that operations cease on 12/8/26 and there's an exclusive migration path into Carta.

The practical part, if you just got that email: you have about twelve weeks, and you don't have to take the default. Before you move anywhere, export everything while your account is still live. Cap table, every grant document, vesting schedules, 409A reports, board consents, audit trail. Keep your own copy no matter where you end up. Not doing this can make you regret it in an audit a couple of years later.

Then three questions worth asking whoever you move to, us included:

1. Does historical grant data come across, or only current positions? Those are different, and the second one breaks your ASC 718 reporting. 2. Who does the migration work, you or them, and what does it cost? 3. What happens to 409A history and the audit trail specifically?

Happy to answer questions here, including about providers that aren't mine.

kim@cakeequity.com if that's easier.

This was so random. There are only two reasons for shutdowns in fintech. 1 - you run out of money. 2. some sort of regulatory/underwriting/compliance issues. I hope its former.

We got this too. Nothing about it anywhere. Very odd

Anyone know what happened? Just got the email too.

I interviewed at pulley many years ago. Smart folks. Wonder what went wrong.

Yin Wu seemed pretty smart. Already a serial entrepreneur.

https://www.ycombinator.com/companies/pulley (YC W20)

https://www.ycombinator.com/launches/Gha-pulley-cap-table-ma...

https://pulley2025.pulley.com/guides/faq-what-is-happening-w...

https://www.crunchbase.com/organization/pulley

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