From Comprehensive to Streamlined: How Flow Networks Found the Right Equity Management Solution

A 40-person fintech startup's journey from over-engineered platforms to purpose-built solutions

Company background

Flow Networks is transforming how financial institutions connect with their customers at the most critical moment—the point of payment. Founded in April 2021 by payment industry veterans Chris Boncimino and Klas Hesselman (with experience at Visa and PayPal), the company has grown from a startup with a simple mission to eliminate paper receipts into a comprehensive consumer engagement platform.

Flow connects card issuers and merchants with cardholders during payment moments, delivering personalized rewards, offers, and loyalty experiences. This helps financial institutions drive $20-40 in revenue per active card annually through increased transaction volume, improved profitability, and enhanced fraud mitigation.

By 2023, Flow Networks had achieved significant milestones, including integration with Q2's Digital Banking Platform through the Q2 Partner Accelerator Program, making their real-time consumer engagement solutions available to a broader network of financial institutions. 

Today, the 40-person team is backed by the Reseda Group and a network of prominent angel investors, leveraging real-time data and AI to unlock new cross-selling opportunities for banks and credit unions.

The challenge: When comprehensive becomes cumbersome

As Flow Networks' HR Manager, Binh Vo oversees equity management, fundraising operations, and compliance for the company's global team. Coming from previous experience in Human Resources at other IT companies, she understood the importance of having robust systems in place—but she also recognized when those systems became overkill for their actual needs.

"Carta offers a comprehensive platform for equity management," Binh explains. "However, as a startup, our needs are currently more limited."

This is a common challenge for growing companies. Enterprise-grade solutions often come with enterprise-grade complexity and costs, even when a company only needs a subset of features. 

For Flow Networks, managing their cap table, stock options, and fundraising activities didn't require the full scope of what traditional platforms offered.

The search for alternatives led them to explore more targeted solutions that could deliver the functionality they needed without the overhead they didn't.

The discovery: Finding EquityList

"We came across EquityList on a reference website, and it has received positive feedback along with competitive pricing," Binh recalls.

The combination of positive reviews and competitive pricing caught their attention, but what ultimately drove their decision was the alignment between EquityList's capabilities and Flow Networks' actual requirements. Rather than paying for features they wouldn't use, they could access a platform designed specifically for companies at their stage.

The transition: Smooth migration with full support

One of the biggest concerns when switching equity management platforms is the migration process. Years of data, complex cap table structures, and multiple stakeholder relationships all need to transfer seamlessly.

"The migration process has been smooth, with full support from the team on data integration and clear, helpful onboarding instructions," Binh notes.

This smooth transition was crucial for Flow Networks, allowing them to maintain continuity in their equity management while benefiting from a more suitable platform. The clear onboarding instructions meant minimal disruption to their operations during the switch.

Current usage: Focused on core needs

Today, Flow Networks uses EquityList for their essential equity management processes: 

"Cap table, issuing stock options, managing shares/RSAs vesting, and valuation reports."

These core functions represent exactly what a growing startup needs—the ability to track ownership, compensate employees with equity, manage vesting schedules, and generate reports for stakeholders. By focusing on these fundamentals, Flow Networks can maintain accurate records and support their team without unnecessary complexity.

Fundraising in action: SAFE management at scale

Flow Networks' fundraising journey illustrates the practical benefits of having the right tools. 

"Recently, we conducted a fundraising round by issuing SAFEs through EquityList. The process was smooth, from setting up the round to obtaining investor signatures and managing accounts."

With over 40 SAFE investors, managing convertible securities could easily become an administrative nightmare. However, Binh found the convertibles feature particularly well-designed: 

"The administrator view was well-designed, with a clear and detailed dashboard for easy management."

This dashboard approach transforms what could be a spreadsheet-heavy, error-prone process into a streamlined workflow that provides clarity for both the company and its investors.

Responsive product development: Building features in real-time

One of the most impressive aspects of Flow Networks' experience has been EquityList's responsiveness to specific needs. Binh recalls a critical situation: 

"I recall a time when we needed to terminate an employee, which required shares to be either repurchased or have their vesting accelerated. At that time, the EquityList platform was still quite new—yet, impressively, they built the necessary feature within a single day to help us finalize the vested shares."

This kind of responsiveness is rare in the software world, especially when it comes to compliance-heavy areas like equity management. The ability to rapidly develop and deploy the 'finalized vested shares' feature demonstrates both technical capability and customer commitment.

Support excellence: Going above and beyond

When asked about the support experience, Binh's response was emphatic: "1000 stars."

She elaborates on the personal attention that made the difference: 

"EquityList also provides a dedicated support team, who has been incredibly supportive and always by my side whenever I needed assistance. "

This level of support—where team members stay engaged until issues are completely resolved—creates the kind of partnership that allows companies to focus on their core business rather than wrestling with their tools.

The platform experience: Design that works

Beyond functionality, the user experience has been a highlight for Flow Networks. 

" I found the dashboard to be very well designed," Binh notes.

Good design in equity management software isn't just about aesthetics—it's about reducing errors, increasing efficiency, and making complex information accessible. When administrators can quickly understand their cap table status, vesting schedules, and investor relationships, they can make better decisions faster.

The recommendation: A friend to startups

When asked if she would recommend EquityList to other companies, Binh's response is clear: 

"Absolutely yes. EquityList is a friend for startup companies."

This recommendation comes from someone who has experienced both the pain of over-engineered solutions and the relief of finding the right fit. For startups navigating the complex world of equity management, having a "friend" rather than just a vendor can make all the difference.

Key takeaways

Flow Networks' experience highlights several important principles for startup equity management:

Right-sizing matters: Comprehensive doesn't always mean better. Companies need solutions that match their actual requirements, not their theoretical maximum needs.

Migration doesn't have to be painful: With proper support and clear processes, switching platforms can be smooth and non-disruptive.

Responsive development creates partnerships: When software companies can rapidly address specific customer needs, they transform from vendors into partners.

Support quality trumps feature quantity: Having a dedicated team that stays with you until issues are resolved is often more valuable than having every possible feature.

User experience enables efficiency: Well-designed dashboards and interfaces reduce errors and increase productivity in compliance-heavy processes.