It didn’t take long for Bahrain-based crypto exchange Rain to seek out a streamlined equity management solution after its Series A round, when it became clear that existing manual processes were not sustainable. When evaluating solutions, Rain prioritized factors such as ease of use, functionality, scalability, integration capabilities, and customer support. With these criteria in mind, Carta emerged as the number-one choice.
“We chose Carta because it met all our needs and it was the most popular solution used by similar players in the tech space,” says Farnaz Pakdaman, Financial Planning & Analysis Analyst at Rain.
Tackling Series B with ease
Prior to Carta, Rain managed its cap table manually, using spreadsheets. This approach quickly proved to be time-consuming and prone to errors, particularly as the number of investors and employees grew with the company’s expansion efforts across the Middle-East.
By the time Rain was preparing for its Series B deal in 2021, Farnaz knew they could no longer rely on manual spreadsheets anymore.
Immediately after onboarding with Carta, Rain was able to generate and share accurate, up-to-date cap tables with its investors, providing them full visibility of their stock options with the company. This demonstrated to investors that Rain had clear systems in place, which instilled confidence and facilitated the fundraising process, allowing them to close Series B with ease.
“Due to Carta’s support and smooth onboarding process, we were able to close that deal faster,” Farnaz said.
Additionally, Rain noticed a substantial boost in its overall operational efficiency after onboarding with Carta. The platform not only simplified the equity management processes, but also significantly reduced a great deal of manual work, saving the company countless hours in the process, according to Farnaz.
Farnaz PakdamanCarta has streamlined our equity management processes by automating many of the manual tasks, reducing the risk of errors, and saving us significant time.
Senior Financial Performance & Analyst, Rain
Staying compliant and secure is easy with Carta
As Rain operates in a heavily regulated financial industry that requires the company to adhere to strict compliance requirements, it was easy to do that with Carta. Rain was able to generate instant, audit-ready reports that align with regional compliance standards.
“Whenever there is a requirement, we would use Carta to send out that information,” Farnaz said.
Besides offering Two-Factor Authentication, Carta also has a feature called the Virtual Data Room. The Data Room is a secure digital place that allows Rain to organize, store, and share confidential documents and information with investors. This organized data room helps to streamline and enhance transparency in all activities that involve the exchange of confidential data, such as fundraising, mergers, acquisitions, and other legal transactions.
When introduced to the Data Room feature, Farnaz was impressed by how secure it was. Given the heightened regulatory requirements following their acquisition of the FSRA license for the company’s Abu Dhabi office, this feature represented a significant value-add to their business.
“This would show that Rain is more secure. And that’s what Rain needs in their business,” Farnaz said.
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