Charles Schwab led a US$26.5 million Series B investment in Singapore-based Qapita, reported on October 8, 2025, and announced a partnership to offer private-company equity services powered by Qapita. The deal positions Qapita as a challenger in a market that includes Carta, Pulley and Shareworks; it does not establish that Qapita has displaced or surpassed any of them.
What Schwab announced
TechCrunch and The Business Times reported that Schwab led Qapita’s US$26.5 million Series B on October 8, 2025. TechCrunch reported that existing investors Citi and MassMutual Ventures also participated. Schwab’s annual report separately confirms an investment in Qapita, but the cited report does not state the round size or Schwab’s individual investment amount. TechCrunch · The Business Times · Schwab’s 2025 annual report
Alongside the investment, Schwab announced Schwab Private Issuer Equity Services, a platform powered by Qapita for U.S. private companies. The stated aim is to help companies manage cap tables and employee stock plans and prepare for a potential public listing. Schwab’s November 2025 business update says the service was announced in October 2025; the sources do not establish its current general availability, pricing, customer count or operating results. Schwab’s 2025 Business Update
What Qapita does for private companies
A cap table records who owns a company and how ownership changes as it raises capital or grants equity. Employee-equity administration covers the records and workflows around stock plans and awards. These systems help companies keep ownership information organized as they add investors and employees, though choosing software does not itself guarantee legal or tax compliance in every jurisdiction.
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Qapita’s product pages list services spanning equity management and fund administration:
- Cap-table management and stock-plan management.
- Valuation and financial reporting.
- Equity-compensation advisory and tender offers.
- Fund administration and fund portfolio valuations.
Those are Qapita’s advertised capabilities, not an independent assessment of outcomes or a like-for-like comparison with other vendors. Its pricing page is regional: the Singapore/Southeast Asia page lists a free Spark tier for up to 25 stakeholders and companies that have raised less than US$1 million. That offer is specific to the stated region and subject to change; it does not establish U.S. pricing. Qapita product information · Qapita Singapore/SEA pricing
Why Schwab is linking its name to Qapita
Schwab’s annual report describes the investment as supporting digital cap-table and equity-management tools for private issuers moving toward public markets. In practical terms, the partnership connects a private company’s ownership and employee-equity administration with a financial-services firm that already serves investors. The sources establish the strategic rationale and announced product relationship, but not how the service will work for customers in day-to-day use.
Qapita is also expanding beyond its original base. Founded in 2019, it began with cap-table management and expanded into employee-equity services, according to TechCrunch. The publication reported that Qapita was seeking to grow in the U.S. and quoted CEO Ravi Ravulaparthi: “Of course, the U.S. is a very large market. There are a few options in the private market space in the U.S., but they are too few for a market of that size.”
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What “Carta challenger” means—and what it does not
TechCrunch placed Qapita among U.S. options that include Carta, Pulley and Morgan Stanley’s Shareworks, and reported that Carta entered India before exiting in 2023. That supports describing Qapita as a competitor or challenger, not claiming it leads the category. The available sources do not provide a like-for-like comparison of features, local tax and legal support, integrations, service, pricing or performance, so they cannot establish which provider is best for a particular company.
Scale figures in the October 2025 TechCrunch article are company-reported and dated, not independently audited or current 2026 totals. Qapita said it had about 2,700 company users, roughly 70% in India and 20% in Southeast Asia; the excerpt does not specify the remaining share. Its CEO also characterized about half of India’s unicorns as customers. The figures indicate reported reach, but they do not measure market share or prove product superiority.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What remains to be seen
The investment and announcement are concrete; the next meaningful test is execution. The cited coverage does not state Qapita’s valuation, Schwab’s check size, or whether Schwab Private Issuer Equity Services is generally available. It also does not establish U.S. customer pricing, adoption or launch performance, or confirm whether Qapita’s planned fund-administration expansion has launched as described. For companies evaluating providers, those practical details matter more than the challenger label.
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