SecfiReviews of secfi.com

When I was at risk of losing my options Secfi really stepped up and helped me do something that would have been impossible for me to do on my own. They helped me change my life.

My advisors are super helpful, responsive, and knowledgeable; it truly feels like I can rely on them.

Chris has been extremely helpful and responsive

The experience with Secfi was great. My company had an imminent IPO, so there were a number of quick deadlines, which they were able to navigate and make sure things were done in time. Exercising before the IPO allowed me to be able to have more flexibility with the shares I had, instead of being forced to do a cashless exercise. Plus, the team was super helpful, available and knowledgeable.

Secfi provides what would otherwise be a helpful service to employees at venture-backed startups: financing of options for exercise. For employees who want to derisk or don't have the capital, it's a decent option. The problem enters with their terms. First, you are paying an automated fee every month for basically nothing directly to Secfi. They say it's for their platform and trust management but they literally have to do nothing to earn the fee each month. Second, the terms of any agreement you get through them are egregious. Not only does the financier share in the upside but they charge a ridiculously high interest fee which compounds. This means you should only receive financing if: 1. There's an IMMINENT exit (< 6 months) 2. The exit is for a very high multiple of what you purchased the shares for. Otherwise, the interest will eat into your cost basis, leaving you with basically nothing. This is essentially a lender of last resort and should be treated as such despite their friendly public marketing.

Secfi was a horrible experience. They said I could repay my loan in shares but instead, refused to accept shares and made me pay a share price that was nearly $80 above what the share price was. Their contract language is only favorable to them and they are trying to scam you out of your hard earned employee equity. Really regret ever meeting them. Since Secfi commented on this thread, I will repeat - they WOULD NOT ALLOW ME TO REPAY MY LOAN IN SHARES. They had some issue on their end where they refused to accept my shares. They punished me by using the five-day opening price of the shares, which would have been fine if they had allowed me to transfer the shares over. Instead, they made me repay that cost in cash despite the share price falling dramatically. They are scammers and dishonest people. I would never work with them again.