What Nstock does

Nstock株式会社 (Nstock Inc.) is a Tokyo-based fintech and SaaS company founded January 24, 2022 by former SmartHR CEO Miyata Shoji, originally as a 100% subsidiary of SmartHR Inc. The company builds equity-infrastructure software for Japanese startups, centered on a Stock Compensation SaaS launched commercially in September 2023. The SaaS handles end-to-end SO and equity-award administration — contract creation, grantee management, vesting/exercise condition tracking, document generation, and a distinctive employee-facing holder portal that surfaces real-time SO economic value to grantees. A planned secondary exchange for unlisted startup shares (the "社内取引所" / internal exchange model, requiring Type I Financial Instruments Business registration) is targeted for 2025 launch and would add transaction-fee revenue. A third business line — a startup re-investment venture that recycles capital gains back into new startups — is in needs-validation. The integrated platform architecture is differentiated by offering an end-to-end workflow (grant → vest → exercise → secondary trade) with no comparable Japanese competitor.

Revenue is currently generated primarily through annual subscription fees for the Stock Compensation SaaS (specific pricing tiers undisclosed; pricing restructuring is an active internal project), with future plans for transaction commissions on the secondary exchange and a possible post-exercise asset-management service. Go-to-market is sales-led (small in-house sales team with domain-expert accompaniment in customer conversations) layered with a heavy content-led funnel — the KIQS free tax-qualified SO contract template kit has been downloaded by 1,600+ companies since November 2022, and the company actively participates in startup conferences (ICC, B Dash Camp, IVS, TSKaigi). Customers are primarily Japanese growth-stage startups adopting or scaling stock-option programs; LayerX (¥15B Series B Sept 2025) is a publicly named flagship customer. Operations remain domestic Japan-only.

Name

Nstock

Legal name

Nstock株式会社

Website

https://nstock.co.jp

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Nstock builds stock compensation SaaS and a planned secondary exchange for unlisted startup shares, serving Japanese startups with end-to-end SO/RSU administration, holder self-service valuation, and pre-IPO equity liquidity infrastructure.

Ownership category

akta.pro rank

Product category

Equity Compensation Management Software

NAICS

Securities and Commodity Exchanges (52321)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Business-for-Sale Marketplaces & Listing Platforms (FSAEAIAK)

Keywords

• Stock compensation SaaS
• Equity management software
• Tax-qualified stock options
• Secondary stock exchange
• Startup equity infrastructure

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Stock Compensation SaaS Subscription: Recurring SaaS revenue from the Stock Compensation SaaS launched commercially in September 2023; monthly sales growth averaged over 30% as of July 2024; serves dozens of customers (stated as "数十社" of paying companies). Includes tiered pricing tied to features such as exercise application/approval functionality added in August 2024 and planned RS/RSU support.
2. Secondary Exchange Transaction Fees (Planned): Planned transaction-based revenue from the secondary exchange for unlisted startup shares, targeted to launch in 2025 (with Type I Financial Instruments Business registration in progress). Revenue model anticipated to include trading commissions on SO/stock transactions facilitated through the platform.
3. Startup Re-Investment Business (Needs Verification): Third business line in needs-verification stage: capturing capital gains and know-how from successful startup ecosystem participation and re-investing into new startups to create a virtuous cycle. Revenue model not yet finalized.
4. Future Asset Management Service for SO Exercisers (Under Consideration): Referenced in the Joe interview as a potential follow-on financial service for individuals who have exercised and sold stock options, to help with asset management challenges when receiving large sums — separate product still under consideration.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels9 records

Core offering

Nstock provides a SaaS platform for designing, administering, and communicating stock-based compensation (stock options, RSUs, RS) for Japanese startups and growth-stage companies, with features for contract creation, holder management, vesting/exercise condition tracking, and a self-service portal that displays real-time SO valuation to grantees. The company is also building a secondary exchange platform for trading unlisted startup shares (Corporate-Bourse / "Internal Exchange" model requiring Type I Financial Instruments Business registration) and exploring a startup re-investment business, with KIQS offered as a free tax-qualified SO contract template resource.

Differentiator

Problem solved

Functional benefit

Brands

• KIQS: Free contract template kit for tax-qualified stock options (税制適格SOの契約書ひな型キット), publicly available at kiqs.nstock.com. Downloaded by more than 1,600 companies as of late 2024.
• Stock Journal

Products and services

• Stock Compensation SaaS (株式報酬SaaS) SaaS platform for designing, administering, and communicating stock-based compensation (stock options, RSUs, RS) for Japanese startups and growth-stage companies. Includes contract creation, grantee management, vesting/exercise condition tracking, document generation, and a holder self-service portal displaying real-time SO valuation to grantees.
• Corporate-Bourse Secondary Exchange for Unlisted Stock (社内取引所 / "Internal Exchange") Planned secondary trading platform for unlisted startup shares where the issuing company controls participant access and trading conditions, enabling SO/share liquidity pre-IPO. Includes an issuer-side multi-tenant SaaS for setting up trading rules and a matching engine for unlisted stock transactions.
• KIQS — Tax-Qualified SO Contract Template Kit Free public resource providing tax-qualified stock option contract templates that incorporate 2024 regulatory changes. Used as a lead-generation tool and category-authority builder, downloaded by 1,600+ companies since November 2022.

Quantifiable outcome

• Monthly SaaS sales growth averaged over 30% as of July 2024
• +2 more outcomes

Named customers1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Three partnerships are on record, tiered flagship and advisory.

• LayerXflagshipTechnology or Integration · 5 November 2025LayerX (AI company operating Bakuraku AI SaaS, Fintech, and Ai Workforce businesses; raised ¥15B Series B in September 2025) publicly adopted Nstock's Stock Compensation SaaS, announced November 5, 2025. LayerX CHRO Takuya Ishiguro provided a public endorsement quote. Adoption supports LayerX's flexible SO redesign (15%→20% pool, up to 50% carry-over on departure). Public case study at nstock.com/case/layerx.
• SmartHRflagshipStrategic or Co-development PartnerSmartHR is the 100% parent company of Nstock, established January 2022 as a wholly-owned subsidiary with ¥10M capital. Nstock was spun out from SmartHR with founder Shoshi Miyata (SmartHR co-founder/former CEO) leading it. SmartHR's legal team continues to support Nstock's internal legal practice, and a SmartHR-proxied customer success staffer was seconded/transferred to Nstock in 2024. Privacy policy update (June 16, 2025) reflects Nstock no longer being part of SmartHR's consolidated group, indicating evolving corporate relationship.
• Signifiant (シニフィアン)advisoryOthersKenji Kobayashi (co-representative of Signifiant) serves as Nstock's Executive Advisor and was featured alongside CEO Miyata and WiL partner Namba at Nstock's first fundraising backstage event on September 19, 2024. Kobayashi also co-authored the New Year 2025 SO design roundtable discussion.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Carta: US-based equity management platform offering cap table management, valuation, and a secondary trading marketplace for private company shares. Direct global comparable to Nstock's combined SO SaaS + planned secondary exchange offering, though serving primarily US markets and at much larger scale.
• Pulley: Equity management platform focused on startups and venture-backed companies, offering cap table, 409A valuations, and compliance tooling. Closest US startup-focused comparable to Nstock's Stock Compensation SaaS, though without a regulated secondary exchange of its own.
• Forge Global: US-based secondary marketplace for shares of private companies, operating under SEC/FINRA broker-dealer registration. Direct comparable to Nstock's planned unlisted stock exchange, though serving a much more mature private market liquidity pool.
• EquityZen: Provides secondary market liquidity for shareholders of private companies and pre-IPO shares, plus 409A valuation services. Comparable to Nstock's planned secondary business line targeting SO holder liquidity needs before IPO.
• Eqvista: Equity management SaaS platform for cap table, stock options, and compliance. Direct SaaS-side comparable to Nstock's Stock Compensation product, particularly for startup and SMB customers.
• Secfi: Provides equity planning, liquidity, and wealth management for startup founders and employees, including secondary share sales. Comparable to Nstock's planned future asset management and secondary exchange offerings targeting SO holders post-exercise.

Broad incumbents

• Shareworks (Morgan Stanley at Work): Established equity plan administration platform from Morgan Stanley serving large enterprise stock-based compensation programs globally. Comparable as a broad incumbent in equity administration, but lacks Nstock's startup-focused positioning and integrated secondary exchange.

Regional players

• Stockplus: Japan-based equity management and stock option administration platform targeting Japanese startups. Closest domestic Japanese direct peer to Nstock's SO SaaS, operating in the same regulatory and market context.

Others

• SmartHR: Nstock's founding parent company and Japan's leading cloud HR and labor management SaaS. Ecosystem partner with deep overlap in Japanese startup customer base; relevant as the origin of Nstock's go-to-market network but not a direct equity-management competitor.

Emerging players

• Cake Equity: Equity management platform for startups and scale-ups with cap table, ESOP, and investor reporting features. Comparable startup-focused SaaS product, though operating primarily in Australia/UK rather than Japan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nstock_jp
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/nstockjp

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nstock