Quid is a fintech company that offers a new kind of loan on pre-IPO equity.
Quid has built a business out of giving those employees another option — taking out loans and using their equity as collateral.
Quid was founded in 2018 within Troy Capital, by Josh Berman and Anthony Tucker. The company is headquartered in Los Angeles, California.
Quid is the new way to help employees of privately-held companies get the liquidity they need to pay for life today – without selling the stock options they’ve earned for a fraction of what they’ll someday be worth.
Quid provides loans worth up to 35% of the value of an employee’s stock; in return, it charges interest rates around 7% and also receives a cut of the shares after a liquidity event such as an IPO or acquisition.
Quid has provided loans to employees at over 40 companies, including Airbnb, Bird, SpaceX, Unity, Palantir, Crowdstrike, Uber, and Lyft.
Quid is backed by Troy Capital, Oaktree Capital Management, Davidson Kempner, and others. The company raised $74.1M in a new round on Jan 07, 2022. This brings Quid's total funding to $594.1M to date.