David Rakusan ·
Convertible Note vs SAFE: What Founders Actually Sign in 2026
In the United States, the SAFE has won pre-seed: 90 percent of deals on Carta in Q1 2025 used one. The convertible note still has five specific situations where it is the right instrument, including bridge rounds, European deals where SEIS or EIS relief is on the table, and conservative angels who want a maturity date. This guide walks through what each instrument actually encodes and gives founders a five-question decision framework.