How does a SAFE compare to a convertible note?
A convertible note is debt, while a SAFE is a convertible security that is not debt. As a result, a convertible note includes an interest rate and maturity rate, while a SAFE does not.
A SAFE is simpler and shorter than most convertible notes.
Both SAFEs and convertible notes convert into equity in a future priced equity round; a convertible note may have more complexity to when/if/how it converts. Both SAFEs and convertible notes can have valuation caps, discounts, and most-favored-nations.