Company Overview
Found is a financial technology company launched in 2020, focusing on providing comprehensive banking solutions tailored for freelancers, small business owners, and the self-employed. Found's platform simplifies financial operations by integrating online banking, bookkeeping, and tax management into one seamless application.
Key Features and Services
- Integrated Financial Tools: Found offers an all-in-one app that replaces the need for multiple financial management tools, providing functionalities such as expense tracking, cash flow management, tax estimation, and invoice generation.
- Cost-Effective Banking: Users incur no account fees, sign-up fees, or monthly minimums. The platform supports seamless integration with popular payment apps like Venmo, Cash App, and PayPal, facilitating fast and flexible payments.
- Tax Preparation and Support: The app provides real-time tax estimates, automatic write-offs, and the ability to save for taxes directly within the platform, easing tax season stress for small business owners.
- User Experience: Known for its user-friendly interface, Found simplifies financial management, mimicking a consolidated QuickBooks approach but without high costs.
- User Feedback: Testimonials highlight ease of integration into business routines, automation capabilities, and the platform’s comprehensive service coverage.
Leadership Team
- Lauren Myrick - Co-founder and CEO: With past experience as General Manager of Square Payroll, Lauren drives Found’s strategic direction. She is an alumna of the University of California, Santa Barbara, and operates from San Francisco.
- Connor Dunn - Co-founder and CTO: Connor, an engineering leader, spearheads technological development. He holds a degree from the University of Warwick.
- Nick Adler - COO: Nick’s responsibilities involve operational management and strategic company growth. He has a business background from the Stanford Graduate School of Business.
Financial Overview
- Funding Rounds: Found has secured $119 million in total through three funding rounds. The recent Series C round in 2024 brought in $46 million, showcasing investor confidence, with support from Sequoia and Lightspeed Venture Partners.
- Valuation: The latest company valuation exceeds $400 million, demonstrating growth in financial backing and market presence.
Market Position and Impact
With over 500,000 users, Found is a prominent player in offering financial services to the self-employed. Recognized as the "Best Business Checking for Self-Employed Workers," it effectively integrates banking, bookkeeping, and tax tools into a single app, instilling operational efficiency and financial acumen in its clientele.
Competitor Profile
Found operates in a competitive landscape of digital banking solutions targeting freelancers and entrepreneurs. Key competitors include:
- Novo: Specializes in small business banking with free checking accounts, credit cards, and bookkeeping tools. Known for a user-friendly experience without hidden fees.
- Mercury: Caters to startups with no-fee checking and savings accounts, debit cards, and treasury services. Its ease of use appeals to startups seeking seamless financial operations.
- Joust: Combines business banking with merchant services, specifically aimed at freelancers by integrating invoicing and payments.
- Lili: Focuses on simplifying bookkeeping and integrates tax preparation tools, offering high-yield savings accounts attractive to multi-owner businesses.
- Shine: Offers a digital bank experience tailored for freelancers, concentrating on providing smooth financial insights and management.
Market Strategy and Competitive Edge
Found distinguishes itself with an integrated platform combining invoicing, tax withholding, and benefits management, uniquely addressing the multifaceted financial needs of freelancers. Supported by substantial investments from entities like Founders Fund, Found is poised to further enhance its offerings and solidify its competitive edge. Positioned as a digital bank for freelancers, Found leverages its unique selling propositions, addressing the financial nuances faced by gig workers and independent professionals with integrated tax compliance solutions and real-time financial analytics.
