Found plans to use the funding to expand beyond online banking. Here are the top-line bullets you need to know.
Found, a self-employment online banking platform, has raised $12.8M in a Series A funding round. The round drew participation from Sequoia Capital and undisclosed angel investors.
How’s the company performing?
- California-based Found is a digital bank that offers banking, book-keeping, and taxation services for self-employed people.
- It has no account fees, minimum balance requirements, account fees.
Why does the market matter?
- The global accounting software market is projected to grow at a CAGR of 8.5% and reach a value of $19.59B by 2026, according to Mordor Intelligence.
- The market is witnessing an increasing adoption of online banking, cloud-based accounting, and tax compliance software among small businesses and entrepreneurs for its cost-effective and convenient process.
- Increasing demand for automation of finance and accounting processes and a greater emphasis on scaling computation are driving the industry’s growth.