Business banking for the self-employed

One third of the American workforce earns income independent from a traditional employer. By 2027, that number will exceed 50%. For many, this change is an opportunity to take the first step towards pursuing their dreams. For others, the switch may be motivated by a job loss or lack of flexibility. Regardless of why, there’s extra work when you work for yourself.

Starting day one at a traditional employer, employees have access to a consistent paycheck and tax withholdings, medical and retirement benefits, and infrastructure for expenses and reporting. On the other hand, people who choose self-employment are generally excluded from those benefits or their path is much harder. Self-employed people have to track their business income and expenses, manage their own tax estimates and withholding, and navigate write-off rules and requirements in order to reduce the amount they’ll owe in taxes. To be successful, this often means paying for expensive software and consulting services.

Found is looking to provide the traditional “first day of work” experience—payroll, taxes, benefits, and other back office infrastructure that W2 employees get for free—for all self-employed people. Our target customers are freelancers, moonlighters, gig workers, and anyone starting or running a business on their own. We have a huge opportunity to help this underserved population successfully navigate the challenges of working independently, starting with business banking, expense tracking, and saving for taxes.