Found, an emerging financial services firm, announced recently that it has secured $60 million in the latest funding round to increase the adoption of business banking services.
The funding round, which was led by Founders Fund, saw participation from several new investors, including Lightspeed Venture Partners, and from the company's existing investor, Sequoia Capital.
Found focuses on the services related to self-employed people. According to the company, nearly 60 million people in the US earn income independently. The firm aims to support self-employed individuals through a wide range of services, including business banking, taxes, bookkeeping and invoicing.
“We are extremely proud of the progress we have made in the last year. We have added powerful business tools to the Found app, including invoicing and easy business payments. Our customers tell us that we have solved an important problem in their lives, and we consistently garner rave reviews in the app store. We have grown our team to 40 people, recently adding our COO Nick Adler from The Athletic, Head of Engineering Aabhas Sharma from Uber, and Head of Growth Abbie Hale from Pinterest,” Found highlighted.
Series B Funding
According to Found, the Series B funding will support the expansion of its operations. With the growing trend of self-employment across the US, the demand for freelance-focused business banking and taxing services has increased substantially since the outbreak of the pandemic.
“With this new funding, we will continue to invest in tools that give self-employed businesses the clarity and confidence they need to be successful. We plan to partner with platforms with large numbers of self-employed people to distribute these tools to those who need them most. We will also continue to grow our team and are hiring across all functions. Thank you to our customers, investors and supporters. We are just getting started,” the company added.
