Found’s fast factsOur rating: 4.7 out of 5 Starting price: Free, or you can upgrade to Found Plus at $19.99 per month or $149.99 per year for extra services like 1.50% APY on high account balances, advanced customer support, and expanded bookkeeping resources. Key features:
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Found Business Banking is quickly becoming a popular choice for freelancers, entrepreneurs, and small business owners who need a simple and intuitive way to manage their business finances. Unlike traditional banks that come with complex fee structures and numerous paperwork hurdles, Found streamlines the process with an easy-to-use app that automates everything from expense tracking to tax deductions. Plus, all it takes is just a few minutes to get signed up.
This modern banking solution focuses on the unique needs of independent workers and small businesses, making it an excellent option if you’re looking for a bank that simplifies financial management. But does Found really live up to the hype? Let’s continue to dive into its features, pricing, and alternatives to find out if it’s the right choice for you.
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Found reviews: What users think of Found
4.37/5
Found Business Banking reviews often highlight how user-friendly and visually appealing the app is, making it an ideal choice for freelancers and small business owners. Users appreciate how easy it is to manage their finances, particularly the automatic expense tracking and tax-saving features. One freelancer mentioned that Found made invoicing and getting paid straightforward, which simplified managing their cash flow. Other users praised the lack of account fees, allowing them to keep more of their money without worrying about hidden costs.
- TrustPilot: 4.4 out of 5 stars
- Forbes: 4.3 out of 5 stars
- Nerdwallet: 4.4 out of 5 stars
The app’s built-in tax tools were also a hit, helping independent contractors prepare for quarterly tax payments with ease. However, some users noted that while Found excels in financial management for small businesses, it lacks certain features like payroll services, which could be a drawback for a person trying to grow their small business.
Found’s pricing
4.95/5
One of the biggest advantages of Found is its cost. There’s no fee for opening or maintaining an account. Found offers a free business checking account with no minimum balance requirement or monthly fees, making it an ideal choice for startups or freelancers who want to avoid hidden costs. If you want to upgrade for more services, you can pay by month or by year, but that’s up to you if you decide you want extra services.
- Free Plan:
- No monthly fees.
- No minimum balance.
- Unlimited transactions.
- Built-in tax and expense tracking tools.
Found’s key features
4.75/5
What sets Found apart from traditional business bank accounts is its unique feature set, which caters to the specific needs of freelancers and small business owners.
Automatic Expense Tracking
Found’s built-in expense tracking tool automatically categorizes transactions to help you manage your budget more efficiently. You don’t need to manually input your expenses or keep a stack of receipts — Found does that for you, so tax season becomes much easier.
Tax Automation
Found offers a unique tax automation feature, calculating your quarterly estimated taxes and even setting aside funds to help you meet those obligations. This feature is a game-changer for freelancers who struggle to stay on top of their taxes throughout the year.
Invoicing & Payments Integration
You can generate professional invoices directly within the app and accept payments via various platforms. Whether it’s through ACH transfers or third-party payment processors like Stripe, Found ensures that getting paid is hassle-free.
No Fees or Minimum Balances
Unlike traditional business banks, Found doesn’t impose monthly maintenance fees, overdraft fees, or minimum balance requirements. It’s one of the rare few in the industry that genuinely offers fee-free banking for businesses.
Would our expert use Found?
5.00/5
We would highly recommend Found for freelancers and small business owners because it offers an intuitive, all-in-one financial platform that covers everything from expense tracking to tax preparation. Our favorite feature is the built-in tax automation, which simplifies quarterly tax estimates and makes it easier to set aside funds for taxes. This feature alone takes a huge burden off independent workers.
However, Found may not have all the capabilities that larger, more complex businesses need. While it excels at helping freelancers and small business owners manage day-to-day finances, it doesn’t include payroll services or loans, which might be necessary as businesses scale. If you’re managing a bigger operation and need more robust financial tools, Bluevine or Lili may be better options, as they offer features like interest-earning accounts and overdraft protection.
Overall, Found is truly an excellent solution for small-scale businesses looking for simplicity and cost-effectiveness, but those with growing needs might need to think of other alternatives.
Found pros
- User-friendly app: The app is simple, clean, and perfect for people who aren’t financial experts.
- No fees: Enjoy truly free banking with no hidden costs, which is ideal for small businesses and freelancers.
- Tax automation: The automatic tax tracking and setting aside of funds is a standout feature for independent workers.
- Integrated, robust invoicing: Send professional invoices directly from your account and easily track payments.
Found cons
- Limited customer support: While Found offers support via chat and email, some users have reported delays in response times.
- No physical branches: If you prefer face-to-face banking, Found’s online-only nature may be a drawback.
- Limited features for larger businesses: Found may not be ideal for larger businesses that require complex financial products like loans or credit lines.
Alternatives to Found
If Found Business Banking doesn’t fit all your needs, here are some alternatives to consider:
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| Key Distinctions | Bluevine offers business loans, which Found does not. | Novo’s extensive integrations may make it a better fit for businesses heavily reliant on third-party apps. | Lilli offers overdraft protection, which Found currently doesn’t provide. |
| Learn More |
Methodology
To create this review, we analyzed Found’s banking features, compared it to similar platforms, and evaluated user reviews from various sources. We took into account the unique needs of freelancers and small business owners to determine how well Found meets those requirements in comparison to its competitors.
Frequently Asked Questions
What bank is Found Business Checking?
Found Business Banking partners with Piermont Bank, a trusted FDIC-insured institution, to provide its banking services.
Is Found a good business account?
Yes, Found is excellent for freelancers and small business owners who need a fee-free account with features like tax automation and expense tracking.
Is Found a real bank?
Found itself is a financial technology company, but it partners with FDIC-insured Piermont Bank for its banking services. This gives it FDIC insurance up to the $250,000 federal insurance amount, ensuring you are covered in case of bank failure.
Does Found do payroll?
No, Found does not offer direct payroll services, but instead provides invoicing tools for businesses to manage their payments.
This article was reviewed by our banking expert Tricia Jones.
