NEWARK, N.J.--(BUSINESS WIRE)--PROFIT is the first online business bank account that blends modern banking with accounting software in one platform - automatically completing your bookkeeping and accounting for free.
Founded by two software engineers who grew up in underserved areas (Newark, NJ & Union, NJ), Vin Montes & Frantz Romain personally know what it’s like to fend for themselves in an underserved financial business environment. Frantz Romain attended New Jersey Institute of Technology (NJIT) and Vin Montes attended Fairleigh Dickinson University (FDU) in NJ. They recognized the help minority small business owners needed and built a banking platform to help them.
PROFIT’s founders include:
- Vin Montes, a prior business owner, US Air Force veteran, and software engineer who developed a global financial spend application for UPS.
- Frantz Romain, a prior business owner, and software engineer who worked with Mr. Montes for two years developing a global financial spend application for UPS. The technology he built with Mr. Montes was awarded Red Hat’s 2018 Global Innovation Award (prior winners include Barclays, Deutsche Bank, & BBVA)
PROBLEM
Minority small businesses continue to be underserved by banks. Lacking support from the financial industry, they struggle to access capital and easy-to-use financial tools. Overwhelmed with responsibilities, most minority business owners lack the time and financial background to manage complex accounting software.
THE PROFIT SOLUTION
PROFIT’s founders decided to build the first All-in-One business bank account with accounting technology that does their member’s bookkeeping and accounting for free.
“We personally know what it’s like to be left behind and fend for ourselves in an underserved environment. This motivated us to build a technologically advanced bank that would take some of the financial burdens away from underserved business owners so they could focus on growing their business the best way they can.” - CEO/Co-founder Vin Montes.
“It is hard for a business owner to know how their company is doing financially compared to their industry. To solve this problem we provide our members with real-time Profit & Loss statements that benchmark their net profit with their industry’s average. This helps the owner understand how their business is doing financially compared to their industry. - CTO/Co-founder Frantz Romain.
PROFIT also captures receipts via text message & automatically matches them to the correct transaction. It then auto-reconciles all their accounts saving their members days of tedious accounting work.
PROFIT GIVES BACK
Black and Latino business owners are half as likely to be approved for bank loans than Whites. That was the case even when Black, Latino, and White applicants were all categorized as low credit risk, according to a 2020 Federal Reserve study. As further validation of the uphill battle Black & Latino’s face in getting the business help they need, Forbes published that 37.9% of Black businesses reported being discouraged from applying for a business loan, compared to 12.7% of white-owned businesses.
PROFIT’s founders experienced this first-hand when they were turned down for a business loan.
To help alleviate the problem, PROFIT offers all their members a 0% interest revolving line of credit. “We take a portion of our revenue and fund a revolving line of credit for all our members. We know what it’s like to be turned down for loans even if you have a good business. We do not ask for a credit check and the funds are available the next business day.” - CEO/Co-founder Vin Montes.
ASK
If you would like to help or support PROFIT’s cause in any way please contact info@bankwithprofit.com.
To sign up for a PROFIT business bank account or to learn more, visit www.bankwithprofit.com.
