The new and strategic partnership will address the significant challenges today’s small businesses face such as access to capital and give owners an opportunity to establish a separate business account to qualify for Revenued products.
By Global FinTech Series News Desk
Revenued, a fintech company that helps small businesses simplify the process of managing business finances, announced the company’s first neobank partnership with Found, a fintech platform on a mission to make self-employment easier. The new and strategic partnership will address the significant challenges today’s small businesses face such as access to capital and give owners an opportunity to establish a separate business account to qualify for Revenued products.
Revenued offers small business owners access to capital, which has historically been a significant hurdle for small business owners to overcome. Initial Revenued analysis, however, showed that more than 2,000 small businesses each month were unqualified for a Revenued product because they did not yet have a dedicated business bank account. The partnership with Found will help bridge this gap; Found will offer small businesses exclusive incentives to set up business bank accounts through their platform, which will in turn then help those businesses qualify for Revenued products.
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“As an advocate for small businesses, we’re thrilled to partner with a like-minded fintech leader such as Found. The company paves the way with digital solutions that empower business owners to access the financial tools and services they need in a convenient way. The partnership with Found also addresses a critical barrier for small businesses that don’t have a business bank account,” said Sol Lax, CEO of Revenued. “We are committed to enabling growth within the small business ecosystem and collaborations like this help us not only accelerate our impact but better serve the entrepreneurial community.”
According to data gathered from more than 20,000 active small business bank account connections by Revenued, 92% of U.S. small businesses currently rely on traditional banks or local credit unions for their banking needs. However, these conventional financial institutions, on average, cost small businesses more than $700 in banking fees annually. An increasing number of small businesses are turning to online banks and fintechs, such as Found, allowing them to avoid fees such as NSFs and overdrafts.
The initial pilot between Revenued and Found showed high levels of interest and engagement from Revenued traffic; 34% of qualifying small business merchants clicked on Found’s offer to learn more, and a significant proportion of those users went on to successfully create and fund new business bank accounts. The initial results of the pilot suggest the appeal of the offer, combined with a streamlined onboarding experience, are interesting, accessible, and useful to these small business owners.
“In just one month, we’ve seen approximately 10% of qualifying Revenued traffic move forward with creating a Found account,” said Nick Adler, COO of Found. “If this milestone serves any indication of the future of our partnership, we’re confident that we can reach even the most underserved small businesses.”
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