NEWARK, New Jersey – (COMMERCIAL THREAD) – PROFIT is the first online business bank account that combines modern banking services with accounting software on one platform – automatically completing your bookkeeping and bookkeeping for free.
Founded by two software engineers who grew up in underserved areas (Newark, NJ & Union, NJ), Vin Montes and Frantz Romain know firsthand what it’s like to fend for themselves in an underserved financial environment. Frantz Romain attended the New Jersey Institute of Technology (NJIT) and Vin Montes attended Fairleigh Dickinson University (FDU) in NJ. They recognized the help that minority small business owners needed and built a banking platform to help them.
The founders of PROFIT are:
Vin Montes, former business owner, US Air Force veteran, and software engineer who developed a global financial expense app for UPS.
Frantz Romain, former business owner and software engineer who worked with Mr. Montes for two years to develop a global financial expense application for UPS. The technology he designed with Mr. Montes received the 2018 Global Innovation Award from Red Hat (previous winners include Barclays, Deutsche Bank and BBVA)
Small minority businesses continue to be underserved by banks. Without financial sector support, they struggle to access capital and easy-to-use financial tools. Overwhelmed with responsibilities, most minority business owners do not have the time or financial knowledge to manage complex accounting software.
THE BENEFICIARY SOLUTION
The founders of PROFIT set out to create the first all-in-one corporate bank account with accounting technology that performs bookkeeping and accounting for their members for free.
“We personally know what it’s like to be left behind and to fend for ourselves in an underserved environment. This motivated us to create a state-of-the-art bank that would ease some of the financial burden on underserved business owners so that they could focus on growing their business in the best possible way. – CEO / Co-founder Vin Montes.
“It is difficult for a business owner to know the financial position of their business relative to their industry. To solve this problem, we provide our members with real-time profit and loss statements that compare their net profit to their industry average. This helps the owner understand how their business is doing financially relative to their industry. – CTO / Co-founder Frantz Romain.
PROFIT also captures SMS receipts and automatically associates them with the correct transaction. It then automatically reconciles all of their accounts, saving their members days of tedious accounting work.
THE BENEFITS GIVE BACK
Black and Latino business owners are half as likely to be approved for bank loans as whites. This was the case even when black, Latino and white applicants were all classified as low credit risk, according to a 2020 Federal Reserve study. As further validation of the uphill battle Black & Latino faces to get the help they need, Forbes reported that 37.9% of black businesses said they were discouraged from applying for a business loan, compared to 12.7% of businesses. belonging to white people.
The founders of PROFIT experienced this when they were denied a business loan.
To help alleviate the problem, PROFIT offers all of its members a 0% interest revolving line of credit. “We take part of our income and fund a revolving line of credit for all of our members. We know what it’s like to be refused a loan 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.
If you would like to help or support the cause of PROFIT in any way, please contact [email protected]
To open a PROFIT business bank account or to learn more, visit www.bankwithprofit.com.