-67%

est. 2Y upside i

FinTechSeries C

Found provides business banking services for self-employed people that makes self-employed taxes easy. With built-in expense tracking and a tax savings account, we’re on a mission to help millions of self-employed people make their business dreams a reality.

Rank

#3373

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: High

Found exhibits strong revenue growth (~45% YoY) in the fintech sector, serving a large and growing market of self-employed professionals and small businesses.

Last updated: March 10, 2026

Bull (15%)+150%

Found successfully expands its corporate card and multi-business support, capturing significant market share from competitors like Mercury and Lili. Revenue grows to over $100M by 2028, justifying a $1B+ valuation at a 10x revenue multiple, driven by strong subscription growth and increased customer balances.

Base (40%)+60%

Found maintains its strong growth trajectory within the self-employed and small business segment, reaching approximately $50M in revenue by 2028. The company continues to refine its integrated banking, bookkeeping, and tax offerings, leading to a valuation of around $650M, a modest increase from its current valuation.

Bear (45%)-65%

Intuit (QuickBooks) or other well-funded incumbents aggressively enter Found's niche with competitive integrated offerings, leading to slower customer acquisition and increased churn. Found struggles to differentiate, resulting in a down round or acquisition at a significantly reduced valuation of $140M, wiping out most common stock value due to the severe liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

30%

Investors hold $124M in liquidation preferences, meaning common stock holders would receive value only after this amount is returned to preferred shareholders in an exit at or below the current $406M valuation.

Dilution Risk

moderate

As a Series C company, further funding rounds are likely before an exit, which could lead to additional dilution for existing equity holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Found's equity at this time.

View all 6 open roles at Found →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Found's data — designed to show you've done your homework.

  • 1

    “Given the high incumbent threat from Intuit's QuickBooks and other well-funded fintechs like Mercury, what are Found's key strategies to maintain and grow market share over the next 2-3 years?”

  • 2

    “With revenue growing to $20.2M in 2025, how does Found plan to scale its operations and customer acquisition efficiently to reach profitability, especially considering the hybrid revenue model breakdown of interchange, subscriptions, and interest?”

  • 3

    “Considering the Series C funding round and the current valuation, what is the company's anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition) for employees, and how does the preference stack impact this outlook?”

Community

Valuation Sentiment

Our model estimates -67% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.