Bank / Credit Union

Profit online bank offers free bookkeeping, accounting

Frantz Romain and Vin Montes, co-founders of Profit.

October 5, 2021

Profit, an online bank, has introduced an all-in-one business bank account that offers bookkeeping and accounting for free. The company did this to help people of color who are business owners, according to a press release.

"We personally know what it's like to be left behind and fend for ourselves in an underserved environment," Vin Montes, CEO and co-founder of Profit, said in the release. "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."

Traditionally, Black and Latino business owners are half as likely to be approved for bank loans than white business owners. For this reason, Profit has also provided 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," Montes said in the release. "We do not ask for a credit check and the funds are available the next business day."