PROFIT
PROFIT is a New York-based, seed-stage online bank for small businesses founded in 2019, offering built-in free bookkeeping software. It operates with 1-10 employees and has raised approximately $1.485M across rounds from 2019-2023.
- Company typePrivate
- Founded2019
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
PROFIT firmographics
Firmographics- Name
- PROFIT
- Legal name
- Profit Finance Group
- Website
- https://bankprofit.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- PROFIT is a New York-based, seed-stage online bank for small businesses founded in 2019, offering built-in free bookkeeping software. It operates with 1-10 employees and has raised approximately $1.485M across rounds from 2019-2023.
- Ownership category
- akta.pro rank
PROFIT industry classification
Industry- Product category
- Small Business Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)
- akta.pro secondary industries
- Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where PROFIT is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
PROFIT business model
Business model- GTM type
- B2B
- Offering type
- Services
Revenue model
- Financial Services: As one of Israel's largest financial groups, PROFIT likely generates revenue through financial planning services, investment management, and related advisory services. The company manages assets exceeding NIS 100 billion.
Go-to-market motion1 record
Distribution channels1 record
PROFIT product offering
Product offeringCore offering
PROFIT is an online bank for small businesses that integrates a business checking account with free, built-in automated bookkeeping/accounting software. The platform combines banking services with accounting automation so small business owners do not have to manually reconcile transactions or pay for separate accounting tools.
Differentiator
Problem solved
Functional benefit
Products and services
- Online Small Business Banking Account An online checking/business banking account for small businesses in the United States, accessible through a digital platform. Targeted at small business owners who need a dedicated business banking relationship.
- Automated Bookkeeping Software Built-in accounting/bookkeeping software bundled with the PROFIT business banking account that automatically categorizes transactions and does the bookkeeping for free. Designed to eliminate the need for small business owners to purchase separate accounting software or manually reconcile bank activity.
Companies that use PROFIT
Customer profileSegments1 record
PROFIT technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
PROFIT partnerships and signals
Strategic signalScale indicators2 records
PROFIT competitors and assessment
Company assessmentDirect peers
- Found: Direct competitor providing banking for self-employed individuals with built-in tax and bookkeeping features — closely analogous to PROFIT's positioning.
- Mercury: Direct competitor offering online banking for startups and small businesses with integrated financial tooling; occupies the same 'banking + software' wedge as PROFIT.
- Bluevine: Direct competitor providing small business banking, invoicing, and credit; targets the same small business segment as PROFIT with overlapping product breadth.
- Relay Financial: Direct competitor offering online banking for small businesses with strong financial-management and multi-account tooling; comparable to PROFIT's bundled banking-plus-software angle.
- Wave Financial: Closely comparable small business fintech combining free accounting with payments and banking-adjacent services; bundled software-plus-finance model directly analogous to PROFIT's.
- NorthOne: Direct competitor offering online business banking for small businesses with strong accounting software integrations; comparable proposition to PROFIT.
- Novo: Direct competitor providing digital banking to small businesses and freelancers, including integrations with accounting software — directly comparable to PROFIT.
- Lili: Direct competitor offering banking built for freelancers and the self-employed, with expense/income tracking tools — directly comparable to PROFIT's micro/SMB focus.
Broad incumbents
- Intuit QuickBooks: Dominant small business accounting platform increasingly bundling payments, payroll, and banking — overlapping with PROFIT's bookkeeping-plus-banking positioning and a potential acquirer or competitor.
- Chase (JPMorgan): Incumbent offering small business banking with growing digital and QuickBooks/accounting integrations; competes with PROFIT for the same end customer at scale.
Market position
Customer concentration
PROFIT social profiles
Digital presencePROFIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
PROFIT leadership team
Management profileNumber of profiles
PROFIT funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PROFIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PROFIT
What does PROFIT do?
PROFIT is an online bank for small businesses that integrates a business checking account with free, built-in automated bookkeeping/accounting software. The platform combines banking services with accounting automation so small business owners do not have to manually reconcile transactions or pay for separate accounting tools.
Is PROFIT a public or private company?
PROFIT is a private company. It is classified as venture growth investor backed and is currently operating.
When was PROFIT founded?
PROFIT was founded in 2019. It employs 1 to 10 people.
Where is PROFIT based?
PROFIT is headquartered in New York, United States, in the North America region.
How does PROFIT make money?
One revenue line is on record: financial Services.
Who are PROFIT's main competitors?
Direct peers on record are Found, Mercury, Bluevine, Relay Financial, Wave Financial, NorthOne, Novo and Lili. Broad incumbents are Intuit QuickBooks and Chase (JPMorgan).
Does PROFIT have an API?
No public API is recorded for PROFIT.
What industry is PROFIT in?
PROFIT's product category is Small Business Banking. Its primary akta.pro industry code is FSABAAAI, Small Business Banking (Microbusiness/Sole Proprietor), with a secondary code of FSABAIAD, Account & Balance Services (Operating accounts, statements, eBAM). Its NAICS code is 5221 and its SIC code is 6199.