Bookkeeping and tax automation built into a free business bank account for the self-employed, with a beta AI assistant that answers questions and stages actions for approval, and a read-only MCP connector that lets ChatGPT and Claude query the account.
How is Found business banking using AI?
Found's AI is Found Assistant, a beta assistant inside its business bank account that answers questions about income, spending and taxes and can draft invoices, move money between Pockets and pay contractors with the user's approval, plus a read-only MCP connector for ChatGPT and Claude. Found is not a bank: Lead Bank has provided its accounts since an October 2025 partnership, after Piermont Bank. Found says it has served more than 770,000 small business owners; Forbes reports 2025 revenue of $20.2 million.
Category
Neobank
Founded
2019
Headquarters
San Francisco, United States
Licence and supervision
Not a bank and holds no bank charter: business checking accounts and the Found Mastercard business debit card are provided by Lead Bank, Member FDIC, a state-chartered bank, under a partnership announced in October 2025; Piermont Bank, a New York state-chartered bank supervised by the NYDFS and the FDIC, previously provided Found's banking services (it cited Found as a partner in 2023).
Scale
More than 770,000 small business owners served and over $1.3 billion in card volume processed (October 2025); revenue of $20.2 million in 2025, up from $13.9 million in 2024 (Forbes, February 2026)
Flagship platform
Found Assistant (with the Found MCP connector)
AI leadership
Lauren Myrick · Connor Dunn
- Found Assistant, built into the Found account and labelled beta, answers questions such as 'What's my income this month?' or 'How much have I set aside for taxes?' from the customer's own data and handles tasks such as uploading receipts, moving money between Pockets, creating bookkeeping entries and drafting invoices; Found's product page says it can move cash, send invoices and pay contractors 'all with your approval' and warns it 'can make mistakes'.
- The bookkeeping and tax layer predates the assistant: Found automatically tracks and categorises expenses into categories that map to Schedule C, flags write-offs, keeps real-time tax estimates and sets money aside in a Taxes Pocket on its free plan; Found Plus ($35 a month or $315 a year) adds unlimited auto-categorisation rules, transaction imports and 1.50% APY on balances up to $20,000, and Found Pro ($80 a month or $720 a year) adds 2.50% APY with no cap and 1% cash back.
- Found runs a hosted, OAuth-gated, read-only MCP connector: it is an official app in ChatGPT's app directory and a custom connector in Claude, exposing balances, transactions and an ask_assistant tool, and it cannot initiate transfers, move money between Pockets or make payments; Found tells users to treat AI responses as drafts.
- Found is not a bank. Lead Bank, Member FDIC, provides its accounts under a partnership announced on October 21, 2025, which Found said let it ship features including an AI assistant; Piermont Bank, the previous partner, had in February 2024 entered consent orders with the FDIC and the NYDFS over controls for its third-party (fintech) relationships and BSA compliance. The orders do not name Found.
- Found says it has served more than 770,000 small business owners and processed over $1.3 billion in card volume (October 2025); Forbes reported 122,000 active users at the end of 2023 and, in February 2026, revenue of $20.2 million in 2025, up from $13.9 million, of which 57% came from card interchange, 24% from subscriptions and other fees and 19% from interest on balances.
- Co-founded in 2019 as Indie by former Square executives Lauren Myrick (CEO) and Connor Dunn, Found raised $12.75 million from Sequoia (2021), $60 million led by Founders Fund (2022) and a $50 million Sequoia-led Series C with Khosla Ventures that it said valued it at over $400 million; Forbes puts total funding at $124 million and the latest valuation at $406 million (May 2024).
What is Found Assistant (with the Found MCP connector)?
Found Assistant is an AI assistant built into the Found account and labelled beta. It answers questions about income, spending, profit and tax set-asides from the customer's own data, explains Found features, and performs tasks such as uploading receipts, moving money between Pockets, creating manual bookkeeping entries and drafting invoices; Found's product page says it can move cash, send invoices and pay contractors 'all with your approval'. Underneath sits automatic expense categorisation mapped to Schedule C categories, real-time tax estimates and an automatic Taxes Pocket. A hosted, OAuth-gated, read-only MCP connector exposes balances, transactions and an ask_assistant tool to ChatGPT (as an official app) and Claude; it cannot move money.[1][2][3][4][5]
What has Found done on AI, and when?
- Feb 19, 2026
- Dec 18, 2025
Found for Teams[12]
Admin access for up to ten people, team debit cards with per-card limits and an Accountant role for bookkeepers; payments to 1099 contractors are auto-categorised as Contractor Services and feed the tax estimate, and Found generates 1099-NEC forms.
- Oct 21, 2025
Lead Bank partnership; AI assistant shipping[10]
Found announced Lead Bank, Member FDIC, as its banking partner, saying the move let it ship multiple-business support, improved invoicing, 'an AI assistant' and S-Corp and C-Corp tax forms, with virtual account numbers, multiple users and team cards to follow; it said it had served more than 770,000 small business owners.
- Sep 8, 2025
Support for multiple businesses[11]
Customers can open separate Found accounts for up to five business entities, each with its own checking account, tax tools and reporting, under one login.
- Feb 26, 2024
Partner bank Piermont enters FDIC and NYDFS consent orders[19][20]
The FDIC's order, dated February 26 and made public weeks later, found unsafe and unsound practices, including a lack of internal controls suited to the risk of Piermont's third-party relationships, and ordered a lookback on suspicious activity since September 2022; the NYDFS order of February 23 cited joint FDIC-NYDFS examinations and Bank Secrecy Act violations. Neither names Found.
- Feb 13, 2024
Forbes Fintech 50 debut[17]
Forbes listed Found as the only first-timer in business banking, with 122,000 active users at the end of 2023 (nearly double the year before), $73 million raised and a $350 million valuation from February 2022.
- Jun 23, 2023
Piermont Bank cites Found as a model BaaS partner[15]
Piermont Bank, a New York commercial bank founded in 2019 to serve fintechs, told The Financial Brand that it provides Found's banking services, including deposits, payments and financial tools, and held Found up as the kind of software-led partnership it prefers to another neobank.
- Feb 17, 2022
$60 million Series B led by Founders Fund[13]
Lightspeed joined and Sequoia followed on; Keith Rabois joined the board. Found said its customer base had grown more than 20x over the previous year and its team to 40 people.
- May 20, 2021
Found launches with $12.75 million from Sequoia[16]
Formerly called Indie, the San Francisco start-up founded by former Square executives Lauren Myrick and Connor Dunn offers business banking with real-time expense tracking, tax calculation and automatic set-asides for quarterly taxes; Myrick said the idea was to 'become a ledger for these businesses'.
Where does Found use AI today?
| System | What it does | Status | Use case |
|---|---|---|---|
| Found Assistant[1][2][3] | In-account assistant that answers questions from the customer's own data and performs tasks such as drafting invoices, uploading receipts, moving money between Pockets and creating bookkeeping entries; money movement requires the user's approval. Labelled beta. | Pilot | Generative & agentic AI |
| 24/7 self-service answers[2][3] | Found Assistant is reached from 'How can we help?' in the app and answers how-to questions (direct deposit, mileage tracking, voided checks, contacting support) around the clock. | Pilot | Customer-facing chatbots |
| Automatic bookkeeping and tax estimates[6][7][1][12] | Expenses are tracked and categorised into Schedule C-mapped categories (partly by merchant category code), write-offs are flagged, tax estimates update in real time and money is set aside automatically; paid plans add unlimited categorisation rules. | In production | Generative & agentic AI |
| Read-only MCP connector for ChatGPT and Claude[4][5] | OAuth-gated, read-only server listed as an official ChatGPT app and usable as a custom Claude connector; data passed to the AI tool is governed by the AI provider's privacy policy, and Found tells users to verify AI answers in the app. | In production | Third-party & vendor AI |
| Approval and read-only guardrails[1][4] | Assistant actions that move money need the customer's approval; the MCP connector cannot transfer funds, move money between Pockets, change settings or make payments; Found discloses that the assistant is in beta, can make mistakes and does not give tax or legal advice. | In production | AI governance (general) |
| Partner-bank dependency[10][15][19] | Deposits, cards and money movement run through Lead Bank (since October 2025) and previously Piermont Bank, which entered 2024 consent orders over oversight of its fintech relationships. | In production | Third-party & vendor AI |
Use-case links open the tracker's rules-by-use-case matrix: which documents govern each system type.
What has Found disclosed in numbers?
| Metric | Value | As of |
|---|---|---|
| Small business owners served | more than 770,000; over $1.3 billion in card volume processed[10] | Oct 21, 2025 |
| Revenue | $20.2 million in 2025, up from $13.9 million in 2024[18] | Dec 31, 2025 |
| Revenue mix | 57% card interchange, 24% subscriptions and other fees, 19% interest on customer balances[18] | Dec 31, 2025 |
| Active users | 122,000 at the end of 2023, nearly double the year before[17] | Dec 31, 2023 |
| Funding and valuation | $124 million raised; latest valuation $406 million (Series C, May 2024), from $350 million (February 2022)[18][17][14] | Feb 19, 2026 |
| Paid plans | Found Plus $35/month or $315/year (1.50% APY up to $20,000); Found Pro $80/month or $720/year (2.50% APY, no cap, 1% cash back)[7] | Oct 16, 2026 |
| Accounts created / app ratings | 769,000 Found accounts created; 38,000+ five-star app ratings[8] | Oct 16, 2026 |
“With my accounting background and what I learned at Square, I had this big aha moment that we could become a ledger for these businesses, and solve their bookkeeping and tax needs through software.”[16]
Lauren Myrick · Co-founder and CEO, Found (to TechCrunch) · May 20, 2021
“This partnership will help us move faster and deliver the tools our customers need to grow their businesses.”[10]
Lauren Myrick · Co-founder and CEO, Found · Oct 21, 2025
“Found has built something special for this community, and we’re excited to support their growth with our modern banking infrastructure.”[10]
Jackie Reses · Co-founder, CEO and Chair, Lead Bank · Oct 21, 2025
Who runs AI at Found?
Which regulators govern Found's AI?
| Authority | Why it matters here | Documents |
|---|---|---|
| FDIC | Found's deposits sit at Lead Bank, Member FDIC, with pass-through insurance up to $250,000; the FDIC put Found's former partner Piermont Bank under a February 2024 consent order over oversight of its third-party fintech relationships, under the interagency third-party guidance the partner bank, not Found, answers to the FDIC for Found's programme, including its automated features. | FDIC FIL-29-2023 |
| NY DFS | The NYDFS supervises Piermont Bank, Found's partner bank before the October 2025 move to Lead Bank, and issued a February 23, 2024 consent order citing weak controls over its third-party relationships and BSA violations; Found is not named or licensed by the NYDFS. | |
| CFPB | Many Found customers are sole proprietors and freelancers, so an AI assistant that answers account and tax questions and stages payments sits close to the CFPB's stated concerns about chatbots in consumer finance, although Found offers business accounts only. | CFPB Chatbots in Consumer Finance (issue spotlight, 2023) |
Linked authorities have a page in the Regulation tracker; the others are named for completeness and not yet tracked.
What does the public record suggest about Found's AI strategy?
Analysis by BankingNewsAI from the sources cited on this page. Observations, not advice.
01
The AI sits on top of an existing ledger
Found was built from 2019 to categorise every card swipe against Schedule C and keep a running tax estimate; the assistant is a conversational layer over that ledger rather than a new product line.
02
Read-only outside, approval-gated inside
The ChatGPT and Claude connector cannot move money at all, while the in-app assistant can move money only with approval. Found draws the line between outside AI and its own assistant at the money-movement boundary.
03
The assistant shipped with a bank switch
Found linked its AI assistant, multi-business support and new tax forms to the October 2025 move to Lead Bank, saying the new partner let it ship faster. That came after its previous partner bank, Piermont, entered consent orders in 2024.
04
Interchange still pays for the automation
Forbes's revenue split (57% interchange, 24% subscriptions and fees, 19% interest) shows the free plan, including bookkeeping and tax estimates, is funded by card spend; paid tiers sell more automation rules and yield rather than the AI itself.
05
No usage figures for the assistant
Found publishes accounts created, owners served and card volume but no figures on how many customers use Found Assistant or the MCP connector, and the assistant is still labelled beta.
What is Found Assistant?
Found Assistant is an AI assistant built into the Found business account and labelled beta. It answers questions such as 'What's my income this month?' or 'How much have I set aside for taxes?' from the customer's own data, explains Found features, and handles tasks such as uploading receipts, creating bookkeeping entries, moving money between Pockets and drafting invoices. Found says money movement happens only with the user's approval and warns that the assistant can make mistakes. Found has served more than 770,000 small business owners.
Is Found a bank?
No. Found is a financial technology company. Its business checking accounts and Mastercard debit cards are provided by Lead Bank, Member FDIC, under a partnership announced on October 21, 2025, with deposits FDIC-insured up to $250,000. Piermont Bank, Found's previous partner bank, entered FDIC and NYDFS consent orders in February 2024 over controls for its fintech relationships, which did not name Found.
Does Found work with ChatGPT or Claude?
Yes, read-only. Found runs a hosted MCP connector that is listed as an official app in ChatGPT's app directory and can be added to Claude as a custom connector. After an OAuth login it lets the AI tool read balances, Pockets and transactions and ask Found Assistant questions, but it cannot transfer money, move funds between Pockets, change settings or make payments. Found says data shared with the AI tool is governed by OpenAI's or Anthropic's privacy policy.
How does Found automate bookkeeping and taxes?
Found tracks expenses as they happen and categorises them into categories that map to the IRS Schedule C, partly using merchant category codes, flags write-offs, keeps a real-time tax estimate and sets money aside automatically in a Taxes Pocket. Found Plus adds unlimited rules for auto-categorising transactions and imports from other accounts; contractor payments are auto-categorised and Found generates 1099-NEC forms. Found Assistant can find uncategorised expenses on request.
How much do Found Plus and Found Pro cost?
Found's core account is free. Found Plus costs $35 a month or $315 a year and adds advanced bookkeeping (transaction imports, unlimited categorisation rules, custom tags) and 1.50% APY on balances up to $20,000. Found Pro costs $80 a month or $720 a year and adds 2.50% APY on all balances with no cap, 1% cash back on card purchases, a metal card and a dedicated account manager. Both have a 30-day free trial.
How big is Found and who funds it?
Found says it has served more than 770,000 small business owners and processed over $1.3 billion in card volume. Forbes reported revenue of $20.2 million in 2025, up from $13.9 million in 2024, and 122,000 active users at the end of 2023. Found has raised about $124 million from Sequoia, Founders Fund, Lightspeed and Khosla Ventures; its latest valuation was $406 million at the May 2024 Series C, according to Forbes.
Who founded Found?
Lauren Myrick and Connor Dunn founded Found, originally called Indie, in 2019. Myrick is an accountant by training who spent eight years at Square, latterly running its payroll business, and is CEO; Dunn ran engineering for Square Payroll and is chief information officer. Sequoia led its 2021 launch round, Founders Fund its $60 million Series B in 2022, and Sequoia its $50 million Series C.
- Banking with AI bookkeeping: Found Assistant
- How to use Found Assistant
- What is Found Assistant?
- Connecting your Found Account to AI tools via MCP
- Connecting your Found Account to ChatGPT
- How to automate expense management with Found
- Pricing: Found vs. Found Plus vs. Found Pro
- About Found
- Press
- Found Partners with Lead Bank to Accelerate Growth for Small Business Owners
- Introducing Support for Multiple Businesses
- Introducing Found for Teams
- Announcing our Series B
- Announcing our Series C
- Avoiding 'Me-Too' Fintechs with Unusual Banking-as-a-Service Strategy
- Ex-Square execs launch Found to help the self-employed, raise $12.75M from Sequoia
- The Future Of Business To Business Banking: Fintech 50 2024
- The Future Of Business To Business Banking: Fintech 50 2026
- Piermont, Sutton banks hit with FDIC consent orders over BaaS
- Consent Order Issues to Piermont Bank (February 23, 2024)
Neobank
BNPL & lending
Payments
Card network
Brokerage
Business finance & infrastructure
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