Profitual Is Helping More Companies Succeed by Democratizing Financial Intelligence
As venture capitalists, Daniel Hoyles and Raymond Fitzpatrick got a higher than average exposure to the world of startups, founders, and funding. Through this work, they kept coming into contact with a simple problem: startups didn’t have the financial information they needed, a way to understand it, or the capital to get both.
They discovered that as many as 82% of businesses fail due to cashflow issues and poor financial planning, and 10% fail before even reaching their second year!
It begged the question, “How many good companies are falling behind, simply due to a lack of financial literacy?”
With this problem in mind, Daniel and Raymond set out to provide the desperately-needed financial analysis these companies needed, at a cost that wasn’t prohibitive. The startups they wanted to serve were not able to access traditional (expensive) consulting services, so they wanted to create something that could automate the job– for a fraction of the cost.
With Raymond spearheading the company’s sales team and Daniel heading the technical side, the two co-founders officially launched the business in October 2022.
Today, Profitual is a platform offering financial forecast & model creation, automated budget & financial planning, insights, and financial record keeping– all at a price point of $50/month. Their goal is not only to keep the price accessible, but also to create a lower barrier of entry for founders who aren’t trained in finance.
An encouraging journey
After leaving their jobs and launching Profitual full-time, they’ve been proud to see rapid growth across the business. Daniel and Raymond successfully raised $1 million through angel investing, and have since built a team of 10 and welcomed 40 clients. Since its inception, the company has seen a 5x growth in revenue. As they continue to grow, Profitual is welcoming startups of all different sizes and backgrounds, learning from each one.
“It’s really awesome seeing the culture that we’ve created in the organization, the talent that we’ve brought into the team. To me, that’s a really exciting aspect.”
What the Future Holds for Profitual
momentum they’ve built so far. They’re working on expanding their presence across Canada and the U.S., while iterating on new features and capabilities for the platform. As they seek ways to better support their clients, they’re also working on new benchmarking data to help startups understand where they really stand in comparison to others in their industry.
“No two days are the same, the best part of working at a startup is that there’s always something new that’s happening.”
Profitual x Fintech Cadence & Atlantic Fintech
In their venture capital days, Daniel and Raymond worked with Fintech Cadence and Atlantic Fintech, often referring startups to relevant resources and programs. When they started their own fintech startup, they knew that Fintech Cadence was going to be a part of their journey. Early on, they used Fintech Cadence’s network and programs to get connected with mentors for help and advice on specific business questions. Raymond explained:
“It really opened the door to have some conversations that really pushed us out of our comfort zone, but also, we wouldn’t have been able to have access to resources like that without Fintech Cadence.”
If you want to learn more about Atlantic Fintech, click here.
If you want to learn more about Fintech Hub, click here.
If you want to learn more about Profitual or try their free trial, click here.
Interview by Skyla Valade