{"id":7651,"date":"2023-08-04T15:47:16","date_gmt":"2023-08-04T15:47:16","guid":{"rendered":"https:\/\/fintechcadence.com\/?p=7651"},"modified":"2023-08-04T15:48:24","modified_gmt":"2023-08-04T15:48:24","slug":"founder-stories-profitual-2","status":"publish","type":"post","link":"https:\/\/fintechcadence.com\/fr\/blog-posts\/founder-stories-profitual-2\/","title":{"rendered":"Startup Stories – Profitual"},"content":{"rendered":"

Profitual Is Helping More Companies Succeed by Democratizing Financial Intelligence<\/b><\/h3>\n

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\u2019t have the financial information they needed, a way to understand it, or the capital to get both.<\/span><\/p>\n

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!<\/span><\/p>\n

It begged the question, \u201cHow many <\/span>good<\/span><\/i> companies are falling behind, simply due to a lack of financial literacy?\u201d<\/span><\/p>\n

The Concept<\/span><\/h5>\n

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\u2019t 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\u2013 for a fraction of the cost.<\/span><\/p>\n

With Raymond spearheading the company\u2019s sales team and Daniel heading the technical side, the two co-founders officially launched the business in October 2022.<\/span><\/p>\n

Today, Profitual is a platform offering financial forecast & model creation, automated budget & financial planning, insights, and financial record keeping\u2013 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\u2019t trained in finance.<\/span><\/p>\n

An encouraging journey<\/span><\/h5>\n

After leaving their jobs and launching Profitual full-time, they\u2019ve 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.<\/span><\/p>\n

\u201cIt\u2019s really awesome seeing the culture that we\u2019ve created in the organization, the talent that we\u2019ve brought into the team. To me, that\u2019s a really exciting aspect.\u201d<\/b><\/p>\n