Found vs Karat
short answerBoth are traditional neobanks with similar positioning — the real differences are FX markup, fees, license and geography, compared field by field below.
Found: Banking + taxes for the self-employed.
Karat: Financial services built for creators.
Side by side
| Found | Karat | |
|---|---|---|
| Category | traditional | traditional |
| Audience | freelancers & creators | freelancers & creators |
| HQ | San Francisco, US | Los Angeles, US |
| Founded | 2019 | 2019 |
| Custody | Custodial | Custodial |
| Regulation | Partner-bank model | Partner-bank model |
| License detail | Partner bank (Lead Bank); FDIC pass-through up to $250k; formerly Piermont Bank | Partner bank (Grasshopper Bank, N.A.); Karat Visa credit card issued by Cross River Bank |
| Card | MC · Business debit | Visa · Business card |
| Cashback | — | Creator perks |
| Yield | — | — |
| FX markup | — | — |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | North America | North America |
| Reported users | — | — |
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.