Marshawn Goven, president and CFO of MK Insurance coverage Company & Tax Consultants, has unveiled a complete banking app that rolls many providers, from taxes to crypto, underneath one banner.
Written by Frank Lopez
The tax season is upon us, and whereas each taxpayer encounters some confusion when submitting, the uphill tax battle is even steeper for companies.
A neighborhood tax and insurance coverage consulting company has launched an app to make the submitting course of for private and enterprise house owners faster and easier.
MKG Insurance coverage Company & Tax Consultants, with two places in Fresno, launched its banking-as-a-service tax app for each the IOS and Android platform in February.
President and CFO Marshawn Govan stated it was essential to launch the cellular app throughout Black Historical past Month to honor the contributions African-Individuals have made all through historical past — and to acknowledge the combat for racial justice happening to today.
The app permits customers to open financial institution accounts from their cell phone, ship and obtain ACH (Automated Clearing Home) funds, pay payments and handle money circulate securely on-line with an FDIC-insured enterprise checking account.
The brand new app is a rebuild from an previous model with an IBM license—that means MKG didn’t personal the supply code for app. The brand new app was constructed particularly for MKG, that means there isn’t a restrict for the license and no prices to resume it.
Most tax firms with cellular apps use third-party builders, leasing the software program as a service.
“We’re originators and builders of what we now have available in the market,” Govan stated. “We will additionally department out, white label it and provide that as a software program service to different tax firms — to a financial institution trying to turn into a inexperienced product.”
The app additionally helps shoppers begin the method of shopping for a house.
Govan stated the aim is to assist underprivileged and underbanked households entry credit score to affordably finance auto loans, dwelling enhancements, dwelling photo voltaic methods, down funds, funding and paying off money owed.
Whereas it’s distinctive {that a} native tax and insurance coverage company has its personal particularly developed app, MKG additionally gives crypto tax service.
Customers will have the ability to purchase, promote and trade crypto foreign money. The corporate even launched its personal crypto-token — Token MKG Enterprises.
Based on Govan, no different tax agency is providing a crypto token.
The app additionally options money-wiring providers corresponding to Money app and Venmo.
Customers which are enterprise house owners will have the ability to open a enterprise banking account, ship and obtain cash and make test deposits — very similar to different banking apps available on the market.
At present MKG is doing regulation crowdfunding, permitting retail traders that may not be accredited to take a position smaller quantities. With smaller funding quantities, Govan stated it provides them a possibility to share within the firm’s future development with out them having to take a position a big a part of their funds.
MKG is getting ready to go public in 2022 to be listed on the OTC market. Govan stated that traders have the chance to take a position now earlier than it grows.
Govan stated there are numerous boundaries for Black folks and different underserved communities concerning monetary fairness, and the FinTech business shouldn’t be one the place Black folks usually dominate.
This makes it troublesome for a lot of in communities of shade to have entry to capital for dwelling loans or enterprise loans.
“We wish to present companies within the Valley a path,” Govan stated. “ We might turn into a Silicon Valley in Fresno, nevertheless it takes the proper firms, the proper mindset and having the sources, and getting the data on the market for folks.”