Marshawn Goven, President and CFO of MK Insurance Agency & Tax Consultants, unveiled a comprehensive banking app that brings together many services, from taxes to crypto, under one banner.
Written by Frank Lopez
Tax season is upon us, and while every taxpayer encounters some confusion when filing, the tough tax battle is even tougher for businesses.
A local tax and insurance advisory agency has launched an app to speed up and simplify the filing process for personal and business owners.
MKG Insurance Agency and Tax Advisorswith two locations in Fresno, in February launched its bank tax app as a service for IOS and Android platforms.
President and CFO Marshawn Govan said it was important to launch the mobile app during Black History Month to honor the contributions African Americans have made throughout history — and to recognize the fight for racial justice that continues to this day.
The app allows users to open bank accounts from their mobile phone, send and receive ACH (Automated Clearing House) payments, pay bills and manage cash flow securely online with an FDIC-insured business bank account.
The new app is a rebuild from an older version with an IBM license, meaning MKG did not own the source code for the app. The new application has been specially designed for MKG, which means that there is no limit for the license and there is no cost to renew it.
Most tax companies with mobile apps use third-party developers, renting the software as a service.
“We are the initiators and developers of what we have in the market,” Govan said. “We can also branch out, white label it and offer it as a software service to other tax companies – to a bank looking to become a green product.”
The app also helps consumers start the home buying process.
Govan said the goal is to help disadvantaged and underbanked families access credit to affordably finance auto loans, home improvements, solar home systems, down payments, investments and debt repayment. .
While it is unique for a local tax and insurance agency to have its own specially developed app, MKG also offers a crypto tax service.
Users will be able to buy, sell and trade cryptocurrency. The company even launched its own crypto-token – Token MKG Enterprises.
According to Govan, no other tax company offers crypto tokens.
The app also offers money transfer services like App Cash and Venmo.
Users who are business owners will be able to open a business bank account, send and receive money, and make check deposits, just like other banking apps on the market.
Currently, MKG does regulatory crowdfunding, allowing retail investors who might not be accredited to invest smaller amounts. With lower investment amounts, Govan said it gives them the opportunity to share in the future growth of the business without them having to invest a large portion of their finances.
MKG is preparing to go public in 2022 to be listed on the OTC market. Govan said investors have the opportunity to invest now before it expands.
Govan said there are many barriers for black people and other underserved communities when it comes to financial equity, and the FinTech industry is not where black people normally dominate.
This makes it difficult for many people in communities of color to access capital for home loans or business loans.
“We want to show Valley businesses a path,” Govan said. “We could become a Silicon Valley in Fresno, but it takes the right companies, the right mindset and the resources, and getting the information out to people.”