A fintech startup has recently secured an additional $10 million in venture capital, marking a significant milestone in its journey to revolutionize small business accounting and finance functions. This development comes on the heels of the company’s previous successful funding round, where it raised $95 million in equity and debt to expand its offerings in small business lending and bookkeeping capabilities.
Key Takeaway
The fintech startup has secured
0 million in venture capital to further enhance its AI capabilities, providing small businesses with valuable insights and streamlining their accounting and finance processes.
Empowering Small Businesses
Founded in 2018 by Felix Rodriguez, Glennys Rodriguez, and Edwin Mejia, the Miami-based company has been steadfast in its mission to streamline and automate various business processes, including bookkeeping, expense management, bill payment, and payroll, through an all-in-one solution tailored for small businesses. Notably, the company introduced an artificial intelligence-powered ledger last year, enhancing its suite of offerings with advanced business banking functions and a revamped version of its bookkeeping app. Moreover, it provides a corporate card to support small businesses’ cash flow while offering valuable insights into their financial performance.
Accelerated Growth and Expansion
According to Felix Rodriguez, the company has experienced remarkable growth, with a significant increase in its customer base. While specific details regarding Finally’s valuation and revenue growth remain undisclosed, the infusion of new capital, led by PeakSpan Capital with participation from Active Capital, will fuel the company’s expansion initiatives. The funds will be allocated towards hiring additional talent, bolstering its go-to-market strategy, and further enhancing its tech stack, including the development of mobile versions of its bookkeeping, expense management, and business banking apps.
Unlocking the Power of AI
Felix Rodriguez emphasized the pivotal role of artificial intelligence in providing enhanced insights and understanding of critical data points for business owners. By leveraging AI, Finally aims to empower small business owners with valuable tools and resources, thereby driving the next wave of innovation in the industry. With the introduction of three new products, Finally is poised to emerge as a comprehensive fintech solution for small businesses, supported by PeakSpan Capital’s confidence in the company’s potential for growth and success.
Looking Ahead
As Finally embarks on the next phase of its journey, the infusion of growth capital and resources is expected to propel the company to new heights, enabling it to further support small businesses and solidify its position as a leading player in the fintech landscape.
