finally, the AI-Powered Accounting & Finance Suite, Closes $10M Raise to Propel SMB Growth Forward
Today, finally, the fintech startup helping businesses automate their accounting and finance functions, announced it raised $10 million in new capital to continue hiring and expand its suite of solutions to SMBs. The round was led by PeakSpan Capital with participation from Active Capital.
finally incorporates essential business processes, such as bookkeeping, expense management, bill payment and payroll, into one automated solution for SMBs. The raise comes after two years of significant momentum for finally; last year the company announced it's building an AI ledger, offering business banking, and building a new version of its bookkeeping app. finally previously raised a $95 million Series A in 2022.
finally plans to scale its GTM motion further and grow its product offerings with the new capital, including plans to release mobile versions of its bookkeeping, expense management, and business banking apps. finally will also expand headcount on the bookkeeping and expense management sales teams to reach new customers and continue its high-growth journey to becoming the one-stop-shop for SMB finance.
Businesses across sectors rely on finally to give them better visibility and management over their finance and accounting activities. finally currently partners with some of the largest and most innovative companies in fintech, including Visa, Bancorp, and Threadbank.
"When vendor tools are scattered, business owners are too," said Felix Rodriguez, founder and CEO of finally. "We're energized by this injection of capital and know it will supercharge our efforts to give SMB owners the best tools to grow their businesses."
"There aren't many solution providers that also give you access to capital," says Chris Marin, CEO of Convert.AI. "finally does both ? free of interest rates while making the lives of customers easier. As a business owner, selecting finally is a no-brainer."
"PeakSpan is thrilled to double down on Felix and the finally team," said Jack Freeman, Partner at PeakSpan Capital. "In our two years since partnering, we've seen the business meaningfully scale revenue, recruit top talent, launch three new products, and build a repeatable sales engine. finally enters 2024 as a fully-fledged fintech with a portfolio of products supporting SMBs. We are psyched to see what the finally squad can do with more growth capital and resources this coming year."
ABOUT FINALLY
finally was founded in January 2018 as Back Office and was part of 500 Startups. finally initially started by helping small businesses automate their accounting & finance. finally currently serves over 1,500 businesses throughout the US. To learn more, visit https://www.finally.com/
ABOUT PEAKSPAN
PeakSpan Capital is a growth equity firm based in New York City and San Mateo. Having partnered with over 30 high-growth software businesses and with more than $1.5 billion in assets under management, PeakSpan aims to be the partner of choice for growth-stage entrepreneurial teams building software targeted at business buyers of all sizes. To learn more about PeakSpan Capital and its portfolio, please visit: www.peakspancapital.com.
News published on and distributed by:
