finally Secures $200M in New Funding Round
Miami-based SMB-focused startup, finally, has successfully raised $50 million in a Series B funding round and secured an additional $150 million credit line, as reported by TechCrunch. This latest financing comes just seven months after the fintech company announced a $10 million funding round, bringing Finally’s total raised since its 2018 inception to $305 million—comprising $235 million in credit facilities and $74 million in equity.
Felix Rodriguez, inspired by the entrepreneurial journey of his Dominican Republic-born family in the United States, founded Finally after facing his own challenges in starting businesses. Recognizing the disparities in access to bookkeeping and working capital among small businesses, Rodriguez, alongside his wife Glennys Rodriguez and co-founder Edwin Mejia, launched the company in 2018. Initially focused on helping small and mid-sized businesses manage their finances, Finally has since evolved into an AI-powered platform offering comprehensive bookkeeping, accounting, and financial services. The company also provides a corporate card with spending insights and recently introduced an AI-powered ledger with business banking functions.
In addition to its core offerings, Finally competes with companies like Brex and Ramp by providing expense management and corporate card services, while also positioning itself as a “multi-product platform” with features like payroll processing. “Finally is especially useful for SMB owners who don’t have time to navigate multiple apps for their bookkeeping and finance functions,” said Felix Rodriguez. “Understanding financial metrics, such as cash burn and cash flow, is crucial for running a business.”
Since its $95 million Series A announcement in March 2022, Finally has achieved a 300% annual revenue growth, though the company declined to share specific figures. Serving over 1,500 businesses across the United States, Finally generates revenue through a combination of SaaS subscription fees, interchange fees, and interest income.
The Series B funding round was led by PeakSpan Capital, with the $150 million credit facility provided by Encina. The company plans to invest in expanding its sales and marketing efforts, introduce new features such as a global hiring module, and enhance payment support on the finance side. Finally also intends to continue its hiring spree, with its team growing from 95 employees last year to over 220 today. Among the recent hires is Roy Duvall, former CTO at Calendly, who has joined as Chief Technology Officer.
Jack Freeman, a partner at PeakSpan Capital, praised Rodriguez’s “all-in-one” vision, emphasizing that Finally’s approach to integrating data and offering embedded credit products alongside software sets it apart as a “one-stop shop” for SMBs.
Finally’s success mirrors a broader trend in the bookkeeping automation space, with startups like AccountsIQ and Pennylane also raising significant funds to build AI-powered, cloud-based accounting solutions for small and midsized companies.