March 1, 2024
Finally, now with $10M, adds AI for better insight into small business accounting


Finally, a fintech startup helping businesses automate accounting and finance functions, secured another $10 million in venture capital.

TechCrunch previously reported on the company in 2022 when it raised $95 million in equity and debt to roll out small business lending and bookkeeping capabilities. Felix Rodriguez, his wife, Glennys Rodriguez and Edwin Mejia started the company in 2018.

Since then, the Miami-based company has focused more on bringing together business processes, like bookkeeping, expense management, bill payment and payroll, under one automated solution for small businesses, Felix Rodriguez told TechCrunch.

That included the addition last year of an artificial intelligence-powered ledger, offering business banking functions and building a new version of its bookkeeping app. The company also provides a corporate card to help small businesses with their cash flow on top of giving them insight into how they are doing.

Small businesses responded: “The last time we spoke we were at a little bit over 1,000 customers, and now we’re dealing with over 1,000 new businesses per month,” Rodriguez said. He declined to reveal Finally’s valuation or revenue growth over the past year.

Meanwhile, the new capital, led by PeakSpan Capital with participation from Active Capital, will be invested in additional hiring, go-to-marketing and expansion of finally’s tech stack. That includes mobile versions of its bookkeeping, expense management and business banking apps.

“The trick for us is really leveraging AI to give more insights and start highlighting what some of these data points mean,” Rodriguez said. “Not every business owner has that, so we feel like that’s the next breakthrough.”

Now with its three new products, Jack Freeman, partner at PeakSpan Capital, said in a statement that “Finally enters 2024 as a fully-fledged fintech with a portfolio of products supporting small businesses. We are psyched to see what the Finally squad can do with more growth capital and resources this coming year.”



Source link