Finally Raises $50M in Series B Funding and Secures $150M Credit Line - TechCrunch Report
Miami-based startup Finally, focused on SMB bookkeeping, accounting, and finance, has raised $50 million in a Series B round of funding and secured a $150 million credit line. This comes just seven months after the company's $10 million funding announcement, bringing their total raised to $305 million in debt and equity since 2018.
Founded by Felix Rodriguez, Finally aims to level the playing field for small businesses in managing their finances. With AI-powered bookkeeping, accounting services, and a corporate card, Finally offers a multi-product platform that includes payroll processing and more.
Since their Series A funding in 2022, Finally has seen 300% annual revenue growth, serving over 1,500 businesses in the US. The company monetizes through SaaS subscriptions, interchange fees, and interest income.
PeakSpan and Encina provided equity and credit for the raise, with plans to invest in sales, marketing, new features, and hiring. Finally has increased its employee count to over 220, including Roy Duvall as CTO.
Finally's 'all-in-one' vision impressed investors, who see the company as a valuable data-driven solution for SMBs. The funding round reflects a growing trend in the industry, with other startups like AccountsIQ and Pennylane also raising significant amounts to revolutionize finance for midsized companies.
In conclusion, Finally's latest funding round signals a strong vote of confidence in the company's vision to simplify financial management for SMBs. This development highlights the increasing importance of technology and automation in the finance industry, offering potential benefits for businesses looking to streamline their operations and improve their financial health.