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

Key Takeaways:

– Fintech startup Finally has secured an additional $10 million in venture capital funding.
– The Miami-based company, founded in 2018, aims to automate accounting and finance functions for businesses.
– Finally offers a range of services including bookkeeping, expense management, bill payment, and payroll.
– The company recently added an artificial intelligence-powered ledger and a corporate card to its offerings.
– Finally has experienced significant growth, with over 1,000 new businesses per month becoming customers.
– The new funding will be used to hire more staff, expand the tech stack, and develop mobile versions of its apps.
– The company aims to leverage AI to provide more insights to business owners.
– Finally is now considered a fully-fledged fintech with a portfolio of products supporting small businesses.

TechCrunch:

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

AI Eclipse TLDR:

Finally, a fintech startup that helps businesses automate accounting and finance functions, has secured an additional $10 million in venture capital funding. The Miami-based company, founded in 2018 by Felix Rodriguez, Glennys Rodriguez, and Edwin Mejia, initially focused on small business lending and bookkeeping capabilities. However, it has since expanded to provide a comprehensive automated solution for small businesses, incorporating processes such as bookkeeping, expense management, bill payment, and payroll. Finally also offers an artificial intelligence-powered ledger, a corporate card for improved cash flow, and insights into business performance. The company has experienced significant growth, with over 1,000 new businesses per month now using its services. The latest funding round, led by PeakSpan Capital with participation from Active Capital, will be used to hire additional staff, expand the company’s tech stack, and develop mobile versions of its apps. Finally aims to leverage AI to provide even more insights to business owners and plans to continue its growth trajectory in the coming year.