Finally Empowers Small Business Accounting with $10M AI Investment

A fintech startup specializing in automating accounting and finance functions for businesses has secured an additional $10 million in venture capital funding.

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

Evolution of Services

According to Felix Rodriguez‘s conversation, since its inception, the Miami-based company has shifted its focus towards consolidating business processes such as bookkeeping, expense management, bill payment, and payroll into a single automated solution for small businesses.

This evolution included the introduction of an artificial intelligence-powered ledger last year, alongside the expansion of business banking functions and the development of a new version of its bookkeeping app.

Moreover, the organization offers a corporate card to help private companies in dealing with their income while giving experiences in their presentation.

Private companies have answered decidedly, with Rodriguez taking note of a huge expansion in customer base: “The last time we talked we were at a smidgen north of 1,000 clients, and presently we’re managing more than 1,000 new organizations each month.” However, Rodriguez declined to disclose Finally’s valuation or revenue growth over the past year.

Utilization of New Funding

PeakSpan Capital led the recent capital infusion, with participation from Active Capital, directing the funds towards further recruitment, go-to-market initiatives, and expansion of Finally’s technology infrastructure. This expansion includes developing mobile versions of its bookkeeping, expense management, and business banking apps.

Jack Freeman, partner at PeakSpan Capital, expressed optimism about Finally’s trajectory with the new products, stating, “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.”

Conclusion

In conclusion, the recent injection of $10 million in venture capital marks an exciting chapter for the fintech startup. With a solid groundwork laid in robotizing bookkeeping and money capabilities, combined with the presentation of AI-powered solutions, we’re ready for additional development and advancement.

We will continue to work toward empowering small businesses and providing them with the resources they need to succeed as we embark on this journey. Much thanks to you to our perusers, and guests for your proceeded with help. Here’s to a bright future ahead!