AI Bookkeeping Startup “Finally” Raises $200M in Equity and Debt
Image: Finally
Miami-based Finally, an AI-powered financial and bookkeeping platform for SMEs, has secured $200 million in new funding, comprising $50 million in Series B capital and $150 million in credit lines. The startup, founded in 2018 by Felix and Glennys Rodriguez, focuses on streamlining finance, accounting and bookkeeping services for small and medium-sized businesses (SMBs). The latest funding comes just seven months after raising $10 million, bringing its total to $305 million since inception.
Its platform offers AI-based accounting services, expense management, payroll processing and a corporate card with financial information. Unlike competitors such as Brex and Ramp, they market themselves as an all-in-one solution tailored specifically to SMEs. Its co-founder, Felix Rodriguez, witnessed firsthand the challenges his family faced in starting their businesses, which inspired him to create a platform that simplifies financial tasks and provides essential data such as cash flow and utilization rate to small business owners.
The startup has posted 300% revenue growth in the last year and serves more than 1,500 companies in the U.S. It generates revenue through SaaS subscription fees, exchange and interest. With this new capital infusion, they plan to invest heavily in sales, marketing and product development, adding features such as global sourcing modules and enhanced payment support.
As it grows, Finally has increased its headcount to 220 employees, including the recent hire of Roy Duvall, former chief technology officer at Calendly, to drive technology innovation. The funding round was led by PeakSpan Capital for equity, with Encina providing the credit facility.
