AI-powered finances and bookkeeping platform finally raised a $200M Series B
AI-powered bookkeeping startup Finally has raised $200 million in funding to expand its all-in-one financial management platform for small and mid-sized businesses.
Miami-based finally recently revealed it has secured $200 million in a Series B funding round in which PeakSpan Capital provided $50 million in capital, and $150 million in credit facilities were supplied by Encina. The Series B round follows a $10M capital injection in February, and a $95 million Series A raised in 2022. The startup reports that since its 2022 Series A, it has tripled its annual revenue growth, and increased its headcount from 95 to more than 220 in a little over a year. This figure includes hiring former Calendly CTO Roy Duvall as finally's current CTO.
The idea behind finally arose after co-founder and CEO Felix Rodriguez witnessed the struggles of family members who had started small businesses, as well as after he experienced those difficulties first-hand. After joining forces with his wife and co-founder, Glennys Rodriguez, to help manage the finances of other businesses, the pair got together with Edwin Mejia to develop finally, a product that has evolved from a bookkeeping solution to a comprehensive AI-powered financial services platform that incorporates products including Corporate Charge Cards, Expense Management, Business Checking Accounts, and Payroll.
finally is aware it faces some stiff competition in the accounting and finance automation space. However, as Felix Rodriguez emphasizes, their product is geared towards businesses that may not have the time and resources to pay for and learn multiple specialized apps to manage each aspect of their finances individually. The Series B funding will enable the company to support its ongoing growth process, as the startup plans to continue growing its team, intensify its R&D efforts on its product stack, and expand its market presence.
