Finally, a Miami-based fintech company, has announced a significant milestone in its journey, securing $50 million in Series B funding and a $150 million credit line. This follows the company’s successful Series A funding round in 2022, which brought its total raised capital since inception in 2018 to $305 million. The new funding will enable Finally to deepen its investment in sales and marketing, add new features to its platform, and bolster its hiring efforts.
Finally’s story began when Founder Felix Rodriguez recognized the challenges faced by small and mid-sized businesses (SMBs) in managing their finances, having experienced first-hand the difficulties of starting his own companies. Alongside his wife, Glennys Rodriguez, and co-founder Edwin Mejia, he established Finally to provide AI-powered bookkeeping, accounting, and financial services to SMBs.
The company’s platform has evolved over time, now offering a range of products and services, including a corporate card with spending insights, artificial intelligence-powered ledgers for business banking, and payment processing. Finally competes with other fintech companies like Brex and Ramp, but its multi-product platform sets it apart, enabling SMB owners to manage all their financial functions in one place.
In an interview, Felix Rodriguez emphasized the importance of financial metrics in running a business, stating that SMB owners often have limited time and prioritize other tasks. However, understanding cash burn and cash flow is crucial for making informed decisions. Finally’s platform aims to simplify this process, providing businesses with a comprehensive view of their financial situation.
Since announcing its $95 million Series A funding in 2022, Finally has reported annual revenue growth of 300%. The company serves over 1,500 businesses in the United States, generating revenue through a combination of SaaS subscription fees, interchange fees, and interest income. Finally has also expanded its team, hiring over 220 employees, up from 95 last year, with the appointment of former Calendly CTO Roy Duvall as its chief technology officer.
PeakSpan Capital, one of the investors in Finally’s Series B round, praised the company’s “all-in-one” vision, noting that other fintech players are focused on building out software features, whereas Finally understands the importance of data and integration with other software. Finally’s ingest data, integrates with other software, and offers embedded credit products, making it a “one-stop shop” for SMBs.
Finally is not alone in the fintech space, with other startups raising significant funding rounds in recent months. AccountIQ, an Irish accounting technology company, raised €60 million (about $65 million) to build cloud-based, automated services boosted by AI for mid-sized companies. Pennylane, a fintech company focused on the SMB market, raised $40 million at a valuation of over $1 billion in February.
This significant funding round and credit line demonstrate Finally’s growing stature in the fintech industry, positioning it for continued growth and expansion in the SMB space.
