Finally, the Fintech startup whose goal is to help small businesses automate their accounting and finance functions, has announced a $95 million Series A, including equity and debt.
The investment round has been led by PeakSpan Capital along with contributions from Active Capital, 500 FinTech, and GTMfund.
Clear Haven Capital offered the debt facility. Other investors reportedly include David Bohnett (founder, GeoCities), Scott Weller (founder, SessionM). The company will “deploy the funds to grow the team and launch a corporate charge card for small businesses.”
Felix Rodriguez, Finally founder and CEO, stated:
“Running a small business at any time is daunting. Juggling cash flow, taxes, and bookkeeping can often be a distraction from running and growing their actual businesses. Our mission at Finally is to relieve the burdens on small business owners and to level the playing field. This new funding will enable us to continue to support SMBs.”
Previously known as Back Office, Finally was established in 2018 to “help automate back office functions for SMBs.”
Now, over 1,000 businesses “rely on Finally to give them better visibility and management over core finance and accounting activities.” During the last two years, Finally has “experienced triple-digit growth.”
Michael Marchese, founder and CEO of Tempesta Media, a Finally customer, said:
“Finally takes the back office workflows off our shoulders, making what was once a complicated process easier and much less time-consuming. Now, we are able to connect the dots with our finances, and our business benefits from that clear visibility. The opportunity to make the process more efficient while still maintaining our accounting relationship is incredibly valuable.”
Businesses are able to “connect their bank and credit accounts and get immediate visibility into how their company is doing; the more data points a business connects, the more insights they unlock.”
With the launch of its corporate charge card, Finally plans “to make over $1 billion in credit available to small businesses.”
Jack Freeman, Partner at PeakSpan Capital, remarked:
“Finally is pioneering a new category at the intersection of several fintech trends—SMB digitization, accounting automation, B2B payments, embedded finance, to name a few. That’s why the work the team is doing to build a ‘do-it-for-me’ automated bookkeeping solution for SMBs is very exciting and compelling. We are thrilled to back the Finally team as they continue to democratize financial management and capital solutions for small businesses and entrepreneurs.”
Mark Simmer, Managing Partner at Clear Haven Capital, noted:
“We’re excited to partner with Felix and the Finally team as they continue to disrupt the way businesses manage their finances. We’re looking forward to being able to provide them the capital to achieve their next stage of growth and bring their platform to even more businesses around the country.”
As mentioned in a release, Finally was established back in January 2018 as Back Office and was part of 500 Startups.
Finally initially “started by helping small businesses automate their accounting & finance.”
Finally currently serves “over 1,000 businesses throughout the US.”