Capital will help AI-driven platform continue solving SMB owners’ finance needs
The AI-powered, all-in-one finance and HR suite, finally, today announced that it has closed a $50M Series B from PeakSpan Capital and $150M credit facility from Encina. The new capital follows the company’s $95M Series A in 2022 and additional $10M capital injection in February of this year, bringing total funds to date to $305M. Since its Series A, finally has shown annual revenue growth of 300%.
The Series B will supercharge finally’s explosive growth journey. finally will invest in growing headcount across the organization, continuing the research and development of its product stack, and expanding its go-to-market initiatives.
Small and medium businesses (SMBs) employ nearly half the entire American workforce, but SMB owners often have only a fraction of the resources needed to thrive and focus on their unique businesses. finally addresses this exact pain point by equipping business owners with an all-in-one suite of tools for managing bookkeeping, payroll, billpay, expense management, and more.
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“Many SMBs today feel intense pressure to do more with less”
finally has become a known leader in AI-powered accounting since its founding in 2018. Now with its Series B, finally is well-positioned to remain the one-stop-shop for business owners. Over the past year, finally has:
- Shown 300% revenue growth annually.
- Increased headcount by 300%.
- Released four new products, including Corporate Charge Cards, Expense Management, Business Checking Accounts, and Payroll.
“Many SMBs today feel intense pressure to do more with less,” said Felix Rodriguez, CEO of finally. “The proliferation of SaaS tools means business owners have likely been talked into point solutions that miss the mark on productivity and cost savings, and just add noise and complexity. Financial hygiene is vital to business success. What we’re building at finally addresses finance, bookkeeping, and HR problems at their root. But even more importantly, it frees business owners up to focus on high-value and revenue-making activities. We’re proud that PeakSpan continues to believe in our vision for supporting SMB owners.”
Jack Freeman, Partner at PeakSpan Capital said, “Founders need two key qualities to survive: vision and execution. Felix has both in spades – rarely have I seen his same instincts and ability to deliver results. He’s relentless in all aspects of growing finally’s business, but has a specific, world-class knack for recruiting top talent. Just this year, Felix has recruited Roy Duvall, former CTO at Calendly; Kevin Dorsey, former VP of Inside Sales at PatientPop which crossed a $1B valuation during his time; Jacob Kay, who managed risk at Divvy from $10M ARR to $400M+, and many others to finally. We’re proud to invest behind Felix and this team of ace performers as they attack this next phase of growth – their potential is limitless.”
“finally is the blueprint for how to solve a massive problem in an underserved market,” said Brian DeRosa, CEO of CLEO Skin + Laser. “Having our bookkeeping and cards on the same platform removes all the friction from closing our books each month and understanding our finances, giving us more time to grow our business and drive product innovation.”
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