Finally, a fintech startup that helps companies automate their accounting and finance functions has secured another $10 million in venture capital.
TechCrunch previously reported when the company raised $95 million in equity and debt in 2022 to expand its small business lending and bookkeeping capabilities. Felix Rodriguez, his wife Glenniece Rodriguez, and Edwin Mejia founded the company in 2018.
Since then, the Miami-based company has focused on consolidating business processes such as bookkeeping, expense management, bill payments and payroll under one automated solution for small and medium-sized businesses, Felix said. Rodriguez told TechCrunch.
This included adding an artificial intelligence-powered ledger, offering business banking features, and building a new version of its bookkeeping app last year. The company also offers a corporate card that not only allows you to understand the business status of small and medium-sized businesses, but also supports cash flow for small and medium-sized businesses.
On the small business side, “Last time we spoke, we had a little over 1,000 customers, and now we're doing business with over 1,000 new companies every month,'' Rodriguez said. He declined to disclose Final's valuation or its revenue growth over the past year.
Meanwhile, the new capital, led by PeakSpan Capital with participation from Active Capital, will be invested in additional hiring, marketing development, and expanding Finally's technology stack. This includes mobile versions of bookkeeping, expense management, and business banking apps.
“The key for us is to leverage AI to provide more insights and start to make sense of these data points,” Rodriguez said. “Not every business owner has that, so we feel like it's the next breakthrough.”
PeakSpan Capital partner Jack Freeman said in a statement that the company is announcing three new products and is “finally entering 2024 as a full-fledged fintech with a product portfolio that supports small and medium-sized businesses.” Stated. We're excited to see what the Final team can do with more growth capital and resources next year. ”