Finally, a fintech startup dedicated to automating accounting and finance tasks for businesses, has secured an additional $10 million in venture capital funding. Founded in 2018 by Felix Rodriguez, Glennys Rodriguez, and Edwin Mejia, the Miami-based company has made significant strides in streamlining business processes for small enterprises.

Evolution of Finally’s Offerings

Initially focusing on small business lending and bookkeeping capabilities, Finally has since expanded its services to encompass various aspects of business finance. According to Felix Rodriguez, the company’s recent efforts have centered on integrating functions like bookkeeping, expense management, bill payment, and payroll into a single automated platform for small businesses.

Integration of Artificial Intelligence

One of the notable additions to Finally’s platform is an artificial intelligence-powered ledger, which enhances the company’s bookkeeping capabilities. By leveraging AI technology, Finally aims to provide small business owners with deeper insights into their financial data, enabling them to make informed decisions. Additionally, Finally offers a corporate card to facilitate cash flow management for small businesses.

Rapid Growth and Market Response

The strategic enhancements made by Finally have resonated with small businesses, resulting in a significant increase in customer adoption. Rodriguez revealed that Finally now onboards over 1,000 new businesses per month, showcasing the platform’s growing popularity among entrepreneurs. While specific valuation and revenue figures were not disclosed, the company’s trajectory signals promising growth.

Utilizing New Capital for Expansion

The recent $10 million funding round, led by PeakSpan Capital with participation from Active Capital, will fuel Finally’s expansion efforts. The company plans to allocate the capital towards hiring initiatives, go-to-market strategies, and the enhancement of its technological infrastructure. This includes the development of mobile versions for its bookkeeping, expense management, and business banking apps.

Future Outlook

With the infusion of capital and the introduction of new products, Finally enters 2024 as a comprehensive fintech solution provider for small businesses. Jack Freeman, partner at PeakSpan Capital, expressed confidence in Finally’s potential, emphasizing the company’s commitment to empowering small enterprises. As Finally continues to leverage AI technology and expand its product portfolio, it aims to further support the financial success of small businesses in an increasingly competitive landscape.