Announces first credit product with plans to make over $1 billion in credit available to small businesses
Finally, the fintech startup whose mission is to help small businesses automate their accounting and finance functions, announced a $95 million Series A, including both equity and debt. The round was led by PeakSpan Capital with participation from Active Capital, 500 FinTech, and GTMfund. Clear Haven Capital provided the debt facility. Other notable investors 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.
“Running a small business at any time is daunting,” said Felix Rodriguez, Finally founder and CEO. “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.”
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Formerly known as Back Office, Finally was founded in 2018 to help automate back office functions for SMBs. Today, more than 1,000 businesses rely on Finally to give them better visibility and management over core finance and accounting activities. Throughout the past two years, Finally has experienced triple-digit growth.
“Finally takes the back office workflows off our shoulders, making what was once a complicated process easier and much less time-consuming,” said Michael Marchese, founder and CEO of Tempesta Media, a Finally customer. “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 can 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.
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“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,” said Jack Freeman, Partner at PeakSpan Capital. “We are thrilled to back the Finally team as they continue to democratize financial management and capital solutions for small businesses and entrepreneurs.”
“We’re excited to partner with Felix and the Finally team as they continue to disrupt the way businesses manage their finances,” said Mark Simmer, Managing Partner at Clear Haven Capital. “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.”