By Riley Kaminer
Bookkeeping is one of the joys of small business ownership…
… said no small business ever!
Finally, there’s a solution. Miami-based fintech Finally has developed a platform to help small businesses with accounting, expense management, bill payment, payroll, and more – all in one unified platform.
To further this mission, Finally today raised $10 million in a round led by PeakSpan Capital with participation from Active Capital. We reported the company’s previous funding round, a $95 million debt/equity Series A, in March 2022.
The company shared that this fresh capital will be used to expand its team, double down on its go-to-market initiatives, and further develop its tech stack – including with the development of a mobile app.
Artificial intelligence plays a central role in the platform, providing users with deep insights into their business’s key financial metrics. Finally, which was founded in 2018, started rolling out these AI-powered features last year alongside an update to its bookkeeping app.
“The trick for us is really leveraging AI to give more insights and start highlighting what some of these data points mean,” Co-founder and CEO Felix Rodriguez told TechCrunch. “Not every business owner has that, so we feel like that’s the next breakthrough.”
Rodriguez is a serial entrepreneur with multiple exits under his belt including a website design service provider, a comparison shopping site, and a customer acquisition platform. He co-founded Finally, formerly called Back Office, with his wife Glennys and Edwin Mejia. The company now employs about 140 people, and half of them are based in South Florida.
“When vendor tools are scattered, business owners are too,” commented Rodriguez. “We’re energized by this injection of capital and know it will supercharge our efforts to give SMB owners the best tools to grow their businesses.”
This fundraise comes at a time of significant growth for Rodriguez and team. He says the company deals with over 1,000 new businesses each month. Finally’s investors hope that this is a sign of more growth to come.
“PeakSpan is thrilled to double down on Felix and the Finally team,” PeakSpan Capital Partner Jack Freeman said in a statement. “In our two years since partnering, we’ve seen the business meaningfully scale revenue, recruit top talent, launch three new products, and build a repeatable sales engine.”
“Finally enters 2024 as a fully-fledged fintech with a portfolio of products supporting SMBs,” he continued. “We are psyched to see what the Finally squad can do with more growth capital and resources this coming year.”
Fintech remains one of the most vibrant subsectors driving the South Florida innovation ecosystem. Another company innovating at the intersection of bookkeeping and small businesses is Broward-based Xendoo. Lazo enables global SMBs to get their US legal/financial house in order. And there are a wide range of innovative remittance platforms, including OKY, Paysend, and Félix – which recently raised $2M, $65M, and $7.8M respectively.
Photo at top of post: from left, Finally co-founders Edwin Mejia, Glennys Rodriguez, and her husband, CEO Felix Rodriguez.
READ MORE IN REFRESH MIAMI
- Xendoo’s digital accounting platform is used by nearly 1,000 businesses in 13 countries. What’s ahead for this team?
- This Miami startup enables employers to stay ‘Ontop’ of their international hiring
- OKY raises $2M to expand unique in-kind remittance platform
- With $65M in tow, Paysend doubles down on the US-LatAm remittance corridor
- Félix raises $7.8M to reimagine cross-border payments, starting with sending remittances through WhatsApp
