By Riley Kaminer
Felix Rodriguez’s journey into fintech began with a simple observation: small businesses often struggle with the same challenges he witnessed in his family’s own entrepreneurial efforts.
Watching his Dominican Republic-born relatives juggle bookkeeping and financial management, Rodriguez saw firsthand the barriers to entry many SMBs face when trying to stay on top of their finances.
These experiences, along with his own stint as a business owner, led him to launch Miami startup Finally alongside his wife, Glennys Rodriguez, and Edwin Mejia.
Today, this accounting and financial management platform announced that it has secured $200 million in funding. The Series B round includes $50 million in equity from PeakSpan Capital and a $150 million credit facility from Encina Capital Partners. This latest round pushes the company’s total raised to $305 million.
Launched in 2018, Finally is designed to make life easier for small and mid-sized businesses, providing them with an all-in-one platform that automates essential financial processes. The platform’s use of AI sets it apart, with machine learning analyzing transactions and generating real-time financial reports. Payroll processing, tax compliance, invoicing, and even a corporate credit card are part of the package.
As Rodriguez shared in an interview with TechCrunch, “Finally is especially useful for SMB owners that don’t have time to learn 20 different apps for their bookkeeping and finance functions.”
“SMB owners have many priorities and often limited time,” he continued. “But one of the most important parts of running a business is understanding financial metrics, including cash burn and cash flow.”
According to Rodriguez, we can expect to see Finally leverage this fundraise to double down on sales, marketing, and product development. Beyond traditional accounting tools, Finally recently added a global hiring module and is pushing deeper into payments on the finance side.
Since its $95 million Series A round in March 2022, Finally has seen 300% revenue growth, though the team remains tight-lipped on specific figures. With over 1,500 businesses relying on its services, Finally makes money through a mix of subscription fees, interchange fees from the corporate card, and interest income. Earlier this year, we reported on Finally’s $10 million fundraise.
As Jack Freeman, a partner at PeakSpan Capital, put it, “We immediately fell in love with [Rodriguez’s] ‘all-in-one’ vision. While other spend management software providers are focused on building out software features, Finally understands intuitively that software is only as valuable as the data you can feed it.”
Freeman’s firm had been watching the bookkeeping automation space for years before backing Finally, citing its ability to integrate with other tools and offer embedded credit products as standout features.
The company currently has And with over 220 employees, up from 95 a year ago. Among those hires was Roy Duvall, former CTO at Calendly, who joined Finally as its new chief technology officer.
Now, with $200 million in fresh capital, Rodriguez and his team are poised to bring their vision of an AI-powered bookkeeping system to even more small businesses across the U.S.
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