Finally Secures $50 Million in Series B Funding for SMB Finance Platform

Finally, a Miami-based fintech startup focused on providing accounting, bookkeeping, and finance solutions for small and mid-sized businesses (SMBs), has secured $50 million in a Series B funding round. This funding, along with a $150 million credit line, marks a significant milestone for the company, bringing its total raised since its inception in 2018 to $305 million.

• The funding round was led by PeakSpan Capital, a leading venture capital firm specializing in enterprise software and data analytics.
• Encina, a specialized lender to middle-market companies, provided the $150 million credit facility.

Expanding Finance Solutions for SMBs

The fresh capital will fuel Finally’s ambitious growth plans, enabling them to further develop their comprehensive finance platform for SMBs. The company intends to use the funding to:

• Enhance its sales and marketing efforts to reach a wider audience of small businesses.
• Introduce new features to its platform, including a module for global hiring and enhanced support for payments.
• Continue to scale its team and hire new talent to support the company’s growth trajectory.

Addressing SMBs’ Finance Needs

Finally’s core mission is to empower SMB owners with the tools and resources they need to manage their finances efficiently. The company’s platform offers a range of features, including:

• AI-powered bookkeeping and accounting services.
• A corporate card with insights into spending.
• An artificial intelligence-powered ledger for business banking functions.
• Payroll processing.

These capabilities aim to simplify financial management for small business owners who often lack the time or resources to navigate complex financial tools and processes.

Finally’s Unique Approach to SMB Finance

While other fintech companies focus solely on providing individual financial solutions, Finally distinguishes itself by offering a holistic and integrated platform that addresses multiple finance needs. This “one-stop shop” approach has earned praise from investors like PeakSpan Capital, who believe that Finally’s integrated approach is essential for effectively managing financial data and generating actionable insights.

Strong Growth and Market Momentum

Since its Series A funding round in 2022, Finally has experienced remarkable growth, achieving an annual revenue increase of 300%. The company currently serves over 1,500 businesses in the United States and generates revenue through a combination of SaaS subscription fees, interchange fees, and interest income.

Competition in the SMB Finance Space

Finally is not alone in targeting the growing market for SMB finance solutions. Companies like Brex, Ramp, AccountsIQ, and Pennylane are also vying for a piece of this lucrative market. However, Finally’s focus on offering a comprehensive and integrated platform sets it apart from its competitors.

Future Outlook

With its recent Series B funding and continued strong performance, Finally is well-positioned to capitalize on the growing demand for streamlined and intelligent finance solutions for SMBs. The company’s commitment to innovation and its focus on providing a holistic and integrated platform make it a strong contender in the competitive SMB finance space.