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Finally: Providing Better Insights into Small Business Accounting with AI

Image Credits: iStock.com/ShutthiphongChandaeng
By: Headliners News / February 14, 2024

In a significant stride towards revolutionizing small business accounting solutions for small businesses, FinTech startup Finally has recently secured a notable $10 million in venture capital, marking a pivotal moment in the company’s journey. This comes on the heels of a noteworthy 2022 funding round where the company raised $95 million in equity and debt to expand its suite of small business lending and bookkeeping capabilities. Founded in 2018 by Felix Rodriguez, Glennys Rodriguez, and Edwin Mejia, Finally has emerged as a trailblazer in automating accounting and finance functions for businesses.

Based out of Miami, the company has evolved its focus over the years, consolidating business processes such as bookkeeping, expense management, bill payment, and payroll into a unified and automated solution tailored for small businesses. According to Felix Rodriguez, the company’s recent endeavors include the integration of an artificial intelligence-powered ledger, the introduction of business banking functionalities, and the development of an enhanced version of its bookkeeping app. Additionally, Finally provides a corporate card to support small businesses in managing their cash flow while offering valuable insights into their financial performance.

The introduction of AI has been a game-changer for Finally, enhancing its capabilities to offer deeper insights and meaning behind various data points. Rodriguez emphasizes the importance of leveraging AI to empower business owners with valuable insights, recognizing this as the next breakthrough in the industry.

Small businesses have responded positively to Finally’s comprehensive solution, with the startup noting a substantial growth in customer numbers, as they’re now we’re dealing with over 1,000 new businesses per month. While the startup did not disclose the company’s current valuation or revenue growth, the surge in customer adoption underscores the efficacy of Finally’s approach to business accounting solutions.

The recent $10 million funding round, led by PeakSpan Capital with participation from Active Capital, will be instrumental in fueling the company’s growth initiatives. The capital infusion is earmarked for strategic hiring, go-to-market efforts, and expanding Finally’s tech stack. This expansion includes the development of mobile versions for its bookkeeping, expense management, and business banking apps.

As Finally continues to enhance its suite of offerings and leverage AI for insightful financial solutions, it stands poised to make a lasting impact on the landscape of providing exceptional solutions for small business accounting.

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