Finally is a One-Stop Shop for SMBs — Miami AI Startup Secures $200M in New Funding

What if small and medium-sized businesses (SMBs) didn’t have to juggle dozens of apps just to manage their finances? Miami-based startup Finally is tackling this problem head-on, raising a staggering $200 million in equity and debt to expand its AI-powered bookkeeping and financial services for SMBs.

This fresh round includes $50 million from a Series B raise led by PeakSpan Capital, alongside a $150 million credit line from Encina. It’s a significant leap just seven months after the company raised $10 million, bringing its total capital raised to $305 million since its inception in 2018.

Finally, founded by Felix Rodriguez and his wife, Glennys, began with a mission to level the playing field for small business owners. Felix, inspired by watching his Dominican Republic-born family start businesses in the U.S. and facing his own entrepreneurial challenges, identified the complexities SMBs face when managing their finances. Along with co-founder Edwin Mejia, the Rodriguez duo transformed their vision into an AI-driven platform that goes beyond bookkeeping.

Now, Finally offers a multi-product platform including AI-powered accounting, expense management, and even payroll processing. In 2022, the company added an AI-powered ledger, integrating business banking functions into the mix. Competing with major players like Brex and Ramp, Finally sets itself apart by being a one-stop shop for SMB finance, eliminating the need for business owners to learn and manage multiple apps.

“SMB owners don’t have time to master 20 different tools for finance,” says Felix Rodriguez. “With Finally, they get a streamlined platform that helps them understand key financial metrics like cash flow and burn, without the hassle.”

This simplified approach appears to be paying off. Since its $95 million Series A in 2022, Finally has experienced a 300% revenue growth, serving over 1,500 U.S.-based businesses. Its growth strategy includes a mix of SaaS subscriptions, interchange fees, and interest income.

The new funding will be channeled toward expanding Finally’s sales and marketing efforts, adding features like global hiring capabilities, and enhancing payment support within its finance platform. The company is also on a hiring spree, doubling its headcount to over 220 employees in the last year, with notable new hires like Roy Duvall, former CTO of Calendly, who joined as Chief Technology Officer.

Jack Freeman, partner at PeakSpan Capital, said his firm had long been eyeing the bookkeeping automation space before investing in Finally. “We fell in love with their all-in-one vision,” he shared. “Other companies focus on software features, but Finally understands that the true value lies in the data and integration.”

The global market for AI-enhanced bookkeeping is heating up, with other startups like Ireland’s AccountsIQ raising $65 million in June and Pennylane securing $40 million in February. But with its ambitious product roadmap and rapid growth, Finally is positioning itself as a frontrunner in reshaping SMB finance.

As Felix Rodriguez and his team continue to innovate and grow, the future of AI-powered bookkeeping looks more promising than ever. With its eyes set on providing a comprehensive, full-stack solution, Finally is well on its way to becoming a Decacorn in the coming years.