Accounting and finance automation startup Finally raised $95 million in a Series A equity and debt funding round led by PeakSpan Capital, according to a press release on Monday (March 21).
Active Capital, 500 FinTech, GTMfund, GeoCities founder David Bohnett, and SessionM founder Scott Weller also participated in the funding, with Clear Haven Capital providing the debt facility.
The fresh infusion of capital will be used to expand the company’s workforce and launch a corporate charge card for small and medium-sized businesses (SMBs). The company was formerly known as Back Office.
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“Running a small business at any time is daunting,” said Felix Rodriguez, Finally co-founder and CEO. “Juggling cash flow, taxes and bookkeeping can often be a distraction from running and growing their actual businesses. Our mission at Finally is to relieve the burdens on small business owners and to level the playing field. This new funding will enable us to continue to support SMBs.”
Founded in 2018 and headquartered in Miami, Florida, Finally was also co-founded by Edwin Mejia, director of business development, and COO Glennys Rodriguez, and helps SMBs automate accounting, finance and other back-office functions.
Finally works with more than 1,000 businesses and has experienced triple-digit growth in the past two years.
Read more: How Automation Reduces Month-End Close Headaches for the CFO
Businesses working with Finally can connect their bank and credit accounts for immediate visibility into the financial health of their companies.
With the launch of its corporate charge card, Finally is planning to make in excess of $1 billion in credit available to SMBs.
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