# Small Business Finance Startup ‘finally’ Raises $50M in Series B Funding
Miami-based startup finally, which offers bookkeeping, accounting, and financial services for small and mid-sized businesses, has recently raised $50 million in a Series B funding round and secured a $150 million credit line. This funding comes just seven months after the company raised $10 million, bringing their total raised since their inception in 2018 to $305 million in debt and equity.
## Addressing the Challenges Faced by Small Businesses
The idea for finally was born out of founder Felix Rodriguez’s personal experiences and observations of his family’s struggles as Dominican Republic-born entrepreneurs in the United States. Recognizing that not all small businesses have access to the resources they need for bookkeeping and working capital, Rodriguez and his wife, Glennys Rodriguez, started finally in 2018 with the goal of helping SMBs manage their finances.
## Evolving into a Multi-Product Platform
Since its inception, finally has evolved and expanded its offerings. Today, the company provides AI-powered bookkeeping, accounting, and financial services. It also offers a corporate card with spending insights and an AI-powered ledger for business banking functions. While finally competes with companies like Brex and Ramp in terms of expense management and corporate cards, it positions itself as a multi-product platform that also offers payment processing.
## Simplifying Financial Management for SMB Owners
finally aims to address a common challenge faced by SMB owners – the lack of time to navigate multiple apps for their financial needs. Small business owners often have limited time and numerous priorities. However, understanding financial metrics, such as cash burn and cash flow, is crucial for running a successful business. finally offers a solution by providing a comprehensive platform that simplifies financial management for SMBs.
## Impressive Growth and Revenue Streams
Since its Series A funding of $95 million in March 2022, finally has experienced remarkable growth, with annual revenue growth of 300%. The company serves over 1,500 businesses in the United States and generates revenue through SaaS subscription fees, interchange fees, and interest income. While exact figures were not disclosed, this growth demonstrates the value finally provides to its customers and the market demand for its services.
## Investment Partners and Future Plans
The Series B funding round was led by PeakSpan, which has been evaluating the bookkeeping automation space for several years. Encina also participated by offering a $150 million credit facility. With the new funding, finally plans to invest in sales and marketing, as well as add new features to its platform, such as a module for global hiring. The company also intends to expand its support for payments on the finance side.
## Competition and Industry Trends
finally is not the only startup in the accounting and bookkeeping space to attract significant funding in recent times. AccountsIQ, a Dublin-founded accounting technology company, raised €60 million in June 2024 to enhance cloud-based, automated services with AI for mid-sized companies. Another accounting startup, Pennylane, raised $40 million in February 2024, attaining a valuation of over $1 billion. These investments highlight the growing importance of AI and automation in the finance industry, as well as the increasing demand for streamlined financial management solutions for SMBs.
In conclusion, finally’s recent funding round and credit line demonstrate the company’s continued growth and success in providing comprehensive financial services to small and mid-sized businesses. With its multi-product platform, AI-powered tools, and focus on simplifying financial management, finally is well-positioned to meet the needs of SMB owners who seek efficient and effective solutions for their bookkeeping and accounting needs.