After alla fintech startup that helps businesses automate accounting and financial functions has secured another $10 million in venture capital.
TechCrunch previously reported on the company in 2022, when it raised $95 million in equity and debt to grow its small business lending and bookkeeping capabilities. Felix Rodriguez, his wife, Glennys Rodriguez and Edwin Mejia started the company in 2018.
Since then, the Miami-based company has focused more on bringing together business processes such as bookkeeping, expense management, bill payment and payroll under an automated solution for small businesses, Felix Rodriguez told TechCrunch.
This included adding an AI-powered ledger last year, which offers business banking functions, and creating a new version of the bookkeeping app. The company also provides a corporate card to help small businesses with their cash flow and give them insight into how they are doing.
Small businesses responded: “Last time we spoke we were just over 1,000 customers and now we’re dealing with over 1,000 new businesses a month,” Rodriguez said. He declined to disclose the company’s valuation or revenue growth over the past year.
Meanwhile, the new fund, led by PeakSpan Capital with participation from Active Capital, will be invested in additional hiring, marketing promotion and eventually expanding its technology stack. This includes mobile versions of our bookkeeping, expense management and banking apps.
“The trick for us is to really leverage artificial intelligence to provide more information and start to highlight what some of these data points mean,” Rodriguez said. “Not every business owner has that, so we feel like this is the next breakthrough.”
Now with its three new products, Jack Freeman, partner at PeakSpan Capital, said in a statement that “It is finally entering 2024 as a fully-fledged fintech with a portfolio of products that support small businesses. We’re excited to see what the Finally team can do with more capital and development resources next year.”
