[Funding News] finally Raises $200 Million Series B and Credit Facility

The AI-powered, all-in-one finance and HR suite, finally, has raised a $50 million Series B from PeakSpan Capital and $150M credit facility from Encina. The new capital follows the company’s $95M Series A in 2022 and additional $10M capital injection in February of this year, bringing total funds to date to $305M. Since its Series A, finally has shown annual revenue growth of 300%.

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The journey of exponential expansion will ultimately be supercharged by the Series B. will ultimately spend in increasing the number of employees within the company, carrying out more research and development on its product stack, and developing its go-to-market strategies.

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Small and medium businesses (SMBs) employ nearly half the entire American workforce, but SMB owners often have only a fraction of the resources needed to thrive and focus on their unique businesses. finally addresses this exact pain point by equipping business owners with an all-in-one suite of tools for managing bookkeeping, payroll, billpay, expense management, and more.

“Many SMBs today feel intense pressure to do more with less,” said Felix Rodriguez, CEO of finally. “The proliferation of SaaS tools means business owners have likely been talked into point solutions that miss the mark on productivity and cost savings, and just add noise and complexity. Financial hygiene is vital to business success. What we’re building at finally addresses finance, bookkeeping, and HR problems at their root. But even more importantly, it frees business owners up to focus on high-value and revenue-making activities. We’re proud that PeakSpan continues to believe in our vision for supporting SMB owners.”

Jack Freeman, Partner at PeakSpan Capital said, “Founders need two key qualities to survive: vision and execution. Felix has both in spades – rarely have I seen his same instincts and ability to deliver results. He’s relentless in all aspects of growing finally’s business, but has a specific, world-class knack for recruiting top talent. Just this year, Felix has recruited Roy Duvall, former CTO at Calendly; Kevin Dorsey, former VP of Inside Sales at PatientPop which crossed a $1B valuation during his time; Jacob Kay, who managed risk at Divvy from $10M ARR to $400M+, and many others to finally. We’re proud to invest behind Felix and this team of ace performers as they attack this next phase of growth – their potential is limitless.”

“finally is the blueprint for how to solve a massive problem in an underserved market,” said Brian DeRosa, CEO of CLEO Skin + Laser. “Having our bookkeeping and cards on the same platform removes all the friction from closing our books each month and understanding our finances, giving us more time to grow our business and drive product innovation.”

About finally

finally was founded in January 2018 as Back Office and was part of 500 Startups. finally initially started by helping small businesses automate their accounting & finance. finally currently serves over 1,500 businesses throughout the US. finally has become a known leader in AI-powered accounting since its founding in 2018. Now with its Series B, finally is well-positioned to remain the one-stop-shop for business owners. Over the past year, finally has: