FinTech startup Finally has raised $10 million in new funding to fuel its growth and expand its suite of solutions for small- to medium-sized businesses (SMBs).
The company specializes in automating accounting and finance functions for SMBs, according to a Tuesday (Feb. 6) press release. Its main objective is to automate business processes, including bookkeeping, expense management, bill payment and payroll, within one solution.
“When vendor tools are scattered, business owners are too,” Finally founder and CEO Felix Rodriguez said in the release.
The funding comes after a two-year period in which the company announced it was building an artificial intelligence ledger, business banking services and a new version of its bookkeeping app, according to the release.
Formerly known as Back Office, Finally was founded in January 2018, the release said. In 2022, the company raised $95 million in a Series A funding round. The company serves more than 1,500 businesses throughout the United States.
With the new capital, the company plans to scale its go-to-market strategy and broaden its product offerings, per the release. One of its key initiatives is the release of mobile versions of its bookkeeping, expense management and business banking apps. Additionally, it intends to expand its team in the bookkeeping and expense management sales departments.
PYMNTS Intelligence found that SMBs are harnessing technologies like accounts receivable (AR) automation to enhance their efficiency, speed and accuracy and remain competitive.
With AR automation, these businesses can optimize their cash flow management, trim their days sales outstanding, improve their processing speed and reduce errors, according to the PYMNTS Intelligence report “How Automations Reduce Receivables Delays.”
Larger firms, especially those with more than $1.5 billion in revenue, are capitalizing on AR automation for better payments handling and cash flow management. Thirty-seven percent of these firms have adopted specialized AR automation for at least 50% of their AR processes, compared to 17% of firms with revenues between $250 million and $750 million.
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