Artificial intelligence (AI)-driven finance and HR platform, finally, has completed a $50m Series B funding round, alongside securing a $150m credit facility.
The financing round was led by PeakSpan Capital, while the credit facility was secured from Encina.
Finally’s new capital comes after the company’s $95m Series A in 2022 and an additional $10m capital injection in February 2024.
This brings the AI-driven finance and HR platform’s total raised funds to $305m.
According to finally, the company has seen substantial growth, with annual revenue increasing by 300% since its Series A round.
The latest funding is expected to accelerate the company’s growth trajectory, with plans to expand its workforce, advance product research and development, and broaden its go-to-market strategies.
It intends to maintain its position as the one-stop-shop for business owners with the new capital. The company will also strive to solve the financial requirements of small and medium-sized business (SMB) owners.
Established in 2018, finally offers an all-in-one platform for bookkeeping, payroll, bill payments, expense management, and other financial services. The firm initially started by helping small businesses automate their accounting and finance.
Currently, finally is said to cater to more than 1,500 businesses throughout the US.
Over the past year, finally has released four new products, including Corporate Charge Cards, Expense Management tools, Business Checking Accounts, and Payroll.
The company has also increased its headcount by 300%, along with a rapid annual revenue growth.
finally CEO Felix Rodriguez said: “Many SMBs today feel intense pressure to do more with less.
“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.”
