Small business payment management solution Finli scores $6m

Payment management platform Finli has collected $6m in its seed funding round, which was led by Urban Innovation Fund.

Motley Fool Ventures, M13, Alumni Ventures also joined the round, as did all Finli’s existing backers.

With the capital, Finli plans to expand its team and business banking capabilities.

The US Small Business Administration Office of Advocacy states that 99.9% of US businesses are small businesses. However, Finli claims existing banking and administrative platforms are not built for small businesses, many of whom are using five or more services to manage client billing and payments.

Finli CEO Lori Shao said, “‘Our mission is to provide underserved businesses with the financial tools that they need to manage and grow their businesses without taking on hefty fees or complicated workflows. By meeting them where they are, we are giving them back time and money.

“We intentionally built Finli to solve cumbersome business challenges so that owners and operators can focus on growing their business and not chasing payments.”

Finli’s platform was designed for businesses to manage all aspects of invoicing and payments communications, letting them use familiar tools and customers to easily pay outstanding invoices through their mobile devices.

Small businesses can use the platform to send invoices, search customer information, create recurring invoices and check payment status.

New users can set up an account and issue and invoice in under a minute through their mobile device, desktop or any other device.

Another business focused FinTech to close funds this week was Tesorio, an accounts receivable management platform. The company netted $17m for its Series B.

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