Finally, the AI-powered finance and HR platform, has successfully secured a $200m Series B investment.
The latest funding round consists of $50m in equity from PeakSpan Capital and a substantial $150m credit facility from Encina. This strategic financial infusion builds on the firm’s previous $95m Series A in 2022 and an additional $10m capital received in February this year, bringing its total funds to an impressive $305m.
The company is dedicated to transforming the finance and HR capabilities of small and medium-sized businesses (SMBs). Finally offers a comprehensive suite of tools, including bookkeeping, payroll, bill pay, and expense management, tailored to streamline operations for SMBs, which constitute nearly half of the American workforce.
With its Series B funding, Finally plans to accelerate its growth trajectory. The capital will be used to expand the company’s team, further develop its product offerings, and enhance its market penetration strategies.
Since its last funding round, Finally has achieved a remarkable 300% annual revenue growth and has significantly increased its workforce by the same percentage. The company has also launched four innovative products over the past year: Corporate Charge Cards, Expense Management, Business Checking Accounts, and Payroll.
Felix Rodriguez, CEO of Finally, remarked, “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. We’re proud that PeakSpan continues to believe in our vision for supporting SMB owners.”
Jack Freeman, Partner at PeakSpan Capital, praised Finally’s leadership, saying, “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 $1bn 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.
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