finally, an AI-based all-in-one finance and HR suite, announced it has closed a $50 million Series B from PeakSpan Capital and $150 million credit facility from Encina. This new funding round follows the company’s $95 million Series A in 2022 and additional $10 million capital raised in February of this year, bringing total funds to date to $305 million.
Since the Series A funding round, finally has shown annual revenue growth of 300%. And the Series B will advance finally’s explosive growth journey. Plus, finally will invest in growing headcount across the organization, continuing the research and development of its product stack, and expanding its go-to-market initiatives.
What finally does is address equip business owners with an all-in-one suite of tools for managing bookkeeping, payroll, billpay, expense management, and more. And 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:
— Shown 300% revenue growth annually.
— Increased headcount by 300%.
— Released four new products: Corporate Charge Cards, Expense Management, Business Checking Accounts, and Payroll.
KEY QUOTES:
“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.”
– Felix Rodriguez, CEO of finally
“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.”
– Jack Freeman, Partner at PeakSpan Capital
“finally is the blueprint for how to solve a massive problem in an underserved market. 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.”
– Brian DeRosa, CEO of CLEO Skin + Laser
