Miami AI Bookkeeping Startup Finally Secures $200M in New Equity and Debt Funding Round

Finally Secures $50 Million in Series B Funding to Enhance SMB Financial Services

Miami-based bookkeeping, accounting, and finance startup Finally has successfully raised $50 million in a Series B funding round, along with a $150 million credit line. This new financing follows the company’s $10 million funding announcement just seven months ago, bringing Finally's total capital raised since its founding in 2018 to $305 million—comprising $235 million in credit facilities and $74 million in equity.

The Vision Behind Finally

Felix Rodriguez founded Finally inspired by the entrepreneurial journey of his Dominican Republican family and his own experiences in the business world. He recognized that many small businesses struggle with bookkeeping and accessing working capital, creating an uneven playing field. To address this, Rodriguez, alongside his wife Glennys and co-founder Edwin Mejia, launched Finally in 2018. The firm has since evolved its offerings to include AI-driven bookkeeping, accounting, financial services, and a corporate card designed to provide deeper insights into spending. Recently, the company introduced an AI-powered ledger that integrates essential business banking functions.

Competition and Market Position

Finally’s offerings place it in competition with platforms like Brex and Ramp, particularly in expense management and corporate cards. However, Rodriguez emphasizes that Finally is more than that—it’s a holistic “multi-product platform” that also encompasses payroll processing. “Finally is ideal for SMB owners who need a streamlined solution rather than juggling multiple applications for their financial needs," said Felix Rodriguez. “Understanding key financial metrics, such as cash flow and cash burn, is crucial to successful business management.”

Impressive Growth Metrics

Since securing a $95 million Series A in March 2022, Finally has reported an astounding 300% annual revenue growth, although the company has chosen not to disclose exact figures. Currently, Finally serves over 1,500 businesses across the United States and generates revenue through a combination of SaaS subscription fees, interchange fees, and interest income. While details on valuation remain undisclosed, the Series B funding round was categorized as “an up round.”

Investment and Future Plans

The equity financing was spearheaded by PeakSpan Capital, while Encina provided the $150 million credit facility. The company plans to bolster its sales and marketing efforts, enhance features in its existing products, and introduce new modules focusing on global hiring and improved payment solutions. Additionally, Finally is actively expanding its team, now with over 220 employees—up from 95 this time last year, including the recent appointment of Roy Duvall, former CTO of Calendly, as Chief Technology Officer.

Insights from the Investors

Jack Freeman, a partner at PeakSpan Capital, highlighted his firm’s extensive evaluation of the bookkeeping automation ecosystem before partnering with Rodriguez. He noted, “We were inspired by his ‘all-in-one’ vision. Finally excels in recognizing that software's value is determined by the quality of data it processes.” The company seamlessly integrates data from various sources and offers embedded credit products alongside its software to create a comprehensive solution for SMBs.

Finally is part of a growing trend where startups are attracting significant investment in the financial technology space. For example, Dublin-based AccountsIQ raised €60 million (around $65 million) in June, aimed at enhancing automated cloud-based services for mid-sized enterprises. Meanwhile, the accounting-focused startup Pennylane secured $40 million in funding at a valuation exceeding $1 billion earlier this year.

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