Announces first credit product with plans to make over $1 billion in credit available to small businesses
MIAMI, March 21, 2022 /PRNewswire/ -- Finally, the fintech startup whose mission is to help small businesses automate their accounting and finance functions, today announced a $95 million Series A, including both equity and debt. The round was led by PeakSpan Capital with participation from Active Capital, 500 FinTech, and GTMfund. Clear Haven Capital provided the debt facility. Other notable investors include David Bohnett (founder, GeoCities), Scott Weller (founder, SessionM). The company will deploy the funds to grow the team and launch a corporate charge card for small businesses.
"Running a small business at any time is daunting," said Felix Rodriguez, Finally founder and CEO. "Juggling cash flow, taxes, and bookkeeping can often be a distraction from running and growing their actual businesses. Our mission at Finally is to relieve the burdens on small business owners and to level the playing field. This new funding will enable us to continue to support SMBs."
Formerly known as Back Office, Finally was founded in 2018 to help automate back office functions for SMBs. Today, more than 1,000 businesses rely on Finally to give them better visibility and management over core finance and accounting activities. Throughout the past two years, Finally has experienced triple-digit growth.
"Finally takes the back office workflows off our shoulders, making what was once a complicated process easier and much less time-consuming," said Michael Marchese, founder and CEO of Tempesta Media, a Finally customer. "Now, we are able to connect the dots with our finances, and our business benefits from that clear visibility. The opportunity to make the process more efficient while still maintaining our accounting relationship is incredibly valuable."
Businesses can connect their bank and credit accounts and get immediate visibility into how their company is doing; the more data points a business connects, the more insights they unlock. With the launch of its corporate charge card, Finally plans to make over $1 billion in credit available to small businesses.
"Finally is pioneering a new category at the intersection of several fintech trends—SMB digitization, accounting automation, B2B payments, embedded finance, to name a few. That's why the work the team is doing to build a 'do-it-for-me' automated bookkeeping solution for SMBs is very exciting and compelling," said Jack Freeman, Partner at PeakSpan Capital. "We are thrilled to back the Finally team as they continue to democratize financial management and capital solutions for small businesses and entrepreneurs."
"We're excited to partner with Felix and the Finally team as they continue to disrupt the way businesses manage their finances," said Mark Simmer, Managing Partner at Clear Haven Capital. "We're looking forward to being able to provide them the capital to achieve their next stage of growth and bring their platform to even more businesses around the country."
ABOUT FINALLY
Finally was founded in January 2018 as Back Office and was part of 500 Startups. Finally initially started by helping small businesses automate their accounting & finance. Finally currently serves over 1,000 businesses throughout the US. To learn more, visit https://www.finally.com/
ABOUT PEAKSPAN CAPITAL
PeakSpan Capital is a growth equity firm based in New York City and Silicon Valley. Having partnered with over 30 high growth software businesses and with $1.5B+ in AUM, PeakSpan's mission is to be the partner of choice for growth stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes. PeakSpan combines deep domain expertise within a select number of themes with a homegrown, proprietary technology platform providing visibility into company and market performance, to help disruptive entrepreneurs drive resilient, risk-adjusted value creation. To learn more about PeakSpan Capital and its portfolio, please visit: www.peakspancapital.com.
ABOUT CLEAR HAVEN
Clear Haven Capital Management is a private credit fund manager in New York that provides flexible capital solutions to FinTech companies in seed to late-stage growth cycles. Our partner companies are building the future of financial services in areas such as consumer lending and credit cards, real estate, automotive finance, and SME finance. The firm is led by industry veterans in financial services and is committed to helping their clients succeed by providing efficient capital market solutions needed to scale their companies. clearhavencm.com
ABOUT ACTIVE CAPITAL
Active Capital is an early stage venture firm focused on the future of B2B SaaS. The firm invests in pre-seed and seed stage companies leveraging cloud computing, AI, ML, and Web3 to build the next frontier of business software. The firm was founded in 2017 by Pat Matthews and Cat Dizon who have been working together for more than a decade. Pat was the co-founder & CEO of Webmail, a B2B SaaS company that was acquired by Rackspace. Pat and Cat then helped grow Rackspace into a multi-billion dollar company. Headquartered in San Antonio, Active Capital invests in remote teams and emerging tech hubs across the US and beyond. To learn more, please visit activecapital.com.
ABOUT 500 GLOBAL
500 Global is a venture capital firm that invests early in founders building fast-growing technology companies. We focus on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. 500 Global has backed over 6,000 founders representing more than 2,500 companies operating in 77 countries. Our portfolio includes 33 companies valued at more than $1 billion and 120 companies valued at over $100 million. Our team members are located in more than 15 countries and bring experience as entrepreneurs, investors, and operators from some of the world's leading technology companies. https://500.co
MEDIA CONTACTS
FOR FINALLY:
Megan Stinson
Communications/PR, Finally
[email protected]
312-775-2856
SOURCE Finally
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