Finally, an AI-powered finance and HR suite, has successfully closed a $50 million Series B round led by PeakSpan Capital, alongside a $150 million credit facility from Encina. This new capital infusion follows the company’s impressive $95 million Series A in 2022 and an additional $10 million in early 2024, bringing its total funding to date to $305 million. Since its Series A, Finally has achieved an extraordinary 300% annual revenue growth.
- Funding Overview:
- Series B Funding: $50 million from PeakSpan Capital.
- Credit Facility: $150 million from Encina.
- Total Funding to Date: $305 million.
- Previous Funding: $95 million Series A in 2022 and $10 million capital injection in February 2024.
- Growth and Development:
- Revenue Growth: 300% annual increase since Series A.
- Headcount: Increased by 300% over the past year.
- New Products: Released four new offerings including Corporate Charge Cards, Expense Management, Business Checking Accounts, and Payroll.
Strategic Focus
The Series B funding will enable Finally to:
- Expand Headcount: Hire additional talent to support its rapid growth.
- Enhance R&D: Continue developing and refining its suite of financial and HR tools.
- Boost Go-to-Market Initiatives: Increase efforts to reach and support a broader range of small and medium-sized businesses (SMBs).
Small and medium businesses (SMBs) represent nearly half of the American workforce but often struggle with resource constraints. Finally addresses this challenge by providing an all-in-one suite for managing bookkeeping, payroll, billpay, expense management, and more. The platform is designed to streamline these processes, allowing SMB owners to focus on high-value activities and business growth.
- Felix Rodriguez, CEO of Finally:
- Comments: Emphasizes the importance of addressing core financial and HR issues while reducing complexity for SMB owners. Rodriguez highlights the company’s mission to enhance financial hygiene and productivity, freeing business owners to concentrate on revenue-generating activities.
- Jack Freeman, Partner at PeakSpan Capital:
- Comments: Praises Felix Rodriguez for his vision and execution, noting his success in recruiting top talent. Freeman commends the team’s potential and their relentless pursuit of growth, underscoring PeakSpan’s confidence in Finally’s future.
- Brian DeRosa, CEO of CLEO Skin + Laser:
- Comments: Acknowledges the value of Finally’s integrated platform in simplifying financial management and boosting business efficiency. DeRosa highlights how the solution removes friction from financial processes, enabling business growth and innovation.
Finally’s successful Series B funding and credit facility mark a significant milestone in its journey. With robust financial backing, the company is poised to further its mission of providing comprehensive finance and HR solutions to SMBs. The investment will drive continued growth, product development, and market expansion, reinforcing Finally’s position as a leader in the financial technology space.
