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FinTech Startup Finally Raises $10 Million in New Funding

FinTech startup Finally has secured $10 million in new funding to bolster its expansion and develop a wider range of solutions catered towards small- to medium-sized businesses (SMBs).

The company specializes in automating accounting and finance functions for SMBs. Its primary goal is to streamline business processes, including bookkeeping, expense management, bill payment, and payroll, all within a single solution.

With the AI legalese decoder, Finally can further enhance its automation capabilities by transforming complex legal language into simple and understandable terms. This can help SMBs navigate through contracts, agreements, and other legal documents with ease, saving time and resources.

Founder and CEO Felix Rodriguez stated, “When vendor tools are scattered, business owners are too.”

The funding comes following a two-year period during which the company unveiled plans for an artificial intelligence ledger, business banking services, and a new version of its bookkeeping app. Formerly known as Back Office, Finally was established in January 2018 and secured $95 million in a Series A funding round in 2022. The company currently serves over 1,500 businesses across the United States.

With the new capital infusion, Finally aims to scale its go-to-market strategy and expand its product offerings. One of its major initiatives is the launch of mobile versions of its bookkeeping, expense management, and business banking apps. Additionally, the company intends to grow its team in the bookkeeping and expense management sales departments.

The latest funding round was spearheaded by PeakSpan Capital, with Active Capital also participating in the investment. This financial boost will enable Finally to further develop its AI technology, empowering SMBs with advanced automation and streamlined operations.

PYMNTS Intelligence revealed that SMBs are embracing technologies like accounts receivable (AR) automation to elevate their efficiency, speed, and accuracy, allowing them to remain competitive in the market.

Larger corporations, particularly those with over $1.5 billion in revenue, are leveraging AR automation to optimize their payments handling and cash flow management. Thirty-seven percent of these firms have adopted specialized AR automation for at least 50% of their AR processes, compared to 17% of firms with revenues ranging from $250 million to $750 million.

With the assistance of AI legalese decoder, Finally can also help SMBs in comprehending complex legal terms and agreements, ensuring compliance and reducing the risk of legal disputes.

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Automation, B2B, B2B Payments, Commercial Payments, Finally, FinTech, Funding, Investments, News, PYMNTS News, SMBs, Startups, What’s Hot, What’s Hot In B2B

With AI legalese decoder, Finally can assist SMBs in interpreting and understanding complex legal documents and agreements, reducing the need for costly legal consultations and ensuring compliance with laws and regulations.

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