Financial management software provider to SMEs, Finally, raises $50m equity and $150m debt
Florida-based fintech Finally has raised $200 million in debt and equity and now plans to expand its AI-powered business payments platform throughout the US.
Florida’s Finally raises $200 million in debt and equity
The raise, which was first reported by TechCrunch, includes $50 million in Series B equity, provided by PeakSpan Capital in New York, and a $150 million credit facility from Encina Private Credit (EPC).
PeakSpan previously led the fintech’s Series A funding round closed in March 2022, which secured $11 million in equity and an $85 million credit facility.
More recently, the growth equity firm, alongside Active Capital, also supported Finally in securing $10 million in new capital last February.
The fintech, founded in 2018, has now secured $305 million to date, including $235 million in credit facilities and $74 million in equity.
Founded by Edwin Mejia, and Felix and Glennys Rodriguez, Finally currently provides a suite of financial management solutions tailored to the needs of small and medium-sized businesses (SMBs).
These include AI-powered business bookkeeping, expenses management and tax automation solutions, as well as a corporate card offering, and payroll and bill payment services.
In a statement, the fintech says it plans to utilise its latest capital injection to “invest in growing headcount” across its base in Miami, while also “continuing the research and development of its product stack, and expanding its go-to-market initiatives”.
“What we’re building at Finally addresses finance, bookkeeping, and HR problems at their root,” comments F Rodriguez. “But even more importantly, it frees business owners up to focus on high-value and revenue-making activities.”
