Florida-based startup Finally has secured $95 million in Series A capital to scale up a new credit product. The company works with more than 1,000 small and medium businesses (SMBs) to provide a financial toolkit that manages close to $2 billion in transactions.
The Series A funding was led by PeakSpan, Active Capital, 500 FinTech, and GeoCities Founder David Bohnett. With this funding, they hope to expand by creating a free credit product that generates revenue from credit card fees. They’re in the process of launching a corporate credit card along with additional credit products that will make more than $1 billion in credit available to their customers. Founded in 2018, Finally is a Software as a Service (SaaS) platform that aids SMBs in bookkeeping, invoicing, payroll, and bill payment.
“There are all of these apps, and with most solutions, the founder is expected to deal with the tools,” Chief Executive Officer Felix Rodriguez told TechCrunch. “We want to help them automate their finances so they can build a better community and company.”
Rodriguez said he created Finally to aid SMBs who may be suffering from a lack of financial literacy. After helping clients establish a foundation of financial knowledge, he said that clients had expressed a wish to tap into capital markets. However, they felt that banks and credit cards couldn’t provide the kind of individualized support they needed, he said.
With additional funding not used on the credit program, PeakSpan Capital Partner Jack Freeman said that Finally is also focusing on enhancing its current SMB digitization, accounting automation, and business-to-business (B2B) payment tools. Finally’s engineers are also creating automated bookkeeping solutions for SMBs.