Small Business News
Small Business Accounting Platform Named Finally Raises $95 Million
For small business owners, managing finances can be one of the most challenging and confusing tasks. Between worrying about cash flow, taxes, invoicing, and bookkeeping, there’s plenty for entrepreneurs to concern themselves with — often taking them away from other business tasks. That’s a big reason why a growing number of FinTechs have worked to create solutions for these small businesses. Among them is a company called Finally, which recently gained a significant investment.
This week, Finally announced that it had raised $95 million. That total includes an $11 million Series A plus debt financing. The equity round was led by PeakSpan Capital with Active Capital, 500 FinTech, and GTMfund participating alongside individual investors. Clear Haven Capital provided the debt facility portion of the funding.
According to Finally, it plans to use the new capital to grow its team, as well as launch a small business charge card product. Since launching in 2018, the company has now raised $99.1 million including debt financing.
Finally, formerly known as Back Office, is a platform meant to help small business owners manage their finances and accounting needs. This includes bookkeeping, tax prep, expense management, invoicing, and more. Currently, the company offers a number of subscription options, with the “all in one” Starter plan starting at $89 a month. For that price, small businesses can take advantage of automated bookkeeping, payment processing, and other features. Elsewhere, a la carte services such as invoicing have plans starting at $12 a month.
Speaking to Finally’s goal and how this investment will help them to achieve it, the company’s founder and CEO Felix Rodriguez said in a statement, “Running a small business at any time is daunting. 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.”
Finally customer and Tempesta Media founder/CEO Michael Marchese said of the platform, “Finally takes the back office workflows off our shoulders, making what was once a complicated process easier and much less time-consuming. 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.”
Although there are plenty of small business bookkeeping services available, it’s always great to see new options emerge as it gives business owners the chance to find one that truly fits their needs. On that note, Finally does seem to be doing some interesting things, which in turn could prove to be helpful for entrepreneurs. To learn more about Finally and its services, be sure to check out their website.