How this bookkeeping startup in Miami raised a $200 million funding— all you need to know

Miami has established itself as a top global startup hub.According to the 2024 Global Startup Ecosystem Report^[1], the city climbed seven places in the rankings, now standing among the world’s top startup ecosystems. 

This growth is largely fueled by a wave of fast-scaling fintech and tech companies that are reshaping the business landscape.

One of those rising stars is Finally, a Miami-based fintech startup that just secured $200 million in funding^[2].

Finally is transforming the way small and medium-sized businesses manage their finances—streamlining accounting, payroll, and cash flow management into a single, intuitive platform. It simplifies complex financial tasks, giving business owners more time to focus on growth instead of getting bogged down in financial details.

As Finally’s CEO, Felix Rodriguez once said

“Finally is especially useful for SMB owners that don’t have time to learn 20 different apps for their bookkeeping and finance functions.” 

The company’s AI-powered solution has attracted many investors over the years. But how did this startup rise to such prominence?

In this blog, we’ll explore Finally’s journey from its startup days to becoming a fintech powerhouse. 

From humble beginnings to industry leader; how this bookkeeping startup in Miami raised $200 million in funding

The company’s origin story

For Felix Rodriguez and his family, managing their business finances was always a challenge ^[3]and a constant source of frustration.

He watched his Dominican Republic-born family struggle to keep their business afloat, often losing valuable time to messy spreadsheets and clunky financial tools. Later, during his own stint as a small business owner, he found himself in the same situation: caught between endless paperwork, spreadsheets, and various financial apps to track expenses and income, manage cash flow, and handle payroll.

These experiences gave Felix a deep understanding of the pain points small business owners face every day. He saw firsthand how inefficient financial management could hold businesses back and knew there had to be a better way.

That’s when he teamed up with his wife, Glennys Rodriguez, and Edwin Mejia to create Finally, a fintech bookkeeping startup in Miami designed to simplify finances for SMBs. By integrating payroll, cash flow management, and other essential financial processes into one intuitive platform, Felix and his team developed a solution that streamlines operations and improves how small businesses manage their finances.

The platform’s innovative approach quickly caught the attention of investors, leading to early funding rounds and exponential growth. Its most recent milestone—a $200 million funding round—has positioned Finally as a leader in the SMB fintech space.

The road map to $200 million funding

Every startup needs its first big break, and for Finally, that came in March 2022. They bagged $95 million in Series A funding, which is no small feat for a young company. For Finally, this round was a clear sign that investors were betting big on their mission to provide all-encompassing bookkeeping services to SMBs. 

With this cash infusion, the company grew at an exponential rate of 300%. 

Fast forward a couple of years, and Finally landed another $10 million in additional funding in February 2024. This round was like adding fuel to an already roaring fire—helping the company fine-tune its platform and expand its reach to almost 1500 SMBs in the USA.

Now, let’s talk about the big one—the Series B funding in September 2024.

This round brought in a staggering $200 million, divided between $50 million in equity led by PeakSpan Capital and a $150 million credit facility from Encina. 

But what does this mean for all the companies involved? Let us break that down for you.

The equity funding^[4] from PeakSpan Capital means they provided $50 million in exchange for ownership or shares in Finally. Essentially, the investors now own a portion of the company. This funding usually comes with strategic benefits, like having experienced investors on board who provide guidance, connections, and expertise to help the business grow.

On the other hand, a credit facility^[5] is essentially a large loan or line of credit extended to the company—in this case, $150 million from Encina. It’s considered a form of debt. This form of funding is beneficial for the company because Encina provides significant capital without further diluting ownership.

With this hefty sum, Finally has positioned itself as a major player in the Miami bookkeeping solution and the fintech world, ready to double down on AI advancements, improve its platform, and scale its operations even further. 

What makes Finally unique — their “all-in-one” services that redefine bookkeeping with AI

Finally was built on this very premise—to harness the power of AI to simplify financial management for SMBs and provide bookkeeping services that help them operate more efficiently. Their use of machine learning acts like a meticulous financial advisor who’s always on duty.

And here’s how it does that:

• Proactive alerts: AI scans transactions for irregularities like abnormal spending, unrecognized transactions, or shrinking margins, flagging issues before they escalate.

• Learning with time: As SMBs grow, Finally’s AI adapts, learning from past transactions and decisions to offer even more tailored recommendations.

• Strategic guidance: From budgeting to optimizing cash flow, Finally’s AI doesn’t just manage data—it helps SMBs make smarter financial decisions.

The company has also redefined financial management by providing all-in-one solutions, eliminating the need for SMBs to juggle between multiple apps.

As Jack Freeman, partner at PeakSpan Capital, told TechCrunch^[7]

“We immediately fell in love with his ‘all-in-one’ vision, While other spend management software providers are focused on building out software features, Finally understands intuitively that software is only as valuable as the data you can feed it. Finally ingests data, integrates with other software, and offers embedded credit products alongside software products in an effort to serve as a “one-stop shop” for an SMB.” 

Let’s take a closer look at the features that Finally’s all-in-one platform provides:

1. Bookkeeping

• The problem: Manual bookkeeping is time-consuming, error-prone, and often overwhelming for SMBs with no dedicated finance team. 
• Finally’s solution: Finally automates bookkeeping with AI-driven software that processes transactions, categorizes expenses, and flags any irregularities—almost like having a 24/7 financial advisor.

2. Real-time cash flow insights

• The problem: Poor cash flow management is one of the leading reasons small businesses fail.
• Finally’s solution: Finally provides real-time cash flow monitoring and strategic recommendations to help SMBs make informed decisions.

Also read: Why do 82% small businesses fail? And how to succeed in the 1st year

3. Effortless payroll and bill pay

• The problem: Payroll is a critical task, and errors can lead to compliance issues or dissatisfied employees. Additionally, managing vendor payments can also involve messy paperwork and tedious tracking.
• Finally’s solution: With Finally, SMBs can upload, send, or even take pictures of bills to pay vendors easily and securely. The platform also provides quick and efficient payroll services. 

4. Tax preparation and compliance

• The problem: When financial records are fragmented between multiple apps or ledgers, tax filing is often stressful. Another headache with tax season is missing deadlines and staying compliant with tax regulations. 
• Finally’s solution: The platform ensures tax-ready books, streamlining the process for seamless filing and compliance. It also has a unique calendar feature with alerts to ensure SMBs stay on top of their deadlines.

Also read: Mid-year tax planning checklist for businesses

5. Corporate card

• The problem: Access to corporate credit can be limited for SMBs, and understanding spending habits is difficult without proper tools.
• Finally’s solution: By combining QuickBooks integration and AI analysis, it offers corporate cards with instant approvals, higher limits, and fraud protection. Their technology also analyzes spending patterns to optimize credit limits and provide tailored solutions for every business.

With these tools and features, their AI-driven platform has already made waves in the industry. Now, with $200 million in fresh funding, the company is gearing up to take these solutions to the next level. 

Leveraging $200 million in their vision for the future

1. Boosting sales and marketing efforts

A significant portion of the funding will go toward strengthening Finally’s presence in the SMB fintech space. By investing in sales and marketing, the company aims to reach more SMBs. 

2. Global hiring features

Recognizing the growing need for businesses to hire talent across borders, Finally is planning to roll out a global hiring module within its existing hiring product.

3. Expanding payment support

On the finance side, Finally is committed to enhancing its payment capabilities, making it even easier for businesses to process payments securely and efficiently.

4. Growing their team

As part of its growth strategy, Finally plans to continue hiring at a steady pace. The company has already grown its team significantly, from 95 employees last year to over 220 today. 

With this expansion, they’re bringing in top talent to further strengthen their operations. One notable recent hire is Roy Duvall, former CTO at Calendly, who joined as Finally’s Chief Technology Officer. Duvall’s expertise is expected to play a pivotal role in advancing Finally’s technological capabilities.

How Finally stacks up against competitors

The bottom line

By branding itself as a pioneer in AI-driven bookkeeping and accounting solutions, Finally has positioned its platform as a bookkeeping startup in Miami that’s more than just a financial tool—it’s a trusted partner that grows with SMBs, empowering them to focus on scaling their businesses rather than being bogged down by financial stress.

That said, navigating the multitude of features offered by Finally’s software can feel overwhelming, especially for those managing their finances independently. Without the necessary expertise, errors in tax reporting, payroll processing, or financial reconciliation can lead to compliance issues and costly mistakes. This is where outsourcing bookkeeping to a professional can make all the difference—ensuring accurate records, timely tax filings, and proper cash flow management.

At CoCountant, we provide accounting and bookkeeping services to small business owners like you. Our services cover everything from basic bookkeeping tasks such as bank reconciliations, invoicing, and reimbursements to more comprehensive solutions like cash flow projections and budgeting and financial forecasts.