Accounting platform Finally has raised a $200 million Series B, joining a crop of startups that have attracted investment by weaving AI into enterprise fintech software.
The round includes a $50 million equity investment from PeakSpan Capital and a $150 million credit facility from Encina Capital Partners, bringing the company’s total funding to $305 million. In February, the startup raised $10 million from PeakSpan and Active Capital. Before that, Finally raised a $95 million Series A in March 2022. The startup did not disclose its valuation.
Miami-based Finally’s bookkeeping ledger uses machine learning to analyze transactions and generate reports. The startup’s platform also includes payroll processing, a tax preparation and compliance hub, and an invoicing service. Finally offers a corporate credit card too.
Finally’s competition includes AI-assisted bookkeeping startup Pilot, which has raised nearly $325 million and was valued at $1.25 billion in 2021.
Enterprise fintech witnessed a slight rebound in Q2, with deal value increasing 27.1% from Q1 after two consecutive quarters of decline, according to PitchBook’s latest report on the sector. The vertical netted $4.63 billion across 316 deals in Q2, a far cry from the sector’s peak of $17.6 billion in Q3 2021.
The marriage of AI and financial software has proven to be a winning combination.
AccountsIQ, an Irish AI bookkeeping startup, raised $65 million led by Axiom Equity in June. Sedric, an AI fintech compliance startup based in New York, raised an $18.5 million Series A in early September.
More broadly, enterprise fintech has been buoyed by large fundraises like market intelligence platform AlphaSense’s $650 million round in June, and accounting workflow company FloQast‘s $100 million raise in April.
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