Felix Rodriguez’s family from the Dominican Republic saw his aunt and uncle come to the United States and start their own business. However, he observed that not all small businesses are equal when it comes to accounting and working capital.
In 2018, after a career as a network engineer, Rodriguez and his wife, Glenys Rodriguez, began helping small and medium businesses manage their finances, and together with Edwin Mejia, they eventually founded the company.
“These are all applications, and most solutions assume that the founder will interact with the tool,” gaming-updates, CEO Felix Rodriguez, said. “We want to help them automate their finances so they understand their numbers and build a better community and business for everyone involved.”
Originally called Miami’s Back Office, Finals collects accounting, billing, billing and payroll data, and uses artificial intelligence and automation to build a financial picture for its clients. Today, the company works with over 1,000 small business clients and manages nearly $2 billion in transactions.
Having heard from clients that they want to enter the capital markets but find it difficult to trust banks and credit cards, Rodriguez says the second step is ultimately to open up credit opportunities.
A comprehensive product is in development that starts with a corporate card and will add additional loan products with over $1 billion in loan plans.
To get started, the company raised $95 million in Series A capital, including $11 million in equity and $85 million in a line of credit to be used for SME loans. The round was led by Peakspan with participation from Active Capital, 500 Fintech and GTMfunds. Individual investors include GeoCities founder David Bonet and SessionM founder Scott Weller. Clear Haven Capital provided the loan.
In addition to the loans, the company is using new funding to fund hiring, which includes expanding its engineering and sales teams. Finally, a head of credit department was also recently hired and will also be hired to support this side of the business.
Finally, there is a SaaS platform, so customers choose a package based on how many apps they have and pay a monthly fee. With a credit product, it’s free, and the company makes money from the exchange and other fees associated with credit cards.
Over the past two years, it has grown from 12 employees to over 100, and its revenue has increased by triple digits.
Rodriguez said: “Before COVID, we preached that you needed to know your numbers, and when COVID hit, they needed to know your numbers in order to get a PPP loan and then apply for a loan.” “Access to credit is something everyone is worried about.”