Miami AI bookkeeping startup secures $200M funding round

A Miami-based startup focused on bookkeeping and financial services has successfully raised $200 million in a recent funding round, which includes $50 million in equity and a $150 million credit line. This funding comes just seven months after the company secured $10 million, bringing its total funding since its inception in 2018 to $305 million. The founder, Felix Rodriguez, was inspired by his family's entrepreneurial journey and aimed to level the playing field for small and mid-sized businesses in managing their finances. The company has evolved its offerings to include AI-powered bookkeeping, accounting services, and a corporate card that provides insights into spending. It competes with other financial service providers like Brex and Ramp, but positions itself as a multi-product platform that simplifies financial management for SMB owners. Rodriguez emphasizes the importance of integrating various financial tools into a single platform to save time for business owners. The recent funding will be used to enhance sales and marketing efforts, develop new features, and continue hiring, with the workforce growing from 95 to over 220 employees in just one year. The equity portion of the funding was provided by PeakSpan, while Encina facilitated the credit facility. The startup aims to expand its services, including a module for global hiring and improved payment support. Investors are drawn to the startup's vision of an all-in-one financial solution, recognizing that the value of software is significantly enhanced by the quality of data it processes. This funding round reflects a growing interest in innovative financial solutions tailored for the SMB market, as evidenced by similar funding activities in the sector.