Finaloop secures $35m Series A to advance e-commerce accounting solutions
Finaloop, the real-time e-commerce accounting platform, has successfully raised a $35 million Series A funding round, led by Lightspeed Venture Partners with contributions from Vesey Ventures, Commerce Ventures, and existing investors Accel and Aleph. This new funding increases Finaloop’s total investment to $55 million and will be directed towards enhancing its AI-driven e-commerce accounting software, expanding inventory management capabilities, and bolstering go-to-market and partnership strategies.
Launched in 2020 and operating out of New York and Tel Aviv, Finaloop is transforming how e-commerce and retail brands manage their finances by automating accounting and bookkeeping processes to match the pace and scale of online business. This is crucial in an era where traditional accounting software struggles to keep up with the rapid transactions and complex inventory management of digital commerce.
Finaloop’s AI-driven platform is tailored for direct-to-consumer (DTC) brands across major online marketplaces and multi-channel businesses, ensuring real-time financial data is accessible, enhancing decision-making and profitability. The funding will also help Finaloop expand its partnerships with accounting firms and data-driven marketing agencies, further integrating its services into the broader e-commerce ecosystem.
With an impressive 400% growth in its customer base over the past year, managing over $13 billion in Gross Merchandise Volume (GMV), Finaloop’s platform has proven critical in redefining financial management within e-commerce. Its proprietary AI engine, Rico©, has automated the categorization and reconciliation of more than 94% of transactions, underscoring the platform’s efficiency.
Lioran Pinchevski, CEO and founder of Finaloop, expressed, “The entire e-commerce industry is built on an advanced technological stack, but accounting solutions were significantly outdated. Finaloop is filling this gap by providing real-time, reliable financial reporting and inventory management, which are critical for e-commerce success.”
As e-commerce continues to evolve, Finaloop’s role is set to become increasingly vital. With the new funding, Finaloop is well-positioned to scale operations and enhance its product offerings, ensuring it remains at the forefront of financial technology innovations in e-commerce.