TLDR:
- Finaloop secures $35 million in Series A investment led by Lightspeed Venture Partners.
- The funding will be used to invest in AI-driven e-commerce accounting software automation and expand go-to-market efforts.
Finaloop, a real-time e-commerce accounting platform, has announced a $35 million Series A round led by Lightspeed Venture Partners. This investment brings Finaloop’s total funding to $55 million, which will be utilized to enhance its AI-driven e-commerce accounting software automation and inventory management capabilities, as well as to expand go-to-market and partnership efforts.
Launched in 2020 with offices in New York and Tel Aviv, Finaloop offers automated accounting and bookkeeping services tailored for e-commerce and retail brands, allowing businesses to make better, more profitable decisions by providing real-time financial data accessibility. The platform is the first real-time, AI-driven accounting service designed for direct-to-consumer brands selling on various online stores and marketplaces.
Finaloop has experienced significant growth over the past year, with a 400% increase in its customer base and the management of over $13 billion in GMV on its platform. The platform’s AI-driven reconciliation engine, Rico ⓒ, has successfully automated the categorization and reconciliation of over 94% of more than 70 million transactions.
CEO and founder of Finaloop, Lioran Pinchevski, highlighted the need for improved financial solutions in the e-commerce industry, stating that outdated accounting software often leads to inventory mismanagement and unreliable financial reporting. The platform aims to become the financial source of truth for all retail brands, providing real-time financial visibility to propel businesses towards profit-driven growth.
Finaloop’s customer base includes well-known DTC brands like Heart & Soil, Duradry, Crossnet, Netrition, and Marcella NYC. Jack Benzaquen, CEO of Duradry, has praised Finaloop for simplifying the financial process and providing visibility in key numbers that were previously lacking.
Lightspeed Partner, Tal Morgenstern, expressed excitement about supporting Finaloop in reshaping e-commerce accounting and bookkeeping, providing businesses with real-time financials for a competitive edge.
Finaloop’s mission is to revolutionize e-commerce financial operations by offering advanced accounting and bookkeeping services tailored for the unique needs of online businesses, ultimately driving growth, better cash flow management, and more accurate financial planning.
