TLDR:
- Finaloop, a real-time e-commerce accounting platform, secures a $35 million Series A investment led by Lightspeed Venture Partners.
- The funding will be used to further invest in AI-driven e-commerce accounting software automation and expand partnerships.
Finaloop, a real-time e-commerce accounting platform, has announced a $35 million Series A investment led by Lightspeed Venture Partners. The funding round, which brings Finaloop’s total funding to $55 million, will be used to further invest in its AI-driven e-commerce accounting software automation and inventory cost management. Finaloop aims to expand its go-to-market and partnership efforts with accounting firms and data-driven marketing agencies.
Founded in 2020 with offices in New York and Tel Aviv, Finaloop offers an automated accounting and bookkeeping service tailored for e-commerce and retail brands. The platform, which is the first AI-driven accounting service for DTC brands selling on major online stores and marketplaces, has successfully automated over 94% of transactions using its reconciliation engine, Ricoⓒ.
The investment comes after Finaloop’s success in demonstrating the need for a better solution to run financial operations in the e-commerce market. Over the past year, Finaloop has seen significant growth, working with thousands of brands and managing over $13 billion in GMV. By providing real-time financial visibility, Finaloop aims to help brand founders make more informed decisions and become successful operators in the competitive e-commerce industry.
Leading Lightspeed Venture Partners, whose Partner Tal Morgenstern expressed excitement about supporting Finaloop’s vision of becoming the financial source of truth for all retail brands, the investment reflects confidence in Finaloop’s ability to reshape accounting and bookkeeping for e-commerce.
