Finofo Secures $3.3M to Revolutionize Cross-Border Payments
Finofo Secures $3.3 Million to Innovate Financial Operations
Finofo, a Calgary-based financial operations platform, has recently announced the successful closure of a $3.3 million seed funding round. Led by Watertower Ventures, the financing also saw participation from Motivate Venture Capital, SaaS Ventures, and various local private investors. This funding aims to bolster Finofo's mission to streamline global payments and financial workflows for mid-market companies.
The funding marks a significant milestone for Finofo, especially considering its earlier $1.7 million pre-seed round. This new capital injection reflects the growing demand for Finofo's services, particularly in a rapidly evolving financial landscape.
Responding to Modern Financial Needs
Founded in Calgary by Prateek Sodhi and Charles Maranda, Finofo’s innovative platform aids businesses in managing international payments and automating accounts payable without the hassles of traditional banking. With the economy continually moving toward digital solutions, Finofo fills an essential niche by simplifying the complexities involved in multi-currency transactions and payment approvals.
Prateek Sodhi, one of the co-founders, highlighted the importance of Finofo’s services, stating, “We are addressing a critical pain point for mid-market companies navigating global transactions, which legacy banking systems have often failed to resolve.” Their platform seeks to empower financial teams to effectively manage international cash flows and expense processes with minimal friction.
Empowering Small and Medium-Sized Businesses
In light of ongoing challenges like the potential Canada Post strike and the increasing costs associated with financial transactions, Finofo has introduced a cost-effective $29/month Small Business Plan. This plan is designed to enable small and medium-sized businesses (SMBs) to operate globally without unnecessary fees. Key features include:
- Unlimited ACH, EFT, and SEPA payments across over 90 countries.
- A dedicated ACH receivable account for U.S. transactions, tailored to individual businesses.
- Live ERP synchronization with popular financial software like QuickBooks and Xero.
- Batch payment capabilities and real-time approval processes.
- Smart FX cards with built-in expense controls at no additional cost.
Sodhi emphasized the urgency for finance teams, noting that traditional methods of payment, such as using cheques, are becoming increasingly obsolete. With Finofo’s solution, businesses can speed up their cash inflow and simplify their payment processes without the delays associated with cheque handling.
Designed for Cross-Border Operations
Finofo’s platform uniquely caters to both U.S. and Canadian businesses, embedding compliance mechanisms to support complex cross-border financial operations. This strength is particularly valuable for industries such as energy, manufacturing, and logistics—sectors that often face intricate financial demands due to their international engagements.
Co-founder Charles Maranda remarked, “Our platform drastically reduces the time spent managing purchase orders and approvals, enabling finance teams to focus on strategy rather than administrative tasks.” This enhanced efficiency allows users to handle numerous transactions with ease, ensuring financial operations can keep pace with business growth.
Enterprise-Grade Solutions for Growing Companies
Finofo positions itself as an enterprise-grade solution provider, offering features that include:
- Approval workflows compliant with SOX regulations.
- Automated treasury management and foreign exchange capabilities.
- Instant card freezing for enhanced security against fraud.
- Real-time insights into cash flow and payment requirements.
This latest funding round will be instrumental as Finofo aims to scale its operations, continuing the trend of tripling its revenue within just a year. By refining its platform and expanding its offerings, Finofo is set to make a lasting impact on how mid-market companies manage their financial operations.
About Finofo
Finofo is an innovative financial operations platform tailored to streamline global payments and automate accounts payable for businesses, all under a flat-fee model. Established in 2023, Finofo has gained the trust of numerous companies across North America, thanks to its user-friendly interface and robust functionality. To learn more about its offerings, businesses are encouraged to reach out through their official communication channels.
Frequently Asked Questions
1. What is the primary focus of Finofo?
Finofo aims to simplify global payments and financial operations for mid-market companies, helping them manage international receivables and automate workflows.
2. How much does Finofo's Small Business Plan cost?
The Small Business Plan is priced at $29 per month, providing various features for seamless cross-border payments.
3. Who are the founders of Finofo?
Finofo was founded by Prateek Sodhi and Charles Maranda, both of whom bring significant expertise in finance and technology.
4. What industries does Finofo cater to?
Finofo primarily serves industries such as energy, manufacturing, and logistics, where cross-border transactions are prevalent.
5. How can businesses learn more about Finofo?
Businesses can learn more about Finofo by reaching out to their media relations or visiting their official website.
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