💼 Finaloop Raises $35M in Series A
Finaloop, an accounting software startup for e-commerce businesses, has secured $35M in a Series A funding round led by Lightspeed Venture Partners. Other investors include Vesey Ventures, Commerce Ventures, Accel, and Aleph. The New York-based company, with R&D in Tel Aviv, previously raised $20M. CEO Lioran Pinchevski, an accountant turned entrepreneur, founded the company to ease bookkeeping headaches for online retailers.
📈 Pinchevski's Journey to Finaloop
Lioran Pinchevski's background includes nearly a decade at PwC, handling complex accounting issues in mergers and acquisitions. His experience running a health tech startup, Sppare.me, which focused on sperm freezing and reached high seven figures in sales, inspired him to leverage his accounting skills to create Finaloop. His goal was to address the time-consuming and complicated nature of e-commerce bookkeeping.
🛒 E-commerce's Rapid Growth and Challenges
E-commerce has seen explosive growth, projected to surpass $6T in global sales this year. While consumer convenience has increased, retailers face complex bookkeeping due to multiple sales channels and transaction methods. Pinchevski noted, “Every online seller needs to do accounting, both from a compliance perspective and a business visibility perspective.”
🔧 Finaloop's Unique Solution
Finaloop integrates with platforms like Amazon, Walmart, and TikTok, automating transaction tracking, bookkeeping, and inventory management. Its SaaS pricing starts at $65/month, decreasing with annual subscriptions or adding tax solutions. The company boasts a 400% growth in its customer base, managing $13B in GMV across thousands of users. This success is attributed to addressing immediate needs for smaller e-commerce businesses, positioning Finaloop as a vital tool in a fragmented market.
How will Finaloop’s $35M funding impact e-commerce?
