Finli Hopes to Grow Following $6M Seed Round

Payment management platform Finli said it’s ready to expand its team and business banking capabilities after raising $6 million in seed funding.

As the company said in a news release Wednesday (July 6), the round — led by the Urban Innovation Fund — will help Finli move “towards becoming a holistic financial services solution.”

Based in Los Angeles, Finli caters to service-based small businesses with a platform designed to let its clients manage invoicing and payment communications.

“Customers love Finli because it is so easy to use. The Finli team is totally dedicated to lifting up small businesses and owner-operators — and it shows,” said Clara Brenner, co-founder and managing partner at Urban Innovation Fund.

“Many service providers are fearful of big tech taking advantage of them with hidden costs and complex integrations. Finli allows small businesses to regain control — delighting their customers and making more money in the process,” Brenner added.

Finli’s platform lets clients handle invoicing from their phones, whether that means looking up customer information, setting up recurring invoices, or checking on payment status. Businesses can reconcile cash and check payments through the platform and manage collections via automated emails and texts.

“Existing banking and administrative platforms have not built their solutions with the small business of today in mind, many of whom are utilizing five or more services to manage client billing and payments,” the company said.

Learn more: 1 in 5 SMBs Interested in Adopting All-In-One Payment Solutions

Recent research from PYMNTS found that about one in five SMBs that aren’t using an all-in-one payments solution would be interested in using one to make or receive payments.

In fact, 18% of these companies reported that they are “very” or “extremely” interested in using all-in-one payment solutions to receive payments over the next three years, and 23% said the same about using them to make payments.

This interest is most pronounced among SMBs in the eCommerce and eTail industry, where 23% of SMBs reported an interest in using all-in-one payment solutions to receive payments, and 33% said they were interested in using them to make payments.