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If your service-based business is still collecting paper checks and only knows customers by name, Finley has an app for you.
Finny CEO Lori Shao started mobile technology for Fintech and payment companies about three years ago and started a mobile payroll management company. She has been around technology all day but still uses a checkbook. Manage home services such as landscaping and after-school programs.
Lori Shao, Finney CEO Image thanks Finley
A company based in San Marino, California, specializes in small businesses. According to the U.S. Small Business Administration, 9.9% of U.S. businesses are small businesses.
These are businesses that use five or more services, such as QuickBooks, to manage their customers’ payments and payments. Shao believes that many business owners will abandon those services because they are more complex, expensive and know more about their owners than their first name and mobile phone number.
“You do not have to put yourself in the QuickBooks box or square box. You can continue to work in your own way and we will find you where you are, ”Shao told Tech Crunch. Finley means ‘financial elevator’, so raising money for communities is in our DNA, and we can do that all at once with a small micro-business.
The Finley platform is designed to allow owners to send receipts, search for customer information and verify payment terms between gigs. Users can set up an account and send their first request via email, SMS or any other messaging app in minutes. There is also a Customer Relationship Manager feature to help you digitalize the customer base.
Shao said that some competitors would reduce their fees, so it was important for her to have zero merchant fees for commercial bank transfers. Owners can also continue to check for cash and payments, which can automatically reconcile and manage collections of emails and text messages within the app.
Finley currently has a premium model for sending and receiving invoices. There is a flat monthly payment package starting at $ 25 per month, which includes advanced equipment such as recurring payments and ACH direct debit, all the equipment your bank needs to provide.
The company has 11 employees.
Shao has closed a $ 6 million seed fund to grow the group and continue to develop the characteristics of a commercial bank. The investment is led by the Urban Innovation Fund, which includes Motley Full Ventures, M13, Aluminum Ventures and all existing investors including Mac Venture Capital, Slausen & Company, Core Innovation Capital, Texts and Moses Capital. This will provide a total of $ 9.5 million to Finley.
“I started the company only with myself and my laptop and I realized that I had to be surrounded by talented people who could help me improve myself and get Finlin on my laptop,” she added. “We can do a lot with very little and eventually we can do a lot with this capital. We have a lot of ideas, there are many opportunities that we want to pursue but we were just like any other beginners, limited in resources, our growth was limited.
Finley is not the only one to help business owners manage their process digitally. Earlier this year, Zuper, which provides field service management and customer engagement productivity tools, raised $ 13 million. Earlier, Fuzi raised $ 4.5 million in seed money for a “single-stop shop” for small businesses and independent contractors, while Pulus Technologies raised $ 15 million for mobile app vendors from home repair services.
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