Ecommerce Accounting Platform Secures $35M In Funding

An AI-led accounting platform that provides real time services for ecommerce has raised $35 million in a series A funding round. 

Finaloop, which has offices in Tel Aviv and New York, offers an automated accounting and bookkeeping system that it says operates as fast as the online businesses it caters to. 

The funding round was led by Lightspeed Venture Partners, along with new investors Vesey Ventures and Commerce Ventures and existing backers Accel and Aleph. The round brings Finaloop’s total funding to $55 million. 

“The entire ecommerce industry is built on an advanced technological stack with players like Shopify, Amazon, Gusto, Stripe and others, but the accounting and bookkeeping solutions used by these companies were lightyears behind every other tool in their arsenal,” said Finaloop founder and CEO Lioran Pinchevski. 

“We’re excited to be joining forces with Lightspeed, who share our vision of becoming the financial source of truth for all retail brands. We’re seeing a tectonic shift in the ecommerce market from growth at all costs to profit-driven and financial management. By providing real-time, financial visibility, Finaloop helps brand founders develop their financial IQ and propels them to become not just great marketers, but also great overall operators,” he said.