Latest news with #Finofo
Globe and Mail
3 days ago
- Business
- Globe and Mail
Calgary Fintech, Finofo Raises $3.3M to Transform Cross-Border Financial Operations for Mid-Market Companies
Calgary, June 10, 2025 (GLOBE NEWSWIRE) -- CALGARY, Alberta, June 10, 2025 – Finofo, the financial operations platform helping businesses manage global payments, international receivables, FX, and AP workflows, today announced a $3.3 million seed funding round led by Watertower Ventures, with continued support from Motivate Venture Capital, SaaS Ventures, and Alberta-based private investors. The round follows a $1.7M pre-seed in 2023 and reflects the strong market pull and adoption Finofo has seen over the past year. Founded in Calgary by Prateek Sodhi and Charles Maranda, Finofo helps companies simplify international payments, consolidate multi-currency accounts, automate payables, and eliminate manual FX workflows. While the product was originally built for mid-market teams, growing demand from SMBs, especially those still relying on mailed cheques, exposed a bigger need. 'Finofo is tackling a mission-critical pain point for mid-market companies operating globally—something traditional banks and legacy systems have failed to solve. Co-founders Prateek and Charles are an exceptional team with deep domain expertise and a clear vision. We are thrilled to support their journey to become the category defining infrastructure platform for cross-border finance," said Jeremy Milken, General Partner, Watertower Ventures. With the threat of a Canada Post strike and rising costs to move money, SMBs are hit hardest. In response, Finofo is launching a $29/month Small Business Plan to give them everything they need to move money globally without friction. It includes: Unlimited free ACH, EFT, SEPA, and other local payments across 90+ countries US ACH receivable account in your business's name Live ERP syncs with QuickBooks, Xero, Sage, Dynamics, and NetSuite Batch payments, real-time approvals, and audit-ready workflows Smart FX cards and expense controls at no extra cost 'The only reason cheques are still around is because banks made wires expensive and receiving payments even harder,' said Prateek Sodhi, Co-founder of Finofo. 'Now, with a Canada Post strike looming, finance teams can't afford to wait on envelopes in the mail. Finofo gives every business an ACH receivable account in their name, so they can finally stop chasing cheques and start getting paid faster, with zero fees or friction.' Built for US & Canadian businesses operating across borders Finofo is the only financial operations platform built natively for both U.S. and Canadian entities, with embedded compliance and support for complex cross-border structures. The platform is especially relevant for energy, manufacturing, and logistics firms with international vendor and customer bases, and multi-entity operations. 'We designed Finofo to reduce the hours spent wrangling POs, FX conversions, and approvals, especially for finance teams working across entities and currencies,' said Charles Maranda, Co-founder at Finofo and former financial engineer at National Bank of Canada. 'Now, they can ingest hundreds of bills, sync to their ERP, and pay out in any currency, all in under five minutes.' Finofo's enterprise-grade infrastructure includes: SOX-compliant approval workflows Multi-entity treasury and FX automation Instant card freeze and fraud prevention Real-time visibility into cash, conversion needs, and payables This round will fuel expansion after tripling revenue in the last 12 months. About Finofo Finofo is the financial operations platform that simplifies global payments, automates AP and manages multi-currency operations in one flat-fee system. Founded in 2023, it's trusted by hundreds of businesses across North America. Learn more at Media Contact: Finofo Media Relations media@ Attachments Finofo Team Finofo Founders
Yahoo
3 days ago
- Business
- Yahoo
Calgary Fintech, Finofo Raises $3.3M to Transform Cross-Border Financial Operations for Mid-Market Companies
Finofo's technology overcomes outdated banking & payment rails Finofo Team Finofo Founders Calgary, June 10, 2025 (GLOBE NEWSWIRE) -- CALGARY, Alberta, June 10, 2025 – Finofo, the financial operations platform helping businesses manage global payments, international receivables, FX, and AP workflows, today announced a $3.3 million seed funding round led by Watertower Ventures, with continued support from Motivate Venture Capital, SaaS Ventures, and Alberta-based private investors. The round follows a $1.7M pre-seed in 2023 and reflects the strong market pull and adoption Finofo has seen over the past year. Founded in Calgary by Prateek Sodhi and Charles Maranda, Finofo helps companies simplify international payments, consolidate multi-currency accounts, automate payables, and eliminate manual FX workflows. While the product was originally built for mid-market teams, growing demand from SMBs, especially those still relying on mailed cheques, exposed a bigger need. 'Finofo is tackling a mission-critical pain point for mid-market companies operating globally—something traditional banks and legacy systems have failed to solve. Co-founders Prateek and Charles are an exceptional team with deep domain expertise and a clear vision. We are thrilled to support their journey to become the category defining infrastructure platform for cross-border finance," said Jeremy Milken, General Partner, Watertower Ventures. With the threat of a Canada Post strike and rising costs to move money, SMBs are hit hardest. In response, Finofo is launching a $29/month Small Business Plan to give them everything they need to move money globally without friction. It includes: Unlimited free ACH, EFT, SEPA, and other local payments across 90+ countries US ACH receivable account in your business's name Live ERP syncs with QuickBooks, Xero, Sage, Dynamics, and NetSuite Batch payments, real-time approvals, and audit-ready workflows Smart FX cards and expense controls at no extra cost 'The only reason cheques are still around is because banks made wires expensive and receiving payments even harder,' said Prateek Sodhi, Co-founder of Finofo. 'Now, with a Canada Post strike looming, finance teams can't afford to wait on envelopes in the mail. Finofo gives every business an ACH receivable account in their name, so they can finally stop chasing cheques and start getting paid faster, with zero fees or friction.' Built for US & Canadian businesses operating across borders Finofo is the only financial operations platform built natively for both U.S. and Canadian entities, with embedded compliance and support for complex cross-border structures. The platform is especially relevant for energy, manufacturing, and logistics firms with international vendor and customer bases, and multi-entity operations. 'We designed Finofo to reduce the hours spent wrangling POs, FX conversions, and approvals, especially for finance teams working across entities and currencies,' said Charles Maranda, Co-founder at Finofo and former financial engineer at National Bank of Canada. 'Now, they can ingest hundreds of bills, sync to their ERP, and pay out in any currency, all in under five minutes.' Finofo's enterprise-grade infrastructure includes: SOX-compliant approval workflows Multi-entity treasury and FX automation Instant card freeze and fraud prevention Real-time visibility into cash, conversion needs, and payables This round will fuel expansion after tripling revenue in the last 12 months. About Finofo Finofo is the financial operations platform that simplifies global payments, automates AP and manages multi-currency operations in one flat-fee system. Founded in 2023, it's trusted by hundreds of businesses across North America. Learn more at Media Contact: Finofo Media Relationsmedia@ Attachments Finofo Team Finofo Founders CONTACT: Prateek Sodhi, Co-founder & CEO Finofo 587-938-6213 media@ while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
