Finli Raises Another $1M to be the Payment Solution for Neighborhood Schools and Studios
Small businesses have been devastated by the pandemic and neighborhood schools and studios are no different. There has been a wave of innovation that empowers these small businesses to rapidly digitize to address changing customer preferences. Finli is the small business management platform and payment solution for these family-centric businesses that have been traditionally reliant on paper and pencil models. On the platform, parents and caretakers connect their bank accounts or credits to schedule and process payments for their children’s education, while schools and studios can invoice, streamline payments, and service their customer bases. In response to the pandemic, the company quickly built the capabilities to allow schools and studios to build their digital presence and also offer remote learning solutions. Finli charges 2% on all transactions processed with premium options available for additional features.
LA TechWatch caught up with CEO and Founder Lori Shao to learn more about the critical service the platform provides to family businesses, the company’s future plans, and recent seed extension round, which brings the company’s total funding to $2.6M.
Who were your investors and how much did you raise?
We successfully raised a $1M seed extension led by MaC Venture Capital, bringing the current seed round to $2.5M. We’re grateful the partners at MaC believed in our vision of being the leading payment software solution for small businesses.
Additional seed round investors include TechStars Los Angeles, Core Innovation Capital, and Muse Capital.
Tell us about your product or service.
Finli is the only fintech startup dedicated to family-centric businesses in education and enrichment. With the goal of uplifting small businesses in communities across the country, Finli removes the administrative burden from small business owners by offering support with invoicing, scheduling and streamlining payments, and growing their customer base.
What inspired the start of Finli?
As a mother of two, I recognized the value neighborhood schools and studios brought to my family but noticed many of these small businesses were running on antiquated systems. As a fintech industry veteran, I decided to use my knowledge and experience to create Finli to lift the administrative burden off of small business owners so they could better serve their customers while worrying less about payments.
How is it different?
Finli is a SaaS platform with a heart. Finli stands out for being the only integrated payment software solution for small businesses in enrichment and education. With no monthly software fees and only collecting 2% of all tuition payments, Finli is the most affordable payment solution on the market and continues to be the leading choice for neighborhood schools and studios.
What market you are targeting and how big is it?
Finli targets small to medium-sized businesses around the world in education and enrichment. This is a $65B addressable market in the US alone.
What’s your business model?
Our SaaS model is 1-2% of transactions processed with an opportunity to provide paid premium features that help accelerate revenue growth for our customers.
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