Finofo provides a financial operations platform that simplifies international payments, consolidates multi-currency accounts, automates payables, and removes manual FX workflows for multi-entity finance teams. The product offers unlimited local payments across 90+ countries, US ACH receivable accounts, live ERP syncs (QuickBooks, Xero, Sage, Dynamics, NetSuite), batch payments, real-time approvals, audit-ready workflows, and smart FX cards with expense controls. The platform includes embedded compliance and supports complex cross-border structures, with enterprise-grade features such as SOX-compliant approval workflows, multi-entity treasury and FX automation, instant card freeze, and fraud prevention. Finofo targets mid-market teams and has seen growing demand from SMBs—particularly those still relying on mailed checks—across industries like energy, manufacturing, and logistics. The company has tripled revenue in the last 12 months and is launching a $29/month Small Business Plan to serve smaller customers. Founders Prateek Sodhi and Charles Maranda built the business in Calgary and continue to position Finofo as infrastructure for cross-border finance. Finofo unveiled a free-to-use platform that lets businesses get multi-currency accounts to send and receive money globally, convert currencies and automate accounts payables. The company monetizes like banks and non-bank forex brokers through interchange spreads and payment fees and says it is significantly cheaper than banks. As part of its roadmap, Finofo plans to apply a proprietary algorithm to analyze customers' accounting data (invoices and budget spreadsheets) and recommend optimal timing and types of FX contracts as a financial-planning product. The goal is to help businesses understand and manage currency risk and eventually become a "super app" for business financial operations where planning, strategy and execution occur on one platform. The article highlights that at a 0.5% spread a broker could make $50,000 annually from one SME exchanging $10 million a year, illustrating the unit economics of the business. Finofo is targeting the Canadian market first, is registered with FINTRAC, and runs a team of seven people most of whom are based in Calgary. The company is emphasizing customer service and education early on to build trust with users.

Total raised

$5M

Funding rounds

2

Latest round

Seed

Latest activity

Jun 2025