Fintech startup Affiniti has just raised $17 million in a Series A funding round led by SignalFire.
The company is developing AI-powered agents designed to act like chief financial officers (CFOs) for small and medium-sized businesses (SMBs).
These AI agents offer tailored financial guidance specific to various industries, helping SMBs better manage their finances and make smarter business decisions.
The Vision Behind Affiniti
Affiniti was founded in 2021 by Aaron Bai and Sahil Phadnis in New York.
The founders saw a major gap in financial resources available to SMBs, which make up 99.9% of businesses in the US.
These businesses employ nearly half of the American workforce and contribute over 43% of the country’s GDP, yet many lack dedicated finance teams or CFOs.
Affiniti’s mission is to empower these businesses with fintech tools that track spending, savings, and provide in-depth financial analytics.
Early Products and Seed Funding
In November 2024, Affiniti launched its first products: an expense management platform and a small-business credit card.
This launch was supported by $11 million in seed funding.
Many of Affiniti’s early customers had never interacted with fintech solutions before and welcomed the platform’s ability to simplify financial management.
The Rise of the AI CFO
As AI agents gained popularity in Silicon Valley, Affiniti saw an opportunity to create an AI CFO product.
This AI agent is designed to manage all aspects of a company’s finances, including banking, bill pay, and sales.
Affiniti’s AI CFO is customized for various industries like healthcare, finance, and automotive, providing specialized financial advice for each sector.
Industry-Specific Financial Guidance
According to cofounder Sahil Phadnis, understanding AI across different verticals has been key to Affiniti’s innovation.
For example, the AI CFO can assist a pharmacy with financial planning by analyzing its unique cash flow needs.
Large language models (LLMs) are also used internally to evaluate a business’s financial health based on its data.
Challenges and Opportunities in Finance AI
The adoption of AI agents in finance has been slower compared to sectors like sales or advertising, partly due to regulatory complexities.
However, other startups like Hebbia and Auquan are also bringing AI agents to banking and research with significant funding backing.
Affiniti is positioning itself to become the leading AI financial platform for SMBs by leveraging data to create precise AI CFOs tailored to specific industries.
Focus on Customer Growth and Data
Phadnis emphasizes that the true power of AI CFOs depends on the quality of data they are trained on.
Affiniti aims to become the primary financial management platform for SMBs, handling all financial activities in one place.
This data-driven approach will help the company build the most accurate and effective AI CFO agents for the verticals it serves.
Conclusion
Affiniti’s $17 million funding round marks a significant step in the rise of AI-powered financial management for SMBs.
By combining fintech tools with AI-driven insights, the startup hopes to revolutionize how small businesses handle their finances, making expert guidance accessible and affordable.
With its industry-specific AI CFOs, Affiniti is poised to support millions of businesses across the US as they grow and navigate complex financial decisions.