In 2023, Calgary-based financial technology startup Finofo launched with $1.7 million in pre-seed funding to reduce the headache and complexity around foreign exchange rates for cross-border businesses.
Finofo, which quickly became part of Alberta’s fintech fitness, secured another $3M in 2025.
The Canadian company, founded by finance veterans Prateek Sodhi and Charles Maranda, this week announced the next phase of a push to transform accounts payable among Canadian mid-sized businesses processing 200 or more invoices a month.
At the point “where invoice volume begins to outrun manual effort,” Finofo gives finance teams an AI powered platform to better “manage the full journey from invoice to payment.”
Accounts payable “is still one of the last major finance workflows that has not been truly automated end to end,” explains chief executive officer Sodhi.
Many products “claim to automate AP, but for many finance teams the work is still fragmented underneath,” says Sodhi.
“What they actually need is a platform with a brain,” the entrepreneur posits. “One that understands the document, surfaces the right context, and adapts to the way the team works.”
“That is the standard we are building at Finofo,” Sodhi says.
Products that still sit on legacy foundations built before the current AI era can automate steps but struggle to support custom workflows shaped around real finance operations, according to Maranda, CTO.
“Finance teams do not need another tool that adds work around the ERP,” he says. “They need a platform that can handle AP end to end.”
In practice, says Maranda, “that means finance teams can ingest invoices and supporting documents from multiple channels, extract line level data, match against purchase orders, receipts, and contracts, collaborate with comments and mentions directly on the document, apply AI assisted GL coding, approve with full context, post clean records back to the ERP, and carry the workflow through payment and reconciliation in one system.”
“It also means being able to manage growing AP complexity across multiple entities, currencies, and approval paths without losing visibility into what is blocked, what is approved, and what needs attention next,” he said.
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