Affiniti Raises $17M to Elevate SMB Finance with AI

Small businesses in America are a significant economic force, employing nearly half of the workforce and contributing 43.5% to the nation's GDP, that’s according to the U.S. Chamber of Commerce.

But small and mid-sized businesses (SMBs) face significant financial challenges. In the U.S., 22% struggle to pay bills, and 72% have less than four months of cash reserves. This precarious situation is exacerbated by dwindling margins, fluctuating inflation, and increasing uncertainty surrounding tariffs. Consequently, sectors such as HVAC, pharmacies, and medical clinics are burdened by rising costs and decreasing reimbursements. Many of these businesses still rely on outdated methods like spreadsheets and paper invoices, further compounding their difficulties.

Affiniti identified a gap in robust financial support and tools for businesses. To address this, they launched their initial offerings in 2024, an expense management platform and a small-business credit card. These products aim to empower business owners with control and oversight of their finances, even without a dedicated finance department.

As Aaron Bai said, “With the rise of the digital economy, private equity consolidation, and inflationary pressures, it's extraordinarily difficult to operate a business. A decade into modern fintech, Main Street businesses are still guessing when it comes to finances.”