Finofo, a Calgary-based company specializing in financial technology, has announced the next phase of its mission to modernize accounts payable (AP) for Canadian mid-sized businesses. The company aims to transform AP processes for organizations processing 200 or more invoices per month, offering an AI-native platform that handles the entire invoice-to-payment journey.
One Platform for End-to-End AP Automation
Finofo brings together invoice ingestion, data extraction, matching, coding, approvals, ERP posting, and payments into a single, AI-powered platform. This integration replaces the fragmented, manual workflows that often plague finance teams, providing greater visibility, control, and speed.
Addressing Real-World Challenges
As invoice volumes rise, finance teams require more than basic capture and routing. They need context, collaboration, and workflows that reflect actual operations. Finofo enables approvals, comments, decisions, payments, and reconciliation within one system, eliminating the need for multiple disconnected tools.
“Accounts payable is still one of the last major finance workflows that has not been truly automated end to end,” said Prateek Sodhi, CEO and Co-founder of Finofo. “Many products claim to automate AP, but the work remains fragmented. What finance teams need is a platform with a brain—one that understands documents, surfaces relevant context, and adapts to team workflows. That is the standard we are building.”
AI-Native Foundation
Unlike legacy systems that automate steps but struggle with custom workflows, Finofo's AI-native architecture supports the complex realities of finance operations. The platform can ingest invoices and supporting documents from multiple channels, extract line-level data, match against purchase orders and contracts, facilitate collaboration with comments and mentions, apply AI-assisted GL coding, enable approvals with full context, post records to ERP, and manage payments and reconciliation—all within one system.
“Finance teams do not need another tool that adds work around the ERP,” said Charles Maranda, CTO and Co-founder of Finofo. “They need a platform that handles AP end-to-end. This includes managing growing complexity across multiple entities, currencies, and approval paths without losing visibility into what is blocked, approved, or needs attention next.”
Timing for Canadian Businesses
For Canadian businesses, the timing is strategic. Finance leaders face pressure to modernize, control costs, and increase efficiency without expanding headcount. AI has become a board-level priority, and accounts payable is a clear application due to its manual, document-heavy, and repetitive nature. As the Canadian government promotes homegrown technology and AI adoption, Finofo positions itself as a Canadian-built, AI-native solution for AP automation.
