CALGARY, Alberta, May 20, 2026 (GLOBE NEWSWIRE) — Finofo, the Calgary built company helping finance teams modernize accounts payable, today announced the next phase of its push to transform AP for Canadian mid-sized businesses processing 200 or more invoices a month. At the point where invoice volume begins to outrun manual effort and disconnected software, Finofo gives finance teams one AI powered platform to manage the full journey from invoice to payment with greater visibility, control, and speed.
As invoice volume rises, finance teams need more than capture and routing. They need context. They need collaboration. They need a workflow that reflects how the team actually operates. Finofo brings that together in one place, so approvals, comments, decisions, payments, and reconciliation happen inside the same system instead of across a patchwork of tools.
“Accounts payable is still one of the last major finance workflows that has not been truly automated end to end,” said Prateek Sodhi, Chief Executive Officer and Co-founder of Finofo. “A lot of products claim to automate AP, but for many finance teams the work is still fragmented underneath. What they actually need is a platform with a brain, 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.”
At the heart of the company’s position is a simple belief: AP should not feel like manual coordination disguised as software. Many products in the market still sit on legacy foundations built before the current AI era. They can automate steps, but they struggle to support custom workflows shaped around real finance operations. Finofo was built differently. Its AI foundation makes it possible to support the complex reality finance teams deal with every day.
For Canadian businesses, the timing is strong. Finance leaders are under pressure to modernize, keep costs in check, and do more without expanding headcount. AI is now a board level priority, and accounts payable is one of the clearest places to apply it because the work is still manual, document heavy, and repeated at scale. As the Canadian government pushes harder towards homegrown technology and AI adoption, Finofo is making a clear case for a Canadian built AI native approach to accounts payable automation.
“Finance teams do not need another tool that adds work around the ERP,” said Charles Maranda, Chief Technology Officer and Co-founder of Finofo. “They need a platform that can handle AP end to end. In practice, 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.”
For businesses, that can mean reducing processing costs from roughly $10 to $15 per invoice to $2 to $3, while cutting cycle times from 9 to 17 days down to 3 to 4 days. The impact becomes especially visible once teams move past about 200 invoices a month, when fragmented approvals, unclear ownership, slow exception resolution, and delayed reporting start to create real operating drag. As one benchmark scenario, a four person AP team processing roughly 5,000 invoices a year could cut manual workload by over 75%, freeing finance leaders to redeploy skilled team members into analysis, controls, and other core finance priorities.
Finofo is the only homegrown Canadian AI powered accounts payable platform built around how mid-sized finance teams actually work, with the flexibility to support modern workflows and the intelligence needed to make better decisions.
Finofo is setting a standard for what modern AP should look like. Finance leaders do not need more point solutions layered onto a broken process. They need software that can understand the document, preserve context, adapt to the workflow, and help the team move from invoice to payment with more speed and control. Finofo is building for the finance teams across Canada that are ready to move from patchwork automation to a system that works end to end.
About Finofo
Finofo is a Calgary-built financial technology company helping finance teams run accounts payable with more intelligence, visibility, and control. Its AI powered platform brings invoice intake, collaboration, approvals, payments, and reconciliation into one place so teams can manage the full workflow with less friction and more context. Learn more at finofo.com.
Media Contact
Finofo Media Relations
media@finofo.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f42e6ff-8dab-45a6-9ced-2d9bf21492ec
