GlobalData
2 min read
Rillet, an accounting technology startup, has secured $25m in its Series A funding led by Sequoia Capital.
The investment, which follows Rillet's previous fundraising round ten months ago, includes participation from existing investors such as First Round Capital, Creandum, Susa Ventures, and angel investors such as former NetSuite CFO Ron Gill and former Twilio CFO Lee Kirkpatrick.
Rillet intends to use the funds to speed up the integration and rollout of artificial intelligence (AI) in its platform, while also strengthening its marketing, sales, and customer service operations.
Founded in 2024, the startup aims to address the challenges faced by accounting teams reliant on legacy enterprise resource planning (ERP) systems from the 1990s, which hinder the full adoption of AI.
Rillet stated that many products are sluggish, obsolete, heavily manual, and overly complicated due to extensive customisation.
It emphasised that fully leveraging AI demands a unified, reliable data source with clean, precise data.
Rillet's platform is designed to “redefine” ERP for the AI age by integrating with tools such as Salesforce, Stripe, Ramp, Brex, and Rippling.
Its AI agents are designed to automate key accounting workflows, including accruals, reconciliation, and board reporting, facilitating faster and more efficient financial operations.
By providing “real-time”, “fully reconciled” financial data, Rillet says it empowers customers to close their books in hours rather than weeks, enabling quicker and more informed decision-making.
Rillet CEO and co-founder Nicolas Kopp said: “We are a team of accountants building for accountants. This means everything from the reports to the workflows is tailor-built for the challenges CFOs and controllers deal with on a daily basis.”
Sequoia managing partner Roelof Botha added: “Rillet has rethought the general ledger to automate accounting with real-time integrations and AI-driven workflows, allowing finance teams to work smarter and businesses to scale faster.
“This modern approach helps CFOs capture the full value of AI, and, ultimately, positions Rillet as the system of record for the next generation of finance teams.”
Since its launch, Rillet claims to have experienced a fivefold year-on-year increase in revenue and the platform processing billions in transactions.
Nearly 200 customers, including companies such as Windsurf, Decagon, and Postscript, have adopted Rillet to for their accounting processes.
"Accounting technology startup Rillet raises $25m " was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
