It Sure Looks Like a Balance Sheet Recession in China
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When Nicolas Kopp led German digital bank N26's U.S. operations, he learned that world-class finance teams were often slowed by outdated systems, forcing them to wait weeks for critical metrics despite working at high speed. That frustration planted the seed for Rillet, an AI-native enterprise resource planning platform built by accountants to modernize how companies handle their books. Now, Rillet said it secured $70 million in Series B funding co-led by Andreessen Horowitz and ICONIQ, bringing total funding to over $100 million in less than a year. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Bill Gates Warned About Water Scarcity. Funding Round Unites Venture Capital Heavyweights and Expands Board Leadership The $70 million raise includes participation from Sequoia, Oak HC/FT, and earlier investors, arriving just 10 weeks after Rillet's $25 million Series A. The company said the funding will accelerate Rillet's push to rebuild enterprise accounting from the ground up, giving finance leaders the ability to scale multi-billion-dollar companies with smaller, more efficient teams. As part of the round, Andreessen Horowitz General Partner Alex Rampell and ICONIQ General Partner Seth Pierrepont are joining Rillet's board of directors. "Finance teams deserve the same AI advantages that have revolutionized sales, engineering, and legal," Rampell said in the company's statement, while Pierrepont noted that the company's AI-native approach "can give companies a clear edge: faster insights, leaner teams, and smarter decisions." Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Cutting Close Times From Weeks to Days With AI-Native Architecture Founded by Kopp and Stelios Modes, the technical architect who built N26's payment infrastructure, Rillet was designed to eliminate the inefficiencies of legacy systems owned by large incumbents such as Oracle (NYSE:ORCL), Sage, and Microsoft (NASDAQ:MSFT). The company's leadership team includes former executives and accountants from EY, PwC, and other major firms, embedding industry expertise into every workflow. Rillet has signed more than 200 customers since launch, doubling its annual recurring revenue over the last 12 weeks and forming partnerships with top accounting firms like Armanino and Wiss. Clients such as Postscript, which generates over $100 million in annual recurring revenue, close their books in just three days using Rillet, while Windsurf manages its entire finance operation with a team of two people. The platform integrates directly with tools including Salesforce (NYSE:CRM), Stripe, and Brex, pulling structured data into its AI-powered general ledger. Legacy enterprise resource planning systems, described by Rillet as "dumb databases," often store transactions but leave teams dependent on spreadsheets and add-on approach eliminates that gap, enabling finance teams to collaborate in real time, automate workflows natively, and generate instant insights without relying on bolt-ons. Implementation can be completed in as little as four weeks, compared with up to 12 months for many legacy systems. Rillet Targets $500B Market Amid CPA Talent Shortage and 80% Automation Potential The American Institute of Certified Public Accountant has reported that 75% of today's public accounting CPAs are expected to retire within the next 15 years. In the meantime, Accenture estimates that about 80% of routine financial operations could be automated through technologies such as touchless continuous accounting and human-machine collaboration. Rillet aims to address both challenges by enabling finance teams to operate with fewer people while focusing on higher-value strategic analysis rather than manual processes. Looking ahead, Rillet says it plans to expand its AI capabilities, deepen integrations across the financial technology stack, and build toward a collaborative environment where AI agents and human experts manage financial performance together. Several customers are expected to go public within the next six to 12 months using Rillet's platform. Read Next: 2,000 High Earners Manage $6B With This AI Platform — Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Rillet Raises $70M From Andreessen Horowitz To Replace 'Dumb Databases' With AI Accounting That Closes Books In Hours originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
