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Yahoo
2 days ago
- Business
- Yahoo
Accounting technology startup Rillet raises $25m
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Rillet Raises $25M Series A from Sequoia Capital to Bring AI to Mid-market Accounting
The company has quickly become the system of record for the next-generation of finance teams, including those at Windsurf, Decagon, Postscript, and more NEW YORK, May 28, 2025 /PRNewswire/ -- Rillet, the AI-native ERP (enterprise resource planning) platform, today announced $25M in Series A funding led by Sequoia Capital. This round, which comes 10 months after Rillet's last fundraise, includes existing investors First Round Capital, Creandum, Susa Ventures and top angels, such as former NetSuite CFO, Ron Gill and Lee Kirkpatrick, former Twilio CFO. Today, many accounting teams are reliant on legacy ERP systems and tools from the 90s, preventing them from fully adopting AI. Products like NetSuite are slow, outdated, highly manual and often bloated and complex from extensive customization. Full utilization of AI requires a single source of truth with clean, accurate data. Rillet has rebuilt the general ledger to redefine the ERP for the AI age. The platform integrates directly with best-in-class tools, including Salesforce, Stripe, Ramp, Brex and Rippling. Rillet AI agents then automate key accounting workflows from accruals to reconciliation to board reporting and more. "We're 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," said Rillet CEO and founder, Nicolas Kopp. Rillet empowers customers to close their books in hours rather than weeks, providing fully reconciled financial data in real time to enable faster and better decision making. Leaders no longer need to wait weeks after the month ends to see how the business is performing. This means that leaner, more efficient accounting teams can then focus on higher leverage, more strategic work. "ERP is one of the largest software categories, yet it has remained virtually untouched for the last decade because reimagining the financial backbone of a business is incredibly complex," said Julien Bek, the Sequoia partner who led the firm's partnership with Rillet. "Nicolas has brought together a world-class team to tackle this challenge, combining deep domain expertise with AI-native technology to rebuild the foundation of the CFO suite." Sequoia, which is known for partnering with category-defining fintechs like Stripe, Block, and more, has several ex-CFO investing partners. Roelof Botha, managing partner at Sequoia and prior CFO of PayPal 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 launching in 2024, Rillet has seen incredible traction with revenue growing 5x year-on-year and the platform processing billions in transactions. Nearly 200 customers including fast-growing companies like Windsurf, Decagon and Postscript have implemented Rillet to transform their accounting processes. Windsurf, one of the fastest growing AI companies, runs all their accounting on Rillet: "Rillet feels like it was tailor built for Windsurf and our complex accounting needs. We have a unique blend of products and revenue models and are growing at lightning speed; Rillet handles all of it effortlessly," said Windsurf VP of Finance, Adam Strouss. This new funding and support from Sequoia will allow Rillet to further accelerate the development and deployment of AI within the platform and enable them to further build out the go-to-market and customer support functions. View original content to download multimedia: SOURCE Rillet
