Latest news with #Ramp
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
Yahoo
5 days ago
- Business
- Yahoo
ALEJANDRO EMILIANO GUBBINS COX ANNOUNCES ACQUISITION OF ADDITIONAL SHARES OF RAMP METALS INC.
TORONTO, May 26, 2025 /CNW/ - Alejandro Emiliano Gubbins Cox (the "Acquiror"), reports pursuant to the "Early Warning Requirements" of Ontario's securities laws that he purchased 1,481,482 common shares ("Ramp Shares") in the capital of Ramp Metals Inc. ("Ramp") on May 23, 2025 pursuant to a private placement offering of Ramp, with the result that the Acquiror owns 5,600,000 Ramp Shares representing approximately 12.58% of the total outstanding Ramp Shares. The 1,481,482 Ramp Shares were purchased at price of 1.35 per Ramp Share, for aggregate consideration of $2,000,000.70. The acquisition of the Ramp Shares by the Acquiror was undertaken for investment purposes. The Acquiror does not have any current plans or future intentions to buy or sell further Ramp Shares, to solicit proxies or to otherwise participate in any significant transaction involving Ramp. The Acquiror intends to review its investment on a continuing basis. Depending on various factors, the Acquiror may in the future purchase or sell securities or engage in other activities relating to Ramp. The Acquiror is located at Jr. Contralmirante Montero, No. 429 (Ex. Alberto del Campo No. 429 11th Floor) Magdalena del Mar, Lima 15076. The Acquiror will be filing an Early Warning Report under Ramp's profile on SEDAR+ and copies of the report may be obtained at or from the Acquiror by contacting the Acquiror at +51 1 6101200. SOURCE Alejandro Emiliano Gubbins Cox View original content: 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
Finextra
21-05-2025
- Business
- Finextra
Greenlite AI raises $15m to help banks and fintechs fight financial crime
Greenlite AI, the leading AI agent platform for financial services, today announced a $15 million Series A funding round, bringing its total capital raised to $20 million. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Greenlite AI is trusted by OCC-regulated banks, SEC-regulated broker-dealers, and Fortune 500 firms. Its platform automates manual, mission-critical work — starting with Know Your Customer (KYC), Anti-Money Laundering (AML), and sanctions compliance. Customers include Ramp, Mercury, Betterment, Gusto, RSM UK, and multiple U.S. banks. AI Agents Built for High-Stakes Compliance At the core of Greenlite AI's platform is its Trust Infrastructure, a proprietary system that embeds U.S. federal banking regulatory guidance, like OCC 2011-12 and NYDFS 504, into every agent's foundation. This enables automated workflows to meet strict requirements for validation, testing, and accuracy, giving institutions the confidence to scale AI-based staffing. 'With regulatory pressure mounting and margins tightening, compliance teams can't keep throwing headcount at the problem,' said Will Lawrence, CEO and co-founder of Greenlite AI. 'They need automation that's not just powerful, but accountable. That's exactly what Greenlite AI delivers — AI agents built on a foundation of regulatory trust, ready to take on the front lines of financial crime and compliance.' Scaling to Meet Market Demand The company will use the new funding to scale its proprietary Trust Infrastructure — designed to become the industry standard for generative AI accuracy and model validation — while investing in new agent archetypes, expanding its regulatory presence, and growing its engineering, go-to-market, and partnerships teams to onboard the next wave of financial institutions. "Greenlite AI's agents are reducing the manual burden on compliance teams, and their unparalleled accuracy is helping organizations scale without adding headcount," said Seth Rosenberg, Partner at Greylock and Board Member at Greenlite AI. "It is a privilege to be partners to Will and team, and we're proud to double down on our support of the company as they raise the bar for what trustworthy compliance looks like in today's AI era.' Expanding Reach Through Trusted Partners Greenlite AI's agents are also being used by consulting and accounting firms that serve financial institutions, extending its reach beyond direct deployment into advisory and oversight services. "Thomson Reuters Ventures invests in innovative companies that align with our strategic objectives and the markets we serve," said Tamara Steffens, Managing Director, Thomson Reuters Ventures. "In the financial services sector, combating financial crime is a daunting task. AML risk and compliance teams are burdened with the manual review of screened transactions and entity due diligence. Greenlite AI's solution addresses these challenges with precision and reliability. It will become indispensable for organizations committed to growth and compliance." Driving Measurable Results in the Real World Greenlite AI's agents manage alert triage, customer risk scoring, and transaction monitoring reviews end-to-end, delivering speed and auditability while freeing compliance teams to focus on proactive risk management, regulatory strategy, and customer insight. Greenlite AI's clients are seeing strong results: an OCC-regulated bank cut Enhanced Due Diligence review time by 70%; a fast-growing fintech reduced routine alert handling by 90%; and an SEC-regulated broker expanded into 12 markets by deploying Greenlite Agents to manage thousands of additional adverse media, PEP, and sanctions alerts each month. 'What sets Greenlite AI apart is their focus on the messy middle, the unclear and time-consuming compliance cases that don't fit neatly into checkboxes,' said Justin Pirzadeh, Partner at Canvas Prime. 'Many companies think better data alone will solve the problem. Greenlite AI goes further. They have built a system that understands context, clarifies uncertainty, and gives teams a trusted path forward. That is exactly the kind of thinking we look for at Canvas.' A New Model for Compliance Operations Greenlite AI aims to become the default way financial institutions staff operational teams. Its agents are designed to replace costly, error-prone workflows with AI systems that are scalable, explainable, and regulator-aligned. 'Complex compliance issues are in many ways big data problems, and AI will enable financial institutions to fulfill their regulatory obligations not only more efficiently, but importantly, more effectively,' said Tim Mayopoulos, Greenlite AI angel investor and former CEO of Fannie Mae. 'I'm excited by Greenlite AI's proprietary capabilities that prioritize precision, transparency, and auditability in areas such as anti-fraud and customer due diligence. Greenlite AI is a model for how financial institutions can better protect the financial system by using tools that are better and less expensive than just hiring more people.' 'Greenlite AI is redefining how financial institutions fight financial crime,' said Lawrence. 'We're building a faster, smarter compliance workforce — one that regulators can trust and teams can scale.'
Yahoo
21-05-2025
- Business
- Yahoo
Exclusive: Two Gen Z college dropouts just raised $41 million for their ‘vertical banking' startup Slash
Plenty of startups have had to pivot from their original business idea, but Slash may be the first one to do so because of Kanye West. Slash started out providing banking services to sneaker resellers, but after the rapper's anti-Semitic rants tanked the market, cofounders Victor Cardenas and Kevin Bai decided to create bespoke banking lines for other industries instead. The pivot proved to be a success. On Tuesday, Slash announced it has closed a $41 million Series B round at a $370 million valuation led by Goodwater Capital. The startup will use the funding, which comes two years after it raised $19 million in Series A and seed funding, to expand its business providing specialized financial services as a neo-bank. The neo-bank model means offering a limited array of banking services without the overhead of physical branches or a full-blown bank license.. The founders came up with Slash after playing around with different startup ideas while Cardenas studied at Stanford and Bai at the University of Waterloo, and learning about the vibrant community of sneaker resellers. Many of these resellers were generating substantial revenue but were unable to access key bank products, like virtual credit cards, because of their age or unincorporated status. Many fintech startups with a similar offering—like Mercury, Brex, and Ramp—take a horizontal approach by selling to companies across different industries. Cardenas and Bai decided to instead operate with a vertical model by creating banking services tailored for sneaker resellers, with the idea of expanding to other sectors. The strategy paid off, with Slash's revenue exploding and the startup raising seed and Series A rounds from top investors, with both rounds led by NEA. But when Kanye West began spouting anti-Semitic tirades, Adidas ended its partnership with the rapper, gutting one of sneaker resellers' most lucrative lines of business: Yeezys. Slash's revenue went down by 80% almost overnight. 'We had raised $19 million and hired all these people, but the market that was the bedrock of our company evaporated,' Cardenas told Fortune. For the past 18 months, Slash reworked its existing infrastructure to target other sectors: namely, performance marketing agencies, crypto firms, and HVAC operators. The pivot worked, with the startup now processing around $300 million a month on its cards. 'It's pretty rare that you get to see a team and a company at the stage they were at facing such a big existential risk, work their way out of it, and just start to thrive,' said NEA partner Rick Yang, who backed Slash in all three of their funding rounds. Cardenas argues that a vertical software approach to banking, where Slash can design services directly for specific sectors, makes more sense than trying to compete with fintech giants like Ramp and Mercury (which, in turn, are competing with American Express and Chase). Instead, by offering differentiated features, Slash can focus on certain client bases without spending massive amounts on customer acquisition. The first sector Slash targeted after the Kanye debacle was performance marketing firms, which run ads on behalf of e-commerce companies on platforms like Facebook and Google. Slash helped solve one of their biggest pain points: Allowing these firms to create distinct accounts within their banking system for each of their end customers to give visibility into key metrics, like how much prepayment is left. Now, according to Cardenas, more than 1% of all Facebook ads are bought with a Slash-issued card. Another vertical has been crypto-native businesses, where Slash enables companies to swap between fiat currency and crypto holdings, as well as manage all their various crypto holdings—an in-demand service, especially after many crypto firms were turned away by traditional banks under the Biden administration. With 35 employees, Slash plans to use the new funding to expand and tackle new sectors, with Cardenas eyeing e-commerce, online travel, and property managers as potential targets. 'If we continue solving these niche, vertical, specific financial workflows for businesses across different industries,' Cardenas told Fortune, 'Then we can sneakily become one of the largest commercial credit card issuers in the country.' Slash's raise is the latest round in the red-hot fintech sector, with peers like Plaid and Ramp announcing major funding in the past few months and late-stage unicorns like Chime and Circle preparing to go public. Until recently, many fintech startups were hampered by their ability to find agile partner banks, as well as the blow-up of the middleware banking-as-a-service startup Synapse, which connected fintechs and banks. Cardenas said that Slash's growth has been aided in part by its relationship with Column, a chartered bank started by a Plaid cofounder designed to work with tech firms. 'Of all the partner banks that we talked to, they're the most thorough and they're the ones that actually wanted to get to know our business the absolute best,' Cardenas told Fortune. This story was originally featured on
