Rillet Secures $25M Series A to Automate Accounting with AI

Rillet Raises $25M to Transform Accounting with AI

Rillet, an innovative AI accounting startup, has secured $25 million in Series A funding led by Sequoia Capital. This investment follows a successful seed and pre-seed round of $13.5 million just ten months prior. Existing investors also participated in the latest round.

Automating the Core of Finance

The company targets mid-sized businesses, offering an AI-powered solution to automate general ledger systems. This technology streamlines financial reporting, significantly reducing the time required to close monthly or quarterly books. Rillet pulls data directly from client banks and platforms like Salesforce, Stripe, Ramp, Brex, and Rippling to generate essential financial statements, including balance sheets and income statements.

“The general ledger is the beating heart of the finance function," says Julien Bek, a partner at Sequoia Capital. Previously hesitant about investing in general ledger startups, Bek changed his mind after seeing Rillet's potential.

Founder Nicolas Kopp, former U.S. CEO of N26, explains that Rillet's AI and machine learning empower accounting teams to complete tasks in hours that previously took weeks. This efficiency gain is a key driver behind the company's five-fold revenue growth and acquisition of nearly 200 customers since launching its product last year.

Replacing Legacy Systems

Rillet's client roster includes fast-growing companies like Windsurf (reportedly acquired by OpenAI) and Decagon. These companies represent a shift away from legacy systems like NetSuite, which are often perceived as slow and cumbersome.

Bek notes, "I think a third of their deals are coming from [customers] replacing NetSuite, or NetSuite-like systems." This replacement trend was a decisive factor in Sequoia's investment.

Rillet's AI also simplifies the often-complex installation process. Data migration, which could take months with traditional systems, is reduced to four to six weeks with Rillet. Clients can continue using their existing platform until the transition is complete.

A Unique Solution in the Market

While Rillet competes with established players like NetSuite, it currently stands out as a unique AI-powered solution for mid-sized companies. Other AI accounting startups, such as Digits, focus on smaller businesses using platforms like QuickBooks and Xero.

With this new funding, Rillet is poised to further disrupt the accounting software market and empower businesses with efficient, automated financial reporting.