Rillet has snapped $13.5 million in funding from First Round Capital and Creandum, which recently closed a €500 million fund and invested in Plancraft and doinstruct among others. The round also saw participation from individual investors including Chad Byers (Susa Ventures), Kevin Hartz (founder of Eventbrite and Xoom), the former Chief Accounting Officer of Facebook and Stripe, and the Controller at Ramp.
The funding will be used to grow the team and expand to support new customers in new verticals from e-commerce to fintech.
Peter Specht, General Partner, at Creandum said, “Rillet has successfully tackled some of the most complex problems in automating the general ledger. This sector is ripe for disruption and Rillet’s product stands heads and shoulders above anything else we’ve seen in this space.”
What challenge does it tackle?
Usually, high-growth companies’ finance teams are stuck doing tonnes of manual work in spreadsheets to reconcile and report their financials. With the advancement of software in the last decade and AI more recently, a lot of this manual work related to accounting can be automated away, freeing up finance teams to do more strategic and insightful analysis.
What does Rillet do?
Nicolas Kopp and Stelio Modes founded Rillet, the first modern ERP that automates accounting for high-growth companies. A lot of the complexity of startup accounting is on the revenue side, so the company integrates with payment processors, CRM tools, and Stripe to simplify all of this. Because Rillet can make sense of the raw source data using metadata and AI, it can run all kinds of workflow automation that finance teams used to have to do manually, from invoicing to closing the books and running investor reporting.
The company can even handle this automation across multiple entities, geographies, and currencies — turning a major pain point as companies scale internationally into a single view with a single login. Finance teams no longer have to spend time on the ins and outs of accounting and can instead just review the data that Rillet generates.
What do users get?
The Quickbooks rival Rillet is built by accountants for accountants. It is currently working with over 70 customers across SaaS and usage-based revenue businesses to automate the workflows accounting teams do on a monthly basis. Customers are using Rillet to automatically pull in source data from CRM, payment processors, AP, payroll, and banks and book the corresponding journal entries, create and send invoices, prepare deferred revenue and prepaid schedules, and generate income statements, balance sheets, and cash flow statements
What do we think about Rillet?
The company is revolutionising accounting with its AI-driven ERP, simplifying complex processes for high-growth companies. By automating tasks like invoicing, book-closing, and investor reporting, Rillet frees finance teams to focus on strategic analysis. Its ability to integrate across multiple entities and geographies positions it as a leader in next-gen accounting.
As more companies adopt Rillet, it will redefine efficiency and accuracy in financial management, driving significant industry transformation.
