AI-Powered Accounting Startup Rillet Secures $70 Million in Series B Funding

AI accounting startup Rillet raises $70 million in Andreessen Horowitz, ICONIQ-led round

Aug 6 (Reuters) - Rillet, a startup developing AI-powered accounting software, has raised $70 million in a fundraise co-led by venture capital firms Andreessen Horowitz and ICONIQ in a bid to disrupt an industry dominated by tools from Oracle and Microsoft. The company did not disclose the valuation it secured in the Series B funding round. A source close to the deal said the startup was valued at around $500 million. The round was joined by Sequoia, Oak HC/FT and FOG Ventures, the company said on Wednesday, and comes just over two months after Rillet raised $25 million, bringing its total funding to more than $100 million. Founded by Nicolas Kopp, former U.S. head of digital bank N26, Rillet makes AI-powered ledger software that helps companies automate accounting tasks. Its more than 200 customers include AI-assisted coding tool Windsurf and e-commerce marketing platform Postscript. Rillet said its platform allows finance teams to close books in hours rather than weeks thanks to integrations with systems from companies such as Salesforce, Stripe and Brex. Kopp told Reuters in an interview the startup aims to replace legacy systems that function as "dumb databases" by offering a platform that pulls in data directly and uses AI to automate tasks and deliver real-time insights. The efforts have helped the startup double its annual recurring revenue over the past 12 months and led to tie-ups with accounting firms such as Armanino and Wiss. Rillet plans to use the funds to speed up development of the platform and build out its team, including by hiring more engineers. Andreessen Horowitz general partner Alex Rampell and ICONIQ general partner Seth Pierrepont are joining the company's board as part of the fundraise. Reporting by Aditya Soni in Bengaluru; Editing by Shailesh Kuber Our Standards: The Thomson Reuters Trust Principles., opens new tab

Fintech Startup Rillet Lands $70M Series B From a16z, Iconiq Just 12 Weeks After Last Raise

Fintech Rillet announced Wednesday that it's raised $70 million in a Series B funding round co-led by Andreessen Horowitz and Iconiq Capital. Notably, the financing comes just 12 weeks after the Palo Alto, California-based startup raised $25 million in a Series A round led by Sequoia Capital, which also participated in the latest raise alongside Oak HC/FT and earlier backers. The 4-year-old company has now raised over $108.5 million over the past year. While Rillet did not disclose valuation, a source familiar with the deal told Reuters that it is around $500 million. Co-founded by Nicolas Kopp, former U.S. CEO of N26, Rillet describes itself as an AI-native ERP, or Enterprise Resource Planning software, built for CFOs and accounting teams at high-growth companies. It integrates with hundreds of tools across the tech stack and uses artificial intelligence and machine learning to automate critical accounting workflows, such as accruals, bank reconciliations, revenue recognition and investor reporting. "It was timely doing the Series B so quickly," Kopp told Crunchbase News. "Revenue has doubled in the 12 weeks since Series A and this new round was pre-emptive -- so it made sense to do it now to fuel the fire and all." Rillet works with over 200 companies, he said, declining to reveal hard revenue figures. Customers include Postscript, Finch, Laurel, Lang AI and Windsurf. As part of the financing, Andreessen Horowitz general partner Alex Rampell and Iconiq general partner Seth Pierrepont are joining Rillet's board. "In our view, Rillet is not just modernizing accounting software, it's redefining what finance teams can achieve when freed from outdated systems," said Pierrepont in a written statement. "Their AI-native approach can give companies a clear edge: faster insights, leaner teams, and smarter decisions." Looking ahead, Rillet plans to expand its AI capabilities and deepen integrations across the financial technology stack. Its goal is to build "a collaborative platform where AI agents and human expertise work together to transform how businesses understand and manage their financial performance."

AI accounting startup Rillet raises $70 million in Andreessen Horowitz-led round - The Economic Times

The round was joined by Sequoia, Oak HC/FT and FOG Ventures, the company said on Wednesday, and comes just over two months after Rillet raised $25 million, bringing its total funding to more than $100 million.Rillet, a startup developing AI-powered accounting software, has raised $70 million in a fundraise co-led by venture capital firms Andreessen Horowitz and Iconiq in a bid to disrupt an industry dominated by tools from Oracle and Microsoft. The company did not disclose the valuation it secured in the Series B funding round. A source close to the deal said the startup was valued at around $500 million. The round was joined by Sequoia, Oak HC/FT and FOG Ventures, the company said on Wednesday, and comes just over two months after Rillet raised $25 million, bringing its total funding to more than $100 million. Founded by Nicolas Kopp, former US head of digital bank N26, Rillet makes AI-powered ledger software that helps companies automate accounting tasks. Its more than 200 customers include AI-assisted coding tool Windsurf and ecommerce marketing platform Postscript. Rillet said its platform allows finance teams to close books in hours rather than weeks thanks to integrations with systems from companies such as Salesforce, Stripe and Brex. Kopp told Reuters in an interview the startup aims to replace legacy systems that function as "dumb databases" by offering a platform that pulls in data directly and uses AI to automate tasks and deliver real-time insights. The efforts have helped the startup double its annual recurring revenue over the past 12 weeks and led to tie-ups with accounting firms such as Armanino and Wiss. Rillet plans to use the funds to speed up development of the platform and build out its team, including by hiring more engineers. Andreessen Horowitz general partner Alex Rampell and ICONIQ general partner Seth Pierrepont are joining the company's board as part of the fundraise.