Rillet raises USD $70 million to advance AI accounting platform

Fintech company Rillet has announced a USD $70 million Series B funding round co-led by Andreessen Horowitz and ICONIQ, increasing its total capital raised to over USD $100 million across the past year.

The funding follows Rillet's previous USD $25 million Series A round from Sequoia, closed just ten weeks prior, reflecting escalating investor interest in the company's AI-native enterprise resource planning (ERP) platform aimed at the accounting sector. Additional participants in the Series B include Sequoia, Oak HC/FT and other existing backers. As part of the investment, Andreessen Horowitz General Partner Alex Rampell and ICONIQ General Partner Seth Pierrepont will join Rillet's board of directors.

Rapid growth and customer acquisition

Rillet reported that it has now secured over 200 customers, with annual recurring revenue having doubled in the past 12 weeks. The company has formed partnerships with notable accounting firms such as Armanino and Wiss and cites acceleration in its client base as supporting evidence of its platform's impact in the sector.

The company says its technology allows customers to dramatically reduce the time needed for financial closing processes and system implementation. According to Rillet, customers have shortened close cycles to just a few days and can implement the platform four times faster than traditional ERP systems. Examples cited include PostScript, which closes books in three days using Rillet, and Windsurf, which operates global finance with a core team of two.

AI at the centre of accounting transformation

Rillet's platform is designed to replace what it describes as outdated accounting systems that rely heavily on manual work and require multiple tools such as spreadsheets and bolt-on analytics. The company asserts its approach is distinct in directly embedding artificial intelligence within the core ERP platform for real-time automation and collaboration.

"As US CEO of N26, I experienced firsthand how frustrating it was to wait weeks for critical business metrics. My finance team was world-class, but simple requests took weeks because the systems were stuck in the past. I knew there had to be a better way," said Nicolas Kopp, CEO and co-founder of Rillet.

Kopp co-founded Rillet with Stelios Modes, formerly responsible for payment infrastructure at N26, with the aim to overhaul enterprise accounting through technology. The company says its team's background in accounting - with staff drawn from EY, PwC and practicing CPAs - informs their approach to redesigning workflows and implementations.

Rillet's technology, the company claims, provides native data integrations and a smart general ledger to automate processes and reporting. The global accounting software market is estimated at over USD $500 billion, but Rillet suggests it is dominated by large incumbents including Oracle (NetSuite), Sage (Intacct), and Microsoft (Dynamics), with many platforms tied to legacy infrastructure.

Investor perspectives on sector shift

Andreessen Horowitz, which co-led the round, positioned Rillet's platform as an extension of recent AI-driven transformations across other business domains.

"Finance teams deserve the same AI advantages that have revolutionized sales, engineering, and legal," said Alex Rampell, General Partner at Andreessen Horowitz. While Seema Amble, Partner at Andreessen Horowitz added: "Rillet is delivering that transformation by rebuilding ERP infrastructure specifically for the AI era. We're excited to support their vision as they scale to serve the next generation of high-growth companies."

ICONIQ's Seth Pierrepont commented on the potential for Rillet's technology to become central to next-generation business operations.

"In our view, Rillet is not just modernizing accounting software, it's redefining what finance teams can achieve when freed from outdated systems," said Seth Pierrepont, General Partner at ICONIQ. "Their AI-native approach can give companies a clear edge: faster insights, leaner teams, and smarter decisions. We believe Rillet will become foundational infrastructure for the next generation of category-defining businesses."

Talent shortage and automation trends

The announcement comes as the accounting profession faces demographic pressures, with industry data indicating that up to 75% of accountants are expected to retire in the next 15 years. Meanwhile, consultancy firm Accenture estimates that 80% of manual financial operations could be suitable for automation.

Rillet's founders position the company at the intersection of these trends, advocating for a software solution that supports both automation and strategic analysis by finance teams. The company's future development plans include expanding its AI functionality and integrating further into the broader financial technology ecosystem.

The business claims its approach allows customers to scale operations efficiently, with some expected to become public companies on the Rillet platform in the next year. Kopp expressed confidence in his company's strategy and customer base.

"Our customers are building the companies that will define the next decade of business," Kopp concluded. "We're building the infrastructure that will take them there and redefine what's possible when finance teams have truly modern tools."