Rimilia secures $25m funding for product development

SaaS-based financial solutions platform Rimilia has secured $25m for its growth funding round led by Kennet Partners and Eight Roads Ventures.

Founded in 2008, Rimilia offers solutions for enterprises’ accounts receivable, bank reconciliation, cash allocation/application, cash forecasting, credit management and e-commerce reconciliation. The company’s main service is Alloc8 Cash, which uses machine learning to partner payments received with invoices.

Ramilia’s Alloc8 Collect uses predictive analytics to prioritise which customers should be chased for payments. Currently the company’s products are used across Europe and the US by clients including Avis, Hitachi, Santander and Travis Perkins.

The company will use the capital to develop its market lending software and to expand its sales, marketing and customer support functions. Rimilia also plans to increase its presence across Europe and the US.

Through the funding, the company expects to double the size of its team including the hiring of senior members. The first of these hires is Karl Campbell, who will join as the company’s new chairman.

Campbell said, “Rimilia has a best in class product and team, which coupled with the Kennet and Eight Roads investments, provides a ‘powerful foundation’ for our next phase of growth. As always, maintaining high customer satisfaction and value, while continuing to innovate our market leading financial solutions, will remain at the core of our culture.”

Following the transaction, Kennet Partners managing director Hillel Zidel and Eight Roads Ventures Europe head Davor Hebel, will join Rimilia’s board of directors.

Copyright © 2017 FinTech Global

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