Rillet, a pioneering company in the accounting technology sector, has successfully secured $13.5m in funding.
This substantial financial boost was led by First Round Capital and Creandum, notable for their investments in industry giants like Uber and Spotify, respectively. Additional support came from Susa Ventures and several esteemed individual investors, including Kevin Hartz, the former Chief Accounting Officer of Facebook and Stripe, and the Controller at Ramp.
Rillet has distinguished itself by developing the first modern Enterprise Resource Planning (ERP) system that automates accounting for high-growth businesses. The traditional dilemma for these companies has been choosing between outdated software designed for small businesses or equally antiquated systems meant for larger corporations. Rillet’s cutting-edge solution integrates with payment processors and CRM systems, significantly simplifying revenue management and other complex financial operations.
The fresh capital will be employed to further enhance Rillet’s product offerings and expand its reach into new markets, including e-commerce and FinTech. The goal is to enable real-time, actionable financial insights through a process dubbed “zero day close,” allowing companies to make quicker, more informed decisions.
Additional insights reveal that Rillet’s software is capable of handling automation across various entities, simplifying the financial complexities associated with scaling businesses internationally. This includes managing multiple currencies and geographic regulations through a single unified system.
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