Rillet, a startup using AI to automate accounting workflows, has raised $25 million in a Series A round led by Sequoia Capital. The company aims to modernize legacy financial systems with faster, smarter, and more adaptive tools.
The Crucial Role of General Ledger Software
The general ledger remains the core of financial operations, summarizing transactions and enabling accurate reporting. Sequoia’s Julien Bek called it “the beating heart of the finance function,” underscoring the challenge of replacing it.
A High-Stakes Market Few Venture Capitalists Dared to Enter
Until recently, most investors avoided general ledger startups due to high switching costs and market inertia. That changed with Rillet, which uses machine learning and generative AI to automate reports and integrates directly with platforms like Salesforce and Stripe.
AI-Powered Efficiency for Accounting Teams
Founder Nicolas Kopp, former U.S. CEO of N26, says Rillet helps mid-sized companies close books in hours instead of weeks. Since launch, revenue has grown 5x, with nearly 200 customers, including Windsurf and Decagon.
Challenging Legacy Giants Like NetSuite
Many of Rillet’s clients are replacing legacy systems like NetSuite. Bek noted this shift as a key signal to invest: “You can always get small customers, but winning the big ones is what really matters.”
A Major Milestone: Series A Funding
The $25 million Series A follows just 10 months after Rillet raised $13.5 million in seed and pre-seed rounds from First Round Capital, Creandum, and Susa Ventures.
A Painless Transition with AI Assistance
Migrating to a new ledger system typically takes months, but Rillet’s AI reduces that to 4–6 weeks, allowing clients to keep using their existing tools during the transition.
The Competitive Landscape
While startups like Digits are entering the space, Rillet currently stands out as the only AI-native solution designed for mid-sized businesses, offering a strong alternative to outdated platforms.
