San Francisco-based Rillet has raised $100 million in Series C financing led by Iconiq, with participation from Sequoia, Andreessen Horowitz, Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum. So far, the financial software company has raised more than $200 million in capital, as it seeks to expand beyond technology companies into industries including healthcare, biotech, fintech, and logistics.
Rillet’s software combines a general ledger, financial integrations, and automated accounting workflows in a single platform. Instead of relying on enterprise resource planning (ERP) primarily to record completed transactions, its software becomes the central workspace for finance teams, with automated systems performing tasks while employees retain approval authority and oversight.
With financial data in a real-time ledger, automated tools as well as human finance staff can work from the same records, accounting policies, and controls, the company said. Each action is tracked through an audit trail, which is an important requirement for companies operating under formal financial controls.
“For the last two decades, the ERP has been treated as a system of record, a place to store what already happened. In the AI era, it has to become the operating layer for what happens next. Finance agents need more than access to data; they need to work inside the general ledger,” said Nicolas Kopp, co-founder and CEO of Rillet.
Before founding Rillet, Kopp spent five years in investment banking at Morgan Stanley before joining European digital bank N26 in 2015 as one of its early employees. He later became N26’s U.S. CEO, overseeing operations and the company’s initial international expansion.
Kopp holds a bachelor’s degree from the University of St. Gallen in Switzerland and a master’s degree in accounting from the London School of Economics.
After gaining initial traction among technology and AI businesses, Rillet targets sectors with more established accounting operations, including biotech, healthcare, financial technology, logistics, and professional services.
Rillet also has been building relationships with accounting firms, including an alliance with Ernst & Young launched earlier this year. The company says it is an official partner with more than half of Accounting Today’s top 20 accounting firms, giving it distribution and implementation relationships as it moves into larger customers.
Iconiq is a San Francisco-based global investment firm that backs companies and entrepreneurs across technology and other sectors while managing investment portfolios for institutional and private clients. The firm has built its investment strategy around its network of business leaders, using capital and strategic relationships to support companies pursuing growth in markets shaped by technological change.
