Fintech Rillet Lands $70M Series B from a16z, Iconiq Just Weeks After Last Raise
In a striking demonstration of investor confidence in the burgeoning AI-powered finance sector, Rillet, a Palo Alto-based fintech startup, has announced a $70 million Series B funding round. The significant investment was co-led by prominent venture capital firms Andreessen Horowitz and Iconiq Capital. This rapid infusion of capital is particularly notable as it comes a mere 12 weeks after Rillet secured a $25 million Series A round, which was led by Sequoia Capital. Sequoia Capital also participated in the latest raise, alongside Oak HC/FT and earlier backers, bringing Rillet’s total funding to over $108.5 million in the past year alone. While the company did not officially disclose its new valuation, sources familiar with the deal indicate it stands at approximately $500 million.
Founded four years ago by Nicolas Kopp, formerly the U.S. CEO of N26, Rillet positions itself as an “AI-native Enterprise Resource Planning (ERP) platform.” This sophisticated software is specifically designed to streamline financial operations for Chief Financial Officers (CFOs) and accounting teams within high-growth companies. The platform integrates seamlessly with hundreds of existing tools across a company’s technology stack, leveraging artificial intelligence and machine learning to automate critical, often time-consuming, accounting workflows. These include complex tasks such as accruals, bank reconciliations, revenue recognition, and comprehensive investor reporting.
Kopp emphasized the timely nature of this accelerated Series B, telling Crunchbase News that the company’s revenue had doubled in the 12 weeks since its Series A close. He described the new round as “pre-emptive,” explaining that securing the capital now was a strategic move to “fuel the fire” of Rillet’s rapid expansion. The company currently serves over 200 businesses, though specific revenue figures were not disclosed. Its growing client roster includes notable names such as Postscript, Finch, Laurel, Lang AI, and Windsurf.
As part of the financing agreement, two key figures in the venture capital world will join Rillet’s board of directors: Alex Rampell, general partner at Andreessen Horowitz, and Seth Pierrepont, general partner at Iconiq Capital. Pierrepont articulated the investors’ perspective in a written statement, asserting, “In our view, Rillet is not just modernizing accounting software, it’s redefining what finance teams can achieve when freed from outdated systems.” He further highlighted the competitive advantage Rillet’s AI-native approach offers, promising companies “faster insights, leaner teams, and smarter decisions.”
Looking ahead, Rillet plans to channel the fresh capital into expanding its core AI capabilities and deepening integrations across the broader financial technology landscape. The company’s overarching goal is to cultivate a truly collaborative platform where advanced AI agents and human expertise work in tandem, fundamentally transforming how businesses comprehend and manage their financial performance.