AI accounting startup Rillet raises $70M at $500M valuation

Rillet, an AI-powered accounting software startup founded by former N26 executive Nicolas Kopp, has raised $70 million in a Series B funding round co-led by Andreessen Horowitz and ICONIQ. The funding values the company at approximately $500 million and comes just two months after its previous $25 million raise, bringing total funding to over $100 million as the startup targets legacy accounting systems from Oracle and Microsoft.

Why this matters: Rillet’s platform addresses a critical pain point in enterprise finance by automating accounting tasks that traditionally take weeks to complete, leveraging AI to transform what Kopp calls “dumb databases” into intelligent, real-time financial systems.

Key details: The startup’s AI-powered ledger software integrates with major business platforms to streamline financial operations.

• Rillet’s platform connects with systems from Salesforce, Stripe, and Brex to automatically pull in data and deliver real-time insights.
• The company serves over 200 customers, including AI coding tool Windsurf and e-commerce platform Postscript.
• Finance teams can now close books in hours rather than weeks using the automated platform.

Impressive growth metrics: The company has demonstrated remarkable momentum in recent months.

• Annual recurring revenue doubled over the past 12 weeks, according to company statements.
• The startup has secured partnerships with established accounting firms including Armanino and Wiss.

Who else is involved: The funding round attracted participation from prominent venture capital firms beyond the co-leads.

• Sequoia, Oak HC/FT, and FOG Ventures joined the Series B round.
• Andreessen Horowitz general partner Alex Rampell and ICONIQ general partner Seth Pierrepont are joining Rillet’s board as part of the investment.

What’s next: Rillet plans to accelerate platform development and expand its engineering team with the new capital.

• The company will focus on speeding up development of its AI-powered accounting platform.
• Hiring additional engineers is a priority as the startup scales its operations to meet growing demand.