A financial technology firm, Rillet, has completed a $70 million Series B funding round led by a16z and ICONIQ and other investors to revolutionise accounting with Artificial Intelligence (AI).
The company is expected to develop an AI-powered accounting software and AI-native ERP (enterprise resource planning) platform to replace 20th-century accounting software.
The fresh funding package is coming just 10 weeks since it raised $25 million from Sequoia, bringing the total funds to $100 million in 12 months.
The accounting industry is facing a major talent crunch, with 75 per cent of accountants expected to retire in the next 15 years. At the same time, 80 per cent of routine financial operations could be automated according to Accenture.
Rillet sits right at this crossroads, creating a new platform shift in how humans and AI work together in finance. The result is transformative: finance teams get more done with fewer people, while shifting their focus from manual grunt work to strategic analysis that actually moves the needle for their business.
The plan by Rillet is to expand its AI capabilities and deepen integrations across the financial technology stack. The team’s ultimate vision extends far beyond automation; they’re building towards a collaborative platform where AI agents and human expertise work together to transform how businesses understand and manage their financial performance.
Rillet starts with native integrations, which enable structured data to flow into their smart general ledger. AI is then applied directly within the system, empowering finance teams to collaborate in real time, automate workflows natively and get insightful reporting the moment something happens, not days or weeks later.
“Finance teams deserve the same AI advantages that have revolutionized sales, engineering, and legal,” the General Partner at Andreessen Horowitz, Alex Rampell, stated.
Also, a Partner at Andreessen Horowitz, Seema Amble, noted, “Rillet is delivering that transformation by rebuilding ERP infrastructure specifically for the AI era. We’re excited to support their vision as they scale to serve the next generation of high-growth companies.”
“In our view, Rillet is not just modernizing accounting software, it’s redefining what finance teams can achieve when freed from outdated systems.
“Their AI-native approach can give companies a clear edge: faster insights, leaner teams, and smarter decisions. We believe Rillet will become foundational infrastructure for the next generation of category-defining businesses,” the General Partner at ICONIQ, Seth Pierrepont, said.
The chief executive of Rillet, Nicolas Kopp, said, “As US CEO of N26, I experienced firsthand how frustrating it was to wait weeks for critical business metrics.
“My finance team was world-class, but simple requests took weeks because the systems were stuck in the past. I knew there had to be a better way.”