Spanish-US fintech Rillet today announces $13.5 million funding to build the next generation of accounting platform.

High-growth companies face a catch-22 when it comes to accounting: use 25-year-old software built for small businesses that don’t meet their needs (QuickBooks) or 25-year-old software built for large corporations that don’t either (NetSuite).

Either way, finance teams are stuck doing tons of manual work in spreadsheets to reconcile and report their financials. To exacerbate the issue, there are fewer accountants to do this work: 300,000 accountants left the profession

Rillet has developed an ERP that automates almost everything for high-growth companies.

A lot of the complexity when it comes to startup accounting is on the revenue side, so Rillet integrates with payment processors and CRM tools to simplify all of this. 

The company makes sense of raw source data using metadata and AI, and can run all kinds of workflow automation that finance teams used to have to do manually — from invoicing to closing the books and running investor reporting.

Rillet can even handle this automation across multiple entities, geographies, and currencies — turning a major pain point as companies scale internationally into a single view with a single login. 

“100 per cent automation will lead to much faster and better decision making while keeping accounting teams lean and helping them focus their talent on more meaningful work than reconciling numbers,” says Nicolas Kopp, Rillet’s CEO, 

“With today’s technology and the rapid advancements of AI, the world where your accounting software does all the work for you and you, as a Controller, manually review exceptions and verify that the numbers are accurate is a question of when, not if.

I am hoping that we can help bring this future forward and make it a reality in the next couple of years.”

Rillet currently works with over 70 customers across SaaS and usage-based revenue businesses to automate the workflows accounting teams perform monthly. 93 percent of all journal entries booked in Rillet to date were done without a human being involved.

Creandum and First Round Capital led the funding, which was participated in by individual investors including Chad Byers (Susa Ventures), Kevin Hartz (founder of Eventbrite and Xoom), the former Chief Accounting Officer of Facebook and Stripe, and the Controller at Ramp. 

Peter Specht, General Partner, at Creandum, said, 

“Rillet has successfully tackled some of the most complex problems in automating the general ledger. This sector is ripe for disruption and Rillet’s product stands heads and shoulders above anything else we’ve seen in this space.”

The funding will be used to grow the team and expand to support new customers in new verticals from e-commerce to fintech.