AI accounting startup Rillet raises $70M in funding led by Andreessen Horowitz and ICONIQ

Rillet is doubling down on its bid to shake up an accounting software market long dominated by Oracle and Microsoft. The AI accounting startup has secured $70 million in a Series B round co-led by Andreessen Horowitz and ICONIQ, with participation from Sequoia, Oak HC/FT, and FOG Ventures.

The company didn’t share its new valuation, but a source close to the deal said it’s now worth around $500 million. The raise comes just two months after Rillet closed a $25 million round, bringing its total funding to more than $100 million. About a year ago, the three-year-old startup raised $13.5 million in seed and pre-seed rounds.

Andreessen Horowitz and ICONIQ Back Rillet’s $70M Push to Take On Accounting’s Old Guard

The new capital will speed up product development and team expansion, with a focus on hiring engineers. Andreessen Horowitz general partner Alex Rampell and ICONIQ general partner Seth Pierrepont are joining the board.

Founded in 2022 by Nicolas Kopp, former U.S. head of digital bank N26, Rillet builds AI-powered ledger software that automates accounting tasks and helps finance teams close their books in hours instead of weeks. The platform integrates with Salesforce, Stripe, and Brex, pulling in data directly and processing it in real time.

“As US CEO of N26, I experienced firsthand how frustrating it was to wait weeks for critical business metrics,” said Nicolas Kopp, CEO and co-founder of Rillet. “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.” 

More than 200 companies use Rillet today, including AI-assisted coding tool Windsurf and e-commerce marketing platform Postscript. Kopp told Reuters the company is going after legacy systems that act as “dumb databases,” offering instead a platform that captures data and uses AI to deliver real-time insights.

That pitch seems to be working. Rillet says it has doubled annual recurring revenue in the past 12 weeks and signed partnerships with accounting firms Armanino and Wiss. With fresh capital in hand, Kopp’s aim is clear: push harder into a market where the biggest names haven’t changed in decades and see if an upstart can rewrite the rules.

Rillet Founder and CEO: Nicolas Kopp