Rillet Revolutionizes General Ledger with AI Automation

For accounting departments, the general ledger system is the cornerstone of financial management. It consolidates all financial transactions and provides the data necessary for accurate financial statements. Julien Bek, a partner at Sequoia Capital, describes the general ledger as the "beating heart of the finance function," emphasizing its critical role.

Historically, venture capitalists hesitated to invest in new general ledger software startups due to the difficulty of convincing companies to switch from existing systems and the complexity of building such platforms. However, this perspective shifted with the emergence of Rillet, a startup leveraging machine learning and generative AI to automate accounting reports.

Rillet integrates directly with customers’ banks and platforms such as Salesforce, Stripe, Ramp, Brex, and Rippling to automatically generate essential financial statements like balance sheets and income statements. This automation enables medium-sized companies to close their monthly or quarterly books within hours, a process that traditionally took weeks.

Nicolas Kopp, Rillet’s founder and former U.S. CEO of European neobank N26, has led the company to rapid growth since its product launch last year. Revenue has increased five-fold, and the customer base now includes nearly 200 companies, including high-profile startups like Windsurf and Decagon.

Previously, companies of this size would typically rely on legacy general ledger software like NetSuite, developed in the late 1990s. While still popular, NetSuite is often criticized for being slow and cumbersome. Rillet’s AI-driven platform offers a faster, more efficient alternative.

Julien Bek notes that about one-third of Rillet’s deals come from customers replacing NetSuite or similar systems. This significant market shift was a key factor in Sequoia Capital’s decision to lead Rillet’s $25 million Series A funding round, following a $13.5 million seed round.

Rillet’s AI also simplifies the installation process, reducing data transfer times from months to just four to six weeks. Clients can continue using their existing general ledger platforms during the transition, ensuring data integrity and operational continuity.

While competitors like Digits target small businesses with AI-powered general ledgers, Rillet uniquely focuses on mid-sized companies, carving out a niche with its advanced AI and machine learning capabilities.

Why Rillet’s Innovation Matters

The general ledger is often seen as a legacy bottleneck in finance operations. Rillet’s AI-driven approach not only accelerates financial closing processes but also reduces errors and manual workload. This transformation enables finance teams to focus on strategic insights rather than routine data entry.

In an era where speed and accuracy are paramount, Rillet’s technology offers a compelling alternative to outdated systems. Its ability to seamlessly integrate with multiple financial platforms and automate complex accounting tasks positions it as a game-changer for medium-sized enterprises.

For investors and businesses alike, Rillet’s success signals a broader shift toward AI-powered financial software that can disrupt entrenched incumbents and deliver measurable efficiency gains.