Rillet Secures $100M Series C at $1B Valuation to Scale AI-Native Accounting ERP

Rillet has secured a $100 million Series C funding round, propelling the AI-native ERP platform to a $1 billion valuation. For fintech leaders, this signal confirms a shift away from legacy systems of record toward "agentic" operating layers where AI agents and human controllers operate within a unified, real-time general ledger.

What was announced

San Francisco-based Rillet announced the $100 million raise led by ICONIQ, with participation from a heavy-hitting roster of investors including Sequoia, Andreessen Horowitz, Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum. This marks the company’s third funding round in a single year, bringing its total capital raised to over $200 million.

The platform is designed as an AI-native alternative to legacy ERP systems like Oracle Fusion, SAP, Workday, Microsoft Great Plains, and NetSuite. Rillet vertically integrates the finance stack, allowing structured data to flow through native integrations directly into a real-time general ledger. This architecture enables AI agents to perform complex financial tasks with full context and a complete audit trail, while human finance teams maintain approval authority.

Currently serving over 600 customers, Rillet has doubled its new ARR in the last three months. While initially proving its model with high-growth AI and tech firms—such as Mercor, which manages $2 billion in ARR with a finance team of just three people—Rillet is now expanding into biotech, healthcare, fintech, logistics, and professional services. The company also recently launched an alliance with Ernst & Young and is a partner to more than half of the top 20 CPA firms listed by Accounting Today.

"For the last two decades, the ERP has been treated as a system of record, a place to store what already happened. In the AI era, it has to become the operating layer for what happens next. Finance agents need more than access to data; they need to work inside the general ledger."

Nicolas Kopp, CEO and co-founder of Rillet.

The companies involved

Rillet is a San Francisco-based developer of AI-native enterprise resource planning (ERP) infrastructure. The company positions itself as a modern alternative to the fragmented landscape of legacy accounting software and disconnected spreadsheets, aiming to provide a "harness" for autonomous finance operations.

The funding round was led by ICONIQ, a prominent investment firm that frequently backs high-growth technology leaders. The syndicate includes Andreessen Horowitz (a16z), a venture capital firm known for its early bets on transformative software and fintech, and Sequoia, one of the world's most established venture firms. Other participants include Bain Capital Ventures, the dedicated venture arm of the global private equity giant, and Oak HC/FT, which focuses specifically on healthcare and financial services technology. The round also saw support from Battery Ventures, FirstMark, Scale Venture Partners, and Creandum, reflecting broad institutional confidence in the shift toward AI-driven financial infrastructure. On the professional services side, Rillet maintains a strategic alliance with Ernst & Young (EY), one of the "Big Four" global accounting and consulting firms.

What FF News has reported before

FF News has closely tracked the evolution of AI-driven financial management and the venture capital landscape supporting it. We previously covered Rippling Launches AI Spend Console to Track Token Usage and ROI Across the Enterprise, highlighting the growing need for specialized tools to manage AI-related costs. Our reporting on major funding milestones in the sector includes Arch Surpasses $500B in Assets and Reveals Strategic Series B Backing from MUFG and Franklin Templeton and Capi Secures Landmark Cross-Border Payment License as First Fintech in West Africa's UEMOA Zone. Additionally, we have monitored leadership shifts at major financial institutions, such as when Sun Life Appoints Financial Services Veteran Katherine Lee to Board of Directors.

What this means

This $100 million round is a direct challenge to the dominance of Oracle and NetSuite. By integrating AI agents directly into the general ledger rather than layering them on top of old databases, Rillet is addressing the "spreadsheet gap" that plagues traditional finance departments. The fact that multi-billion-dollar companies are now running on teams of three suggests a massive deflationary pressure on the cost of finance operations. Watch for legacy ERP providers to respond with aggressive "agentic" acquisitions or internal pivots, as the market clearly no longer values the ERP as a passive system of record.