Accounting software startup Rillet has raised a $25 million Series A round, led by Sequoia Capital, to modernize one of the most entrenched systems in finance: the general ledger. The company aims to replace legacy tools like NetSuite with an AI-powered platform that helps finance teams close their books in a fraction of the time.
“The general ledger is the beating heart of the finance function,” said Julien Bek, partner at Sequoia. “Replacing it is like open-heart surgery”
Just a few years ago, the idea of building a new general ledger system seemed too risky for venture capital. But Rillet’s rapid growth — 5x revenue increase since launching last year and nearly 200 customers onboard — changed that perception.
Founded by Nicolas Kopp, former U.S. CEO of European neobank N26, Rillet leverages machine learning and generative AI to automate key financial workflows. The platform integrates directly with tools like Salesforce, Stripe, Brex, Ramp, and Rippling, allowing mid-sized companies to generate real-time income statements and balance sheets, and close books in hours instead of weeks.
“Rillet helps finance teams do in hours what used to take weeks,” said Kopp. “And they can switch with minimal disruption”
That seamless migration is a key selling point. Rillet’s AI-driven onboarding process reduces data transfer time from months to just 4–6 weeks, enabling teams to run their old and new systems in parallel until the switchover is complete.
Replacing NetSuite, One Customer at a Time
A growing share of Rillet’s users are abandoning NetSuite, Oracle’s long-dominant general ledger product. According to Sequoia’s Bek, nearly a third of Rillet’s deals come from customers replacing NetSuite or similar systems — a sign that Rillet is poised to disrupt a segment long overdue for innovation.
“With many startups, you can get small customers,” Bek said. “But replacing NetSuite — that’s a sign you’re ready for the big leagues”
Rillet’s clientele includes high-growth companies like Windsurf, the AI coding assistant reportedly acquired by OpenAI for $3 billion, and Decagon, a customer support AI startup valued at $1.6 billion.
The latest funding follows a $13.5 million seed and pre-seed round raised less than a year ago from investors including First Round Capital, Creandum, and Susa Ventures. The new capital will support Rillet’s growth across product development, customer success, and go-to-market expansion.
A Unique AI-Driven Advantage
While competitors like Digits have also entered the AI accounting space, Rillet stands out by targeting mid-sized businesses — a segment largely underserved by both traditional and next-gen tools. Digits, by contrast, focuses more on small businesses reliant on platforms like QuickBooks and Xero.
With its Series A in place, Rillet is positioning itself to become the go-to ledger for the modern finance team — faster, smarter, and powered by AI.
