Rillet, an AI native accounting and ERP platform for finance teams, has raised $100 million in a Series C round led by ICONIQ at a $1 billion valuation, its third funding round in 14 months and a signal that AI agents are starting to move from finance chat assistants into the general ledger itself.
The round brings Rillet’s total funding past $200 million. The company says it has doubled new annual recurring revenue in the past three months and now serves more than 600 customers, including Mercor, Function Health and Temporal, alongside a growing alliance with EY. Chief executive Nicolas Kopp said the round came together in under 48 hours because “so much had happened” since the company’s previous raise, framing the business less as an accounting tool and more as infrastructure: “The ERP must become the operating layer for what happens next. Finance agents need to work inside the general ledger.”
The insight here is about where AI agents are actually landing in finance. Most agentic finance coverage this year has focused on customer facing use cases, such as AI agents moving into the middle of finance through chat, and card networks setting rules for agent initiated payments, as FinTech reported this month. Rillet’s raise points to a quieter, back office version of the same shift: agents that work directly against the general ledger rather than around it. ICONIQ general partner Seth Pierrepont called Rillet “the clear market leader in AI-native accounting infrastructure with multi-billion-dollar businesses operating with finance teams a tenth the traditional size,” a claim that, if it holds, changes the economics of building a finance function at all, not just the tools that function uses.
Source: Rillet
