Software-as-a-service (SaaS) firm Rimilia has secured $15 million in growth funding, with participation from investors Eight Roads Ventures, Kennet Partners and Silicon Valley Bank.
The latest investment brings the total amount raised by the UK-based FinTech to $40 million. This new capital will be used to drive continued product innovation, invest in new talent and fuel the company’s global expansion.
The startup hired Kevin Kimber, former EMEA founder of Service Now, as its new chief executive last March, alongside 67 new team members across offices in London, Denver and Toronto.
Kimber commented: “This additional capital sets Rimilia up for continued success, and will be used to build out our market presence and advance our software, while also focusing on building out our team to add further subject matter expertise and leading data scientists to further advance our automation and AI.”
Rimilia is an artificial intelligence-powered automation platform built to manage order-to-cash process in real time. Its SaaS solutions work with any currency, any bank, in any country and language.
The company already counts companies such as Avis, Hitachi, Santander and Travis Perkins as clients, having completed over 12 million transactions and automated the collection and allocation of $150 billion in 2019 alone.
In November, Rimilia launched Financial Relationship Management, which aims to provide finance teams better visibility into customer insights, bridging the gap between customer relationship management and enterprise resource planning.
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