Last Updated: 19 August 2026
Rillet, the AI-native enterprise resource planning (ERP) platform for modern finance teams, has raised $100 million in a Series C round at a $1 billion valuation. Co-founded by CEO Nicolas Kopp, formerly the U.S. CEO of digital bank N26, and CTO Stelios Modes, who built payment infrastructure at N26, the company now serves more than 600 customers, including publicly listed enterprises. This is Rillet's third fundraise in just one year, bringing total capital raised past $200 million.
The global ERP market, covering the back-office software companies use to manage finances and close their books, is projected to reach roughly $78 billion in 2026, growing at about 9% annually according to Mordor Intelligence. Cloud deployments account for most new implementations, and AI features are becoming standard. The profession itself is also shrinking. According to Bloomberg, approximately 340,000 fewer accountants are working in the U.S. compared to 2019, pushing companies toward software that lets smaller teams do more.
ICONIQ led the round, with Sequoia and Andreessen Horowitz participating again alongside Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum.
Large incumbents like Oracle, SAP, Microsoft Dynamics, and NetSuite have long controlled the ERP market. These systems were built decades ago, before AI was a practical tool for financial work. Many finance teams still rely on spreadsheets and manual processes on top of their ERP, even when the software costs millions to run.
That is starting to change. AI agents, software programs that independently handle tasks like matching invoices or reconciling transactions, are entering finance departments quickly. Gartner projects that by the end of 2026, 90% of finance functions will deploy at least one AI-enabled solution. A separate survey reported by the Journal of Accountancy found that 79% of mid-market CFOs say at least a quarter of their accounting workload is already handled by AI tools. Most of these tools, though, work as add-ons bolted onto older systems. Rillet's argument is that AI needs to be built into the accounting system itself.
"In our view, Rillet is the clear market leader in AI-native accounting infrastructure. What stands out to us is how customers actually run on it — multi-billion-dollar businesses operating with finance teams a tenth the traditional size, closing their books continuously. We believe Rillet is the foundational infrastructure for the next generation of enterprises in the AI era, and we are proud to deepen our partnership."
Seth Pierrepont, General Partner at ICONIQ and new Rillet board member
The new funding will go toward what Rillet calls the "agentic operating layer" for finance: a single platform where human accountants and AI agents share the same financial data, follow the same rules, and work from one continuously updated view of the business. AI agents take on increasingly complex tasks while finance teams keep oversight and approval.
Rillet is also expanding beyond tech. After proving its platform with technology and AI firms, it is moving into biotech, healthcare, fintech, logistics, and professional services, where large enterprises are replacing Oracle Fusion, SAP, Workday, Microsoft Great Plains, and NetSuite. The company launched an alliance with Ernst & Young earlier in 2026 and now partners with more than half of the Accounting Today top 20 CPA firms.
Rillet doubled its new annual recurring revenue (ARR) in the most recent quarter. One customer, Mercor, reportedly runs past $2 billion in ARR with a finance team of just three people working alongside Rillet's AI agents.
Nicolas Kopp and Stelios Modes founded Rillet in 2021. Kopp holds a master's degree in accounting from the London School of Economics, spent five years at Morgan Stanley, and then led N26's U.S. operations. Modes, the CTO, built N26's payment infrastructure. The company came out of stealth in 2024, and its team includes more than 50 CPAs from Big Four firms and people from legacy ERP companies.
In simple terms, Rillet replaces the accounting software companies use to track their money. Traditional systems require finance teams to close their books at month's end, a process that can take days or weeks. Rillet keeps the books current continuously, using AI agents for tasks like categorizing transactions, reconciling bank statements, and preparing reports. The company calls this a "zero-day close." Customers include Mercor, Function Health, Temporal, Kickstarter, Sotheby's, and Foursquare.
"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. Rillet is building that harness: one environment where humans and agents share the same financial truth, divide the work and keep every action auditable. The result is a finance function that can operate 24/7 and in real time."
Nicolas Kopp, CEO and co-founder of Rillet
ICONIQ, which manages capital for technology founders and families, led the Series C. Seth Pierrepont, General Partner at ICONIQ, is joining Rillet's board. Sequoia led the $25 million Series A, and Andreessen Horowitz co-led the $70 million Series B alongside ICONIQ. Both returned for this round.
All three raises happened within one year. Rillet closed its Series A, then raised its Series B roughly ten weeks later. Now comes the Series C, pushing total funding past $200 million. Other investors include Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, Creandum, and Sequoia Global Equities.
