Currently large enterprises require large accounting teams to do what’s known as cash matching and credit collection. This is very manual stuff. Some of the ERP vendors (most notably SAP) have their own modules to do this, but in this world the big players are firms like Hanse Orga which is focused on Germany and the SAP ecosystem, and US players HighRadius and Billtrust. However, much of this work could be done with machine learning. So, look out accountants, because there’s a new kid on the block out to get you.
Rimilia claims to improve the quality and speed of cash matching and credit collection while automating almost the whole process. And it’s not even based in Silicon Valley, or London. After bootstrapping since 2008 and running on revenues, it’s now raised $25m in growth funding. The round was co-led by London-based funds Kennet Partners and Eight Roads Ventures, both funds which are known for growth funding rounds.
The money will be used to expand in Europe and the US. As part of this fundraising it also plans to double the size of its team, and has brought on experienced SAAS player Karl Campbell as Chairman.
Rimilia’s flagship product, Alloc8 Cash, uses machine learning to help companies immediately match invoices to payments received, reducing the amount of manual work required. Another product, Alloc8 Collect, manages the collection of outstanding balances by using predictive analytics to prioritise which customers to chase for payment. Rimilia claims both products increase efficiency by as much as 70%.
With clients across Europe and the US including Avis, Hitachi, Santander and Travis Perkins, it currently employs over 70 people at its Midlands headquarters in Bromsgrove, England, a place which couldn’t be more different to Silicon Valley if it tried.
Hillel Zidel, managing director of Kennet Partners, who will join the Board, said: “Rimilia is a bootstrapped success story, having grown rapidly since it was founded without raising any external capital. Businesses are increasingly prioritising investment in intelligent automation and we believe that Rimilia has a great opportunity to become a global leader in the automation field.” Davor Hebel, head of Europe for Eight Roads Ventures, who will also join the Board, said: “Rimilia is one of the UK tech scene’s hidden gems, built in the Midlands and solving a genuine problem.”