UK fintech startup Rimilia has raised $15 million in funding, with participation from Eight Roads Ventures, Kennet Partners and Silicon Valley Bank, to fuel expansion across Europe and North America.
Rimilia has developed a SaaS platform for finance folk, tools that automate cash and credit management, reduce bad debt provision, and produce AI-driven insights. A few months ago, the company launched a new automated platform called Financial Relationship Management, a blend of CRM and ERP software that gives finance teams real-time insight into customers.
The startup claims its software can operate with any currency, any bank, any country, and any language.
Founded in 2008 in Bromsgrove, Worcerstershire, the company recently opened offices in The company also recently opened offices in London, Denver, and Toronto. Rimilia now 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.
The latest funding brings the total raised 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.
CEO Kevin Kimber said: “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.”
Davor Hebel of Eight Roads Ventures said: “Rimilia’s SaaS platform has quickly established itself as a vital resource for global finance professionals, creating real efficiencies and helping to increase revenues. Under Kevin’s leadership the business has shown strong growth and we look forward to continuing to work together – using the power of our global network to support Rimilia as it scales.”