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.
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. 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.