Rimilia, a UK-based SaaS fintech, announced earlier this week it raised $15 million through its latest investment round, which saw participation from Eight Roads Ventures and Kennet Partners, and Silicon Valley Bank.
The company, which was founded in 2008, revealed it provides intelligent, finance automation solutions that enable organizations to control cash flow and cash collection in real-time. Its software solution notably uses analytics and artificial intelligence to predict customer payment behavior and match/reconcile payments.
“Rimilia software automates the complete accounts receivable process and eliminates unallocated cash, reducing manual activity by an average 70% and achieving best in class matching rates recognised by industry specialists including The Hackett Group.”
Rimilia’s customers are in more than 50 countries and the company’s cloud-based solution is implemented and delivering an ROI within 12 months. Notable customers include Santander, Wesco, Gazprom, TalkTalk, Avis, and Hertz. Speaking about the investment round, Kevin Kimber, CEO, Rimilia, reportedly stated:
“We are delighted to receive further investment from our existing investors, which validates our vision for the company, our technology, and will help us build on the growth that we are achieving. 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.”
The funding, which brings the total amount raised by Rimilia to $40 million, will reportedly be used to continue product innovation, invest in new talent, and fuel the company’s global expansion.