SaaS fintech Rimilia raises $15m from SVB and other investors
Rimilia, the AI-powered cash allocation software service, has landed $15 million in additional funding to fuel its international expansion plans across Europe and North America.
The start-up is a software as a service (SaaS) platform which offers tools that automate cash and credit management, produce AI-driven insights, and reduce bad debt provision.
The latest funding round saw participation from existing backers Eight Roads Ventures, Kennet Partners, and Silicon Valley Bank (SVB), bringing the fintech’s total funding raised to $40 million. The company says it will also divert some of the funding to new talent and product development.
Last year the fintech appointed Kevin Kimber as its new CEO. Previously Kimber founded a management consultancy for technology start-ups called KONA Partnership, and spent time at SAP as a cloud manager for nearly three years. He was also one of the EMEA founders of ServiceNow, the American cloud computing company.
“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,” says Kimber.
The company says 2019 was a year of “record growth”. With 67 new employees joining the fold across the year, the now 138-employee fintech (according to LinkedIn) has bases in London, UK, Denver, the USA and Toronto, Canada.
“As the hotbed for AI technology and talent, the Toronto office will focus on technology services and AI development to drive Rimilia’s innovation, and support its growing North American customer base,” the company says in a statement.
It also reveals that the Rimilia platform processed 12 million transactions and automated the collection and allocation of $150 billion in 2019. Investor Ben Tickler, vice president at SVB UK, calls the growth “impressive”, noting the “growing and exciting list of global blue-chip clients” it is accumulating.
Customers include car rental company Avis, Japanese multinational conglomerate Hitachi, and bank Santander.