$25m for cash software provider Rimilia in “bootstrapped success story”
The Worcestershire-based business will use the funding to target European and US expansion - and will also look to double its headcount
Rimilia, a Worcestershire-based business that helps large organisations with cash allocation, has raised $25m in a funding round co-led by Kennet Partners and Eight Roads Ventures.
An acronym which stands for Receive It Match It Learn It Automate, Rimilia’s flagship product Alloc8 cash, uses maching learning to help clients match their invoices to payments received.
Its Alloc8 Collect product helps businesses claim overdue and outstanding payments by using analytics to prioritise which clients to chase – while it has also introduced solutions for collections, bank reconciliation and cash forecasting.
Part of the accounts receivable process, cash allocation is a process where businesses apply incoming payments to the correct customer accounts and receivable invoices.
Often a lengthy and time-consuming action, the exercise can either be done manually or with an automated service.
Not always a tiresome activity, in the time when most payments came via cheques with remittance advice attached, it was a simple case of one-to-one matching.
However, following the advent of electronic payments, remittances can come via mail, email and web portals – causing some confusion for businesses.
Founded back in 2008 by Steve Richardson, Chris McGibbon, Jamie Cunningham and Neil Hate, at the height of the global financial crisis, the foursome were motivated to start-up after noticing how many larger organisations struggled to keep ahead of their cash allocation process.
Ramilia will use the funding to target European and US expansion – and will also look to double its headcount.
“Over the past few years we’ve built a unique product that takes the burden off over-stretched finance teams.
“This investment comes at a pivotal time for Rimilia and will allow us to capitalise on global opportunities. Both Eight Roads Ventures and Kennet Partners have terrific track-records investing in SaaS and FinTech companies. We look forward to working together as we navigate our next phase of growth.”
Hillel Zidel, managing director of Kennet Partners, said:
“Rimillia 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.”