Rillet Raises $100 Million at a $1 Billion Valuation to Put AI Agents Inside the General Ledger
Rillet has raised $100 million at a $1 billion valuation, led by ICONIQ, for an AI-native accounting platform that runs agents inside a company’s general ledger. It is the two-year-old startup’s third raise in 14 months. Customers such as Mercor run past $2 billion in revenue with a finance team of three, and Rillet is going after Oracle, SAP, and NetSuite.
August 19, 2026 – 2:48 pm
Credit: Rillet via Fortune
Rillet, a startup that rebuilds corporate accounting around AI, has raised $100 million at a $1 billion valuation, making it the latest AI unicorn. ICONIQ led the Series C, Fortune reported exclusively. Nick Lichtenberg broke the news. It is Rillet’s third raise in 14 months.
The backers are a roll-call of AI investors. Returning shareholders Sequoia, Andreessen Horowitz, and Oak HC/FT joined, Rillet said. New investors include Bain Capital Ventures, Battery Ventures, FirstMark, Scale Venture Partners, and Creendum. The round takes total funding past $200 million, and ICONIQ general partner Seth Pierrepont is joining the board.
Rebuilding the General Ledger
Rillet sells what it calls an AI-native ERP, the enterprise software that runs a company’s finances. Nicolas Kopp and Stelios Modes founded it in 2021, and it launched publicly in August 2024, Tech Funding News reported. Modes, the chief technology officer, previously ran the German neobank N26 in the US. The company states that it ended its first year with 100 customers, then raised its Series A and B just ten weeks apart.
The pitch takes aim at the incumbents. Kopp argues that legacy systems from Oracle, SAP, Workday, Microsoft, and NetSuite belong to a pre-AI era. They were built for humans to key in and check data, he says. Rillet calls itself “agent-first” instead. Its AI agents run hundreds of operations at once inside a real-time general ledger. Accountants review the work rather than enter it by hand.
Kopp framed the shift in stark terms:
"For the last two decades, the ERP has been treated as a system of record, a place to store what already happened. In the AI era, it has to become the operating layer for what happens next."
Finance agents “need to work inside the general ledger,” he said, not just draw data from it.
Fast Growth, and a Marquise Customer
The numbers behind the raise are steep. Rillet doubled its new annual recurring revenue in the three months before the round. It now serves more than 600 customers, the company said. Agent activity across those customers is growing about 70 percent month on month, Kopp wrote. They include the AI firms Neuralink, Skild AI, and Mercor, alongside public companies. About 40 percent now sit outside tech, in industries from waste recycling to film studios, Kopp told Fortune.
One customer does the heavy lifting in the sales pitch. Mercor uses Rillet’s agents to run a business scaling past $2 billion in annual recurring revenue with a finance team of just three, according to the company. Pierrepont made the same point in the funding announcement:
"Customers are multibillion-dollar businesses operating with finance teams a tenth the traditional size, closing their books continuously."
Kopp was careful about what that means for jobs. “Our message is not that we’re coming after jobs. That’s just not correct,” he told Fortune, stressing that accounting expertise is core to the product. He said the aim is to free finance chiefs from spreadsheet drudgery. "CFOs really struggle day to day."