The Transformation of Fintech: Rillet’s Revolutionary Approach to ERP Systems

In the last decade, the financial technology (Fintech) landscape has undergone significant innovations. These advancements have reshaped various aspects of the industry, especially in corporate resource planning (ERP) systems. However, while many features have evolved, the General Ledger (GL)—the core system managing financial operations—has largely remained static, dominated by longstanding ERP solutions like Netsuite and Sage that were developed decades ago.

The Challenges of Scaling for Modern Companies

For businesses aiming to scale, this static GL poses a considerable challenge. Companies often find themselves tied to outdated systems that lack the necessary features for growth. This reliance forces organizations to rely on cumbersome processes, requiring numerous specialists and extensive manual labor—often 15 to 20 days of work just to close monthly accounts.

Why Has the GL Remained Untouched?

So, why has this critical component of financial management stayed virtually unchanged? The primary reasons include the high stakes involved in replacing a major GL system and the complexities inherent in developing new solutions. These factors have kept many businesses from seeking alternatives.

Introducing Rillet: A New Era in ERP Systems

Fortunately, the co-founders of Rillet, Nicolas Kopp and Stelilios, have risen to the occasion. They are pioneering an AI-native ERP built from the ground up. Their mission is to enable finance leaders to achieve zero-day closures and establish a modern financing function. With a strong GL, features like multi-entity support, and advanced revenue recognition, Rillet is poised to be the go-to solution for companies looking to transition away from traditional systems like QuickBooks.

Insights from Industry Experience

Prior to launching Rillet, Nicolas and Stelilios gained firsthand experience with legacy GL systems while expanding the Neobank N26. They recognized a stark contrast between outdated ERPs and the user-friendly interfaces of newer solutions. Additionally, they understood the vast savings potential that AI could provide, driving finance leaders towards necessary innovations.

Market Traction and Customer Success

In just a year, Rillet has gained impressive market traction, attracting major clients and receiving outstanding reviews, including an NPS of over 70 and a perfect score on G2. Companies that once endured six-month implementations of legacy solutions can now become operational in Rillet within just a few weeks. The heavy customizations that characterized traditional systems are being replaced by intuitive workflows and real-time reporting.

Future Prospects: Automating the Financial Function

We at Sequoia are thrilled to lead Rillet’s Series A funding round and support their ongoing growth. The teams based in New York, Barcelona, and Menlo Park are continuously developing innovative solutions. What they have achieved so far is remarkable, but this is just the beginning. We believe that Rillet’s future will focus on automating key components of the financial function—including audits, accruals, and reconciliations—revolutionizing the CFO experience.

Conclusion: Rillet’s Modern Foundation for Finance Leaders

Thanks to the vision of Nicolas, Stelios, and their dedicated team, finance directors now have a completely modern foundation on which they can rely for years to come. Rillet represents a significant step forward in ERP systems, promising enhanced efficiency and ease of use for financial operations.