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Rimilia secures $15m in additional funding

Tuesday 4th February, 2020

Rimilia has announced it has secured $15 million in funding as it looks to fuel the growth of its business. This brings the total amount raised by Rimilia to $40 million.

UK fintech frim Rimilia founded in Bromsgrove in 2008, has raised money in a growth round involving participation from existing investors and partners Eight Roads Ventures and Kennet Partners, and Silicon Valley Bank.

Rimilia creates software for finance people helping them eliminate the archaic practices of manually managing cash and credit, reducing bad debt provision, and utilising the power of artificial intelligence (AI) to provide learning and insights for better decision making.

Kevin Kimber, CEO, Rimilia, commented: “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.”

It comes after a year of record growth for the SaaS-based fintech company which saw the appointment of Kevin Kimber, former EMEA founder of ServiceNow, as its new CEO in March, alongside 67 new team members.

The firm recently opened offices in London, UK, Denver, USA and Toronto, Canada. The Toronto office will focus on technology services and AI development to drive Rimilia’s innovation, and support its growing North American customer base.

In November, Rimilia launched Financial Relationship Management (FRM), a game-changing approach that provides finance teams with better visibility into real-time customer insights.