- London-based fintech Rimilia just raised $15 million from VCs including Eight Roads Ventures and Silicon Valley Bank.
- The company, founded in 2008, is keen to take advantage of the market for cash flow improvement for large corporates and leverages AI solutions to improve cash flow for businesses.
- „This funding helps us build out and take advantage of a market opportunity to scale,“ Rimilia CEO Kevin Kimber told Business Insider in an interview. „Based on the growth we’ve achieved and where we want to go, investors were keen to put money in.“
- Click here for more BI Prime stories.
London-based fintech Rimilia just raised $15 million from VCs including Eight Roads Ventures, Silicon Valley Bank, and Kennet Partners.
The company, founded in 2008, is a fintech SaaS provider which uses AI software to corporates to aid with cash management. Rimilia has offices in Reading, UK, London, Colorado and Toronto and wants to take advantage of what it estimates to be a $3 billion cash flow management market. Rimilia is set to open an office in Boston this year as it expands its team following the funding round.
The company’s CEO, Kevin Kimber, spent years building out enterprise SaaS businesses and was formerly a board member at the company through his role at Eight Roads Ventures, one of the investors on this new round.
„When I came into this company I thought ‚There has to be a better way to do this,'“ Kimber told Business Insider in an interview. „There’s a $3 billion market opportunity in B2B payments space and we want to be a market leader from London.“
The funding will help continue the company’s geographic expansion with 67 people hired last year and more to come, according to Kimber, who became CEO in March 2019. „This funding helps us build out and take advantage of a market opportunity to scale,“ Kimber added. „Based on the growth we’ve achieved and where we want to go, investors were keen to put money in.“
It brings the total amount raised by Rimilia to $40 million. „Rimilia’s SaaS platform has quickly established itself as a vital resource for global finance professionals, creating real efficiencies and helping to increase revenues, Davor Hebel, Head of Europe Ventures, Eight Roads Ventures, said. „Under Kevin’s leadership the business has shown strong growth and we look forward to continuing to work together – using the power of our global network to support Rimilia as it scales.“
Check out the company’s (redacted) pitch deck below: