--- title: AI ERP Software Company Rillet Opens in the UK to Replace Legacy Accounting Systems description: AI-native ERP Rillet opens in London with UK VAT filing and UK GAAP reporting, after a $100M Series C at a $1bn valuation led by ICONIQ. author: Darie Nani (Editor-in-Chief) date: 2026-11-09T12:17:32.877Z updated: 2026-11-09T12:17:32.895Z canonical: https://www.sovereignmagazine.com/article/erp-software-uk-rillet image: https://cdn.nanimediahouse.com/rillet-uk-founding-team.webp categories: Artificial Intelligence, Startups content_type: Spotlight region: London publication: Sovereign Magazine about: - type: Organization name: Rillet description: Rillet is an AI-native ERP for finance teams that combines a real-time general ledger, a continuous close and AI agents in one system. Founded by Nicolas Kopp and Stelios Modes and backed by ICONIQ, Sequoia and Andreessen Horowitz, the New York company serves nearly 1,000 customers in 75 countries and opened a London office in November 2026. url: https://www.rillet.com/ --- Rillet, which makes AI-native ERP software for finance teams, has opened an office in central London with its founding UK team already in place, the first major step in its expansion into Europe. The New York company competes with the accounting systems sold by SAP, Oracle and NetSuite, offering a general ledger in which AI agents work alongside the finance team inside the system itself. The move comes less than three months after Rillet raised a $100 million Series C at a $1 billion valuation, led by ICONIQ with Sequoia and Andreessen Horowitz, taking its total funding past $200 million. The company now has nearly 1,000 customers in 75 countries, including listed companies, up from about 200 when it raised its [Series B in August 2025](https://www.sovereignmagazine.com/article/from-frustration-to-fix-rillet-founders-drop-100m-on-legacy-accounting-pain). ## ERP Software for UK Finance Teams A Rillet feature called Multi-Book lets a finance team report the same entity under more than one accounting standard, such as UK GAAP and IFRS, or local and US GAAP. Adjustments are posted to the secondary book and the results compared side by side, without a separate system or spreadsheet for each standard. It is aimed at international groups with UK subsidiaries. VAT returns are prepared and filed to HMRC under Making Tax Digital through partner integrations, either automatically or with one-click approval, and Rillet charges no extra fee for the filing. UK bank accounts connect through Plaid, which covers more than 2,000 banks across the UK and the EU, so transactions flow straight into cash reconciliation without statement downloads. Sterling can be set as a functional or reporting currency, and the system consolidates entities and eliminates intercompany transactions across currencies. Implementations are run by Rillet's own team of qualified accountants, who also close the customer's first month with them. The company says the average implementation takes six weeks. ## Agentic ERP and the Month-End Close Rillet describes its software as an agentic ERP. Its AI, called Aura, works inside the general ledger with the full context of a company's chart of accounts. It identifies and books prepaids, fixed assets and accruals, schedules future journal entries as soon as a contract is uploaded, and runs flux analysis that explains why figures moved from one period to the next. Integrations with billing, payroll, banking and tax systems take five minutes or less to set up, according to the company, which says 99.999% of Stripe transactions are matched automatically. In most older systems the ledger records transactions and the analysis happens later in spreadsheets, so the close is done as a block of work after each month ends. Finance teams take about seven working days on average to close their books, according to industry surveys. Rillet is designed for a continuous close, where reconciliation runs as transactions come in, close tasks have named owners and live status tracking, and controls block incorrect entries before they reach the ledger. ## Black Forest Labs and Rillet's Customers in Europe UK companies were signing up to Rillet before it had anyone based in the country. Customers in the UK and the rest of Europe now account for 10% of its net new annual recurring revenue, and its international net new ARR more than tripled month on month. They include some of the fastest-growing AI companies, among them Black Forest Labs, the German developer of the FLUX image generation models, Temporal and Primer. Elsewhere, Mercor and Function Health run their finance operations on the system. > "Our tech stack needs to have AI at its core and that extends beyond features like MCP connectivity. We need AI that's built into the architecture, with reliable data that we can both act on and interact with." > — Dave Arkell, CFO at Black Forest Labs Arkell said that when he joined Black Forest Labs he wanted a finance function that reflected the company's aim of pushing the frontier of what was possible, and that he chose Rillet as its ERP because it showed the same ambition. ## Rillet's London Office and UK Hiring Rillet plans significant hiring in London in the coming months, with roles across the business. For Nicolas Kopp, the company's founder and chief executive, the move is a return to familiar ground: he studied accounting at the London School of Economics and spent several years working in the City. "Within a year of launching in the US, we already had finance teams in the UK running on Rillet," Kopp said. "Those teams are building some of Europe's most ambitious companies, and they deserve a finance partner that keeps up with them. Finance leaders want to know the people behind their systems are close by and committed to them, and a London team lets us be exactly that." Rillet works closely with the accounting firms that audit and advise large companies, through an alliance with EY, a strategic alliance with RSM in the US and partnerships with more than half of Accounting Today's top 20 CPA firms, many of which have large practices in the UK and Europe. The company is also bringing Close Club, its invite-only community of more than 1,500 US finance leaders who meet at dinners and events, to Europe. LinkedIn placed Rillet 22nd on its 2026 Top Startups list of US companies. **About Rillet** Rillet is an AI-native ERP for finance teams that combines a real-time general ledger, a continuous close and AI agents in one system. Founded by Nicolas Kopp and Stelios Modes and backed by ICONIQ, Sequoia and Andreessen Horowitz, the New York company serves nearly 1,000 customers in 75 countries and opened a London office in November 2026. [Website](https://www.rillet.com/) ## FAQ **Q: What is an agentic ERP?** An agentic ERP is accounting software in which AI agents do work inside the system itself, rather than in separate tools. In Rillet's case the agents book accruals, prepaids and fixed assets, schedule journal entries from uploaded contracts and explain movements in the figures, while the finance team reviews and approves the work. **Q: How is an agentic ERP different from a traditional ERP?** A traditional ERP mainly stores transactions, and much of the reconciliation and analysis is done afterwards in spreadsheets or add-on tools, usually in a batch at month end. An agentic ERP such as Rillet carries out that work continuously inside the ledger, with controls and an audit trail, so the books are kept up to date through the month. **Q: How long does an ERP implementation take?** Large ERP projects can run for many months. Rillet says its implementations, run by its own team of qualified accountants, take six weeks on average, and that the team closes the customer's first month with them. **Q: Does Rillet support UK VAT and UK GAAP?** Yes. Rillet files UK VAT returns to HMRC under Making Tax Digital through partner integrations at no extra filing fee, and its Multi-Book feature reports the same entity under UK GAAP and IFRS side by side. Sterling can be used as a functional or reporting currency. **Q: Who has invested in Rillet?** ICONIQ led Rillet's $100 million Series C in August 2026, with Sequoia and Andreessen Horowitz taking part. The round valued the company at $1 billion and took its total funding past $200 million.