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SaaS-based fintech company Rimilia has announced it has secured $15 million in growth funding.

This funding round includes participation from existing investors and partners Eight Roads Ventures and Kennet Partners, and Silicon Valley Bank.

The funding comes after a year of record growth for the company which saw the appointment of Kevin Kimber, as its new CEO in March, alongside 67 new team members. It recently opened offices in London, UK, Denver, USA and Toronto, Canada. As the hotbed for AI technology and talent, the Toronto office will focus on technology services and AI development to drive Rimilia’s innovation, and support its growing North American customer base.

Kevin Kimber, CEO, Rimilia, commented: “We are delighted to receive further investment from our existing investors, which validates our vision for the company, our technology, and will help us build on the growth that we are achieving.

“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.”

Rimilia creates software finance people love by 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.

Today, Rimilia counts companies such as Avis, Hitachi, Santander and Travis Perkins as clients, having completed over 12 million transactions and automated the collection and allocation of $150 billion in 2019 alone.

Davor Hebel, Head of Europe Ventures, Eight Roads Ventures, added: “Rimilia’s SaaS platform has quickly established itself as a vital resource for global finance professionals, creating real efficiencies and helping to increase revenues. 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.”

Ben Tickler, Vice President, Silicon Valley Bank UK, added:  “We’re thrilled to further extend our partnership with Rimilia as the team continues to experience impressive growth. Rimilia has a growing and exciting list of global blue-chip clients benefiting from their cutting-edge automated financial solutions that deliver faster and better decision making, whilst increasing productivity.”

This round brings the total amount raised by Rimilia to $40 million. The new capital will be used to drive continued product innovation, invest in new talent, and fuel the company’s global expansion.