The UK based SaaS FinTech business Rimilia has confirmed it has secured $15 million in funding from current investors including Silicon Valley Bank, Kennet Partners and Eight Roads Ventures. The latest funding round at Rimila has enhanced the total funding secured to $40 million. The business has stated that the new revenue will be used to improve product innovation and enable further acceleration in talent expansion.

Kevin Kimber, the CEO of Rimila explained how excited they were to secure additional investment which further strengthens their vision and technology, as well as providing further support with business growth. Kimber highlights that the additional capital will allow Rimila to advance its software capabilities, and at the same time generate further expertise and add specialist data scientists to expand automation and AI.

Rimilia is an automated platform powered by AI and developed to manage the process of order-to-cash in real-time. The business eliminates the manual processes associated with cash and credit management, reducing bad debt management and utilising AI to improve overall decisions. Rimilia recently introduced the Financial Relationship Management solution, providing finance teams with enhanced visibility into customer insights, integrating customer relationship management with ERP to combine pre and post-sale customer data.

A representative at Eight Roads Ventures recently told the media that Rimilia’s SaaS platform has quickly gained a reputation as an important resource for finance professionals, offering real efficiency and supporting businesses in increasing revenue. The business continues to show great growth potential and Eight Roads is excited to continue partnering with the business, offering its global network to support scaled development at Rimilia.

Rimilia recently opened up a series of offices across London, Denver and Toronto.