Rimilia has clients across Europe and the US including Avis, Hitachi, Santander and Travis Perkins and currently employs over 70 people at its Midlands headquarters in Bromsgrove. Sajid Javid MP, who opened its new office last year, heralded it as a local champion with global relevance.
Rimilia was founded in 2008 when four ambitious finance professionals sought to tackle inefficiencies in finance processes such as cash allocation and collection. Rimilia’s flagship product, Alloc8 Cash, uses machine learning to help companies immediately match invoices to payments received, vastly reducing the amount of manual work required to complete this daily task. Its complementary Alloc8 Collect product facilitates the collection of outstanding balances by using predictive analytics to prioritise which customers to chase for payment. Both are intuitive and increase efficiency by as much as 70%.
Rimilia will use this first round of external capital to invest in its market leading software and into its sales, marketing, and customer support functions as it expands its presence in Europe and the US. As part of this fundraising it also plans to double the size of its team and make several senior hires, the first of which is Karl Campbell, who joins as Chairman with immediate effect. Karl brings with him a wealth of relevant experience in scaling SaaS companies.
Davor Hebel, who will also join the Board, said: “Rimilia is one of the UK tech scene’s hidden gems, built in the Midlands and solving a genuine problem. It creates real efficiencies for finance teams, enabling them to focus on value-add activities. We’re excited to bring our scale-up expertise and global platform to support Rimilia’s international growth.”