FinTech Rimilia has secured £11.4m in growth funding.

The firm headquartered in Bromsgrove will use the investment to fuel continued growth and international expansion.

The SaaS-based company enjoyed a year of record growth and appointed a new CEO in Kevin Kimber in 2019.

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

It brings the total amount raised by Rimilia to $40 million.

Kimber 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.”

Kimber is a former EMEA founder of ServiceNow. The company recently opened offices in London, UK, Denver, USA and Toronto, Canada.

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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.

Rimilia creates software for finance people, helping them eliminate the archaic practices of manually managing cash and credit, reducing bad debt provision, and utilising the power of artificial intelligence to provide learning and insights for better decision making.

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, said: “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.”