This release appears in Fintech Futures and announces the expansion of a fintech named Rillion into the U.S. market. Rillion is an accounts payable software provider with SaaS solutions. The company is a rebranded name emanating from the original Sweden-based Palette Software, founded in the early 1990s, which was acquired by a PE firm in 2021 and now has a base office in Chicago, Illinois. AP automation is a key corporate priority in most studies that we have referenced over the past several years, and the U.S. market continues to be mired in relative analog financial operations processes, particularly among the SME space. We have covered this topic and its various benefits on these pages continuously over time, which have crystalized for firms during the pandemic.
‘Global SaaS solutions provider Rillion announced today its launch in the United States. Formerly Palette Software, Rillion has 3,000 customers and 340,000 users across 50 countries. The solution captures invoice data, processes invoices, matches purchase orders, offers searchable archives, and allows complex approval workflows to boost productivity in finance and accounts payable (AP) departments…
“By launching Rillion in the United States, we can help small, medium and large sized companies save time and money by minimizing manual work, while also providing greater transparency to eliminate bottlenecks in payments and invoice systems,” said Paul Mullis, President of Americas of Rillion. “Palette Software has been around for nearly 30 years, putting in countless hours and effort into testing and refining the software to ensure it meets the needs of finance teams across the world, and we can now bring that to the U.S. with multiple solutions as Rillion.”’
We have done a fair amount of member research in various forms and shapes around automating financial operations, and payments is a key space since it encompasses the full spectrum of inter- and intra-company transactions. The automation process, whether wholesale or incremental, tends to release opportunity for greater use of latest gen tech, one of the harder to measure but certainly tangible benefits of digitization. So this would seem a logical move into one of the largest and most needy markets.
‘Rillion currently works across nearly all industries, from agriculture to construction to retail and more. In addition, Rillion is expanding access in small and medium businesses with Rillion One, formerly Centsoft. Rillion One quickly and easily automates the flow of incoming invoices, making it ideal for a company that may not have a fully dedicated finance department but still has automation and accounts payable needs…
With 150 global employees and 24 North American employees, Rillion is actively growing its U.S. presence and establishing the leadership team. Rillion works with 25 partners across the globe, including in multiple cities in the United States to bring the software to a growing number of clientele nationwide.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
