AI startups like Mercor and Replit are growing rapidly, which has also boosted the value of several SaaS companies that manage their bookkeeping. Rillet, an enterprise focused on AI accounting software, announced on Tuesday that it raised $100 million in a funding round led by existing investor Iconiq, giving the company a post-money valuation of $1 billion.

According to sources familiar with the matter, competitor Campfire has also received multiple investment offers at a similar $1 billion valuation. The sources added that Campfire, founded just three years ago, may accept one of these offers, although the company has not yet used the $65 million it raised in October 2025 from firms including Accel and Ribbit Capital. These unicorn valuations represent a significant jump from the two companies' previous funding rounds.

Data from industry publication This Week in Fintech shows Campfire was valued at $375 million in its October 2025 round; the company says it has trained an AI model on accounting data. Rillet emerged from stealth two years ago and was named to The Information's 50 most promising startups list in November 2025, at which time it was valued at $500 million with investors including Andreessen Horowitz and Sequoia Capital. Fortune first reported its latest funding round.

Both companies promote their AI software as being able to complete account reconciliations and generate financial statements faster than legacy systems. They operate on an annual subscription model, competing for enterprise customers currently using Intuit QuickBooks, Oracle NetSuite, and Sage Intacct. Last week, executives from both companies attended Jefferies' annual CFO software conference in New York, alongside corporate expense card startup Ramp.

The growth of Rillet and Campfire is largely driven by the explosive business expansion of their AI-focused clients. For instance, Rillet's customer Mercor saw revenue surge 70% compared to the full year prior (net revenue, after excluding costs for outsourced data annotation workers, is roughly one-third of that figure). Campfire's clients include code assistant Replit and customer service AI company Decagon.

During industry boom cycles, it's common for startups to thrive on the growth and venture capital dividends of other young companies. Therefore, these two accounting SaaS firms will need to prove they can win more clients, ideally outside the AI sector, to sustain their growth. Rillet CEO Nicolas Kop said that of the company's approximately 600 customers, over 40% come from non-tech industries, including several healthcare companies. Sources say Campfire also serves non-tech entities, such as nonprofits and even cheese distributors.

But a major obstacle lies ahead. Investors and bankers note that large enterprises have vast amounts of accounting and financial data stored in established vendors' systems, making software migration costly. Meanwhile, these traditional giants are also adding AI features to their products. The two startups must demonstrate their capabilities to win blue-chip clients away from their established rivals.