London-based Rebank, a recent graduate of Silicon Valley accelerator Y Combinator, announced its €2.5 million seed round today led by ADV.
Rebank’s digital platform combines all of a company’s bank accounts into a single view. By connecting existing banks to Rebank, a company can speed through their banking workflow and understand where they’re making and spending money in real-time. They can also send money anywhere in a few clicks.
The product was built to address the two main issues faced by companies today; unintuitive interfaces and complicated payments. Whilst working with early customers, the founders realised that companies thought switching banks was a waste of time so they made it possible to use Rebank without having to.
Companies today still rely on card readers, colour-coded spreadsheets and multi-page payment journeys with manual authorisation – often across multiple banks. With Rebank, it’s possible to remove this routine, and instead focus on real work.
Rebank, founded in 2018, has had an international focus from day one with customers in the US, Canada, and the UK. It is currently working with 70 startups and mid-size companies with a growing waitlist of international companies. Rebank’s systems have already seen over €44 million in transactions and that figure is growing daily.
Juan Andrade, Founder & CEO of Rebank, said: “The basic function of a bank hasn’t fundamentally changed in over a thousand years; secure money, move money, lend money. Technology has improved how we interact with banks and those with basic banking needs are satisfied. A new type of company has emerged though; one that expects immediate financial insights and demands simple, cost-effective ways to pay worldwide. These companies don’t want to become banking experts – they want banking to adapt to them. They quickly move beyond basic banking needs and for them, the options are infuriatingly limited. Over the last twelve months, we’ve been working with startups and mid-size companies like these to create a holistic experience from the ground up. This round will help us scale with the growing demand.”
Tong Gu, Investment Lead at ADV, commented: “Banking digitally has transformed the way consumers behave. But this transformation hasn’t happened for businesses. Rebank is bringing fast-growing companies up to date, giving them access to all bank accounts in one place with transparency around fees and a deep focus on user experience. The tenacity showed by the team on their journey so far and their achievements during Y Combinator are a great sign of things to come. We’re delighted to be investing in their future.”