Founded in 2018 by Juan Andrade and Simon White, Rebank is a startup on a mission to build the best banking experience for high-growth companies. Recently, the London-based fintech startup has secured $2.8 million (approx €2.5 million) seed round.
Other investors include Y Combinator, Oriza Ventures, and angel investors, including Jude Gomila, also participated in the investment round. It’s worth mentioning that Rebank is a recent graduate of Silicon Valley accelerator, Y Combinator. Funding will be used to focus on the US, Canada, and the UK.
Combines all of company’s bank accounts into a single view!
For the uninitiated, 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.
Built to address the two main issues!
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.
The company has customers in the US, Canada, and the UK. At present, it is working with 70 startups and mid-size companies with a growing waitlist of international companies. Rebank’s systems have already seen over $50 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.
Main image credits: Rebank
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