Rebank banks $2.8M to build a better banking experience for companies

Rebank provides amazing banking experience
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Ask any company’s CEO, and they will say that business banking is suffering badly. Legacy banks lead to an awful experience. On the other hand, new challenger banks seem quite promising on the front but come with a set of immature features. Consequently, the company falls behind as it starts to grow bigger. However, a startup, Rebank, might have a solution to this.  

Rebank is a new digital banking platform that runs over the current bank accounts. The main idea here is to provide you with amazing banking experience and handling of your day to day functionality. This will enable you to quickly go through banking tasks and focus more on developing and expanding your business.  

To continue to build its product, the startup has just banked $2.8 million in seed funding. ADV is leading the current round, with participation from other investors, like Oriza Ventures, YC, and angel investors, like Jude Gomila Another startup, Mercury that provides banking services to startups, raised $20M recently

The CEO and co-founder of Rebank, Juan Andrade, states, “Currently companies face two major issues. The first one is unreliable banking interfaces, and the other is the expensive payments. Despite this, most companies don’t switch banks because they think that it would just waste more time. However, they don’t even need to think about switching banks because we work alongside their existing banks. Thus, it’s easier and faster to use Rebank than other options in the market.” 

Andrade originally began his career in insurance. After that, he moved to build new card products for Ukash, the startup that Skrill acquired back in 2015. He was also the head of Payments at Secret Escapes, the Google Ventures-backed travel company.    

Skrill acquired Ukash
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The other co-founder of Rebank, Simon White, began his career as a systems engineer at Thales and Unisys and worked with the Australian government on several military projects and large-scale defense. He also worked as an engineer at Fincluster before becoming a part of the founding team at Soreto 

Andrade states that when he was at Secret Escapes, he observed many flaws in business banking for a fast-growing company. “We started Rebank the previous year after having bitter experiences with banks. Every discussion that we had fuelled us to solve this problem more,” he mentions.   

Andrade made Rebank address the core two issues that companies face today, complicated payments, and unreliable interfaces. The platform provides a real-time picture of transactions from multiple bank accounts. Moreover, it can also be used to initiate payments.   

Andrade states that finance teams of various companies already prefer Rebank to their existing banking apps. In the U.S., U.K., and Canada, Rebank customers include 70 startups and mid-size companies. Currently, the business model of Rebank is quite simple. The startup charges a subscription fee, which starts at $50 per month and increases depending upon the services you require.   

Andrade states, “Regulating our company as a team of two was quite challenging. We had to split the tech, legal, and product between two people. However, we made progress eventually and were accepted into Y combinator at the end of 2018. Once we graduated from YC, we quickly started our seed round for the U.K and U.S. investors. Since then, everything has gone perfectly for us.” 

 

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