Ask nearly any start-up creator and they’ll inform you that service banking is mostly broken. Legacy banks generally offer a clunky user experience caught in the past. New challenger banks reveal a great deal of promise on the UX front but typically featured an immature function set that hits a wall as quickly as a business grows bigger.
The solution, states Y Combinator graduate Rebank, is a brand-new digital business banking platform that operates on top of existing business checking account. The idea is to supply a single, consolidated view of your organisation banking activity, coupled with various everyday performance, to enable you to speed through company banking tasks and invest more time actually growing your service.
To continue constructing out its product and move beyond the existing invite just launch, the U.K. start-up has raised $2.8 million in seed funding. Leading the round is ADV, with involvement from YC, Oriza Ventures, and angel investors including Jude Gomila.
“Companies today face two major problems; janky banking interfaces and needlessly costly payments,” Rebank co-founder and CEO Juan Andrade informs TechCrunch.
“Despite this, very few really wish to switch banks– it’s just more time wasted. They don’t have to anymore with Rebank because we operate in connection with their existing banks. This suggests it’s easier and faster to start using Rebank than other choices out there”.
Andrade began his profession in insurance coverage prior to moving into payments and developing brand-new card items for Ukash, the payments startup based in London that was gotten by Skrill in 2015. He was also most recently Head of Payments at Secret Escapes, the Google Ventures-backed travel business.
Rebank’s other co-founder, Simon White, started his profession as a systems engineer at Unisys and Thales, dealing with the Australian government on large scale defence and military jobs before transferring to London. He was also an early engineer at Fincluster prior to signing up with the starting group at Soreto, the e-commerce rewards startup backed by New Look founder Tom Singh.
Andrade states it was while at Secret Escapes that he saw up close much of the pain-points of service banking, specifically for a fast-growing company. “We established Rebank back in Jan 2018 after Simon and I had shared the pains of dealing with different organisation banks throughout our previous functions. Every subsequent conversation with founders and financing teams just fuelled the desire to deal with this issue more,” he tells me.
Specifically, Rebank has been developed to deal with 2 primary concerns faced by companies today: “complex payments and unintuitive interfaces”. The platform offers a real-time and combined image of money going in and out throughout numerous linked bank accounts and can likewise be utilized to start payments.
Andrade says financing teams are already choosing it to their existing banking apps which Rebank has clients in the U.S., Canada, and the U.K., totaling up to 70 startups and mid-size business producing $50 million in deals. For the time being, business model stays uncomplicated, too. Rebank charges a membership charge, starting at $50 each month.
“We bootstrapped the very first year; establishing a controlled business as a team of 2 was requiring. In spite of needing to divide legal, compliance, tech, and product in between two individuals we made great development and were accepted into Y Combinator at the end of 2018. After graduating from YC we raised our seed round from U.S. and U.K. financiers. Things have been moving pretty rapidly ever since!”
, is a new digital business banking platform that runs on top of existing organisation bank accounts. They don’t have to any longer with Rebank since we work in connection with their existing banks. “We established Rebank back in Jan 2018 after Simon and I had actually shared the discomforts of working with various company banks during our previous functions. Specifically, Rebank has actually been constructed to resolve two primary issues dealt with by companies today: “complicated payments and unintuitive interfaces”. Andrade says finance teams are currently preferring it to their existing banking apps and that Rebank has clients in the U.S., Canada, and the U.K., amounting to 70 start-ups and mid-size companies creating $50 million in deals.