Startup founders are constantly bombarded with options for new financial products, but many times these financial products do not solve actual banking inefficiencies that startups face. Rebank created the banking platform that seamlessly operates within pre-existing financial accounts to provide a single view of a startup’s banking activity, thus reducing the need to switch banks. Rebank’s platform has multiple functions that include shared access options and intuitive payment authorizations.
London TechWatch sat down with Cofounder and CEO Juan Andrade to learn more about the inspiration for the business, the company’s future plans, and recent round of funding.
Who were your investors and how much did you raise?
We raised a $2.8M Seed round led by ADV with participation from Y Combinator, Oriza Ventures and other angels.
Tell us about the product or service Rebank offers.
Rebank is a business banking tool that runs on top of your existing business bank accounts. It provides a single view of your banking activity that allows you to optimize your day-to-day tasks and save on payments your business makes.
What inspired the start of Rebank?
While at Secret Escapes, I noticed the pain points close up of how business banking hindered a high-growth company. Simon, my cofounder, and I joined forces and interviewed hundreds of companies in the US and UK – each conversation fueled our desire to start Rebank even more.
How is Rebank different?
Our customers put it best: “I’ve got 99 problems but switching my bank doesn’t feel like one”. We learned early on that it’s a waste of time to have to keep switching banks once you grow – we’ve made it so that you don’t have to.
Who do you consider to be your primary competitors?
Whilst there are a lot of options when opening a new business bank account, there isn’t anything that can give you a single view of your business banking.
What market is Rebank targeting and how big is it?
We’re focusing on the US, Canada, and the UK.
What’s your business model?
We charge a monthly subscription starting at $50/month.
What was the funding process like?
The funding process spanned across Silicon Valley and London. It was a great opportunity to learn how fundraising differs in the US v. UK.
The funding process spanned across Silicon Valley and London. It was a great opportunity to learn how fundraising differs in the US v. UK.
Where do you see the company going now over the near term?
We are now focusing on growing the team to meet demand in the US and UK.
What is your favorite restaurant in London?
Chicken Shop or Pizza East.
