Rebank raises over £2m in funding round as looks to grow business internationally

By John Reynolds on Thursday 19 December 2019

Digital Banking

The UK start-up is currently working with 70 start-ups and mid-sized companies.

 Rebank raises over £2m in funding round as looks to grow business internationally
Image source: Image provided by Rebank

Rebank, a UK start-up for high growth businesses, has raised $2.8m (£2.1m) and will use the funding to grow its business in the UK, US and Canada, it has said.

The seed round of funding has been led by investment platform ADV while other investors include US seed accelerator Y Combinator, Oriza Ventures, the venture capital fund,and angel investors including Jude Gomila, the CEO and founder of start-up Golden, an alternative to Wikipedia.

Juan Andrade, Founder & CEO of Rebank, (pictured) 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."

Tong Gu, Investment Lead at ADV, said: “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.”

The digital banking platform says it is currently working with 70 start-ups and mid-sized companies.

Rebank says its model is addressing two main issues facing companies: "unintuitive interfaces and complicated payments".

The start-up offers a consolidated and real-time overview of money going in and out across multiple bank accounts.

Rebank charges a subscription fee, which begins at $50 (£38) per month.

“Companies today face two major problems; janky banking interfaces and unnecessarily expensive payments,” Andrade told TechCrunch.

“Despite this, very few actually want to switch banks — it’s just more time wasted. They don’t have to anymore with Rebank because we work in connection with their existing banks. This means it’s easier and faster to start using Rebank than other options out there.”

 

 

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