Rebank raises $2.8m to build business banking of the future

Rebank raises $2.8m to build business banking of the future

After graduating from Y Combinator in 2019 Rebank has returned to London and raised a $2.8m seed round led by ADV to scale into North America.

Banking digitally has transformed the way consumers behave. But this transformation hasn’t yet happened for businesses. Rebank is bringing fast growing companies up to date with the modern world, giving them access to all bank accounts in one place. 

The team launched Rebank initially to focus on building an intuitive interface and removing complexity around payments. They’ve also recognised that modern companies expect immediate insights and simple payments.

Companies (like consumers) also hate switching banks, Rebank means they don’t have to. By connecting existing banks, companies can understand where they’re making and spending money in real-time. As well as making payments quickly and easily.

The platform has already seen $50m in transactions across the Rebank customer base. International from day one, customers are already spread across the US, Canada and the UK. There’s 70 startups and scale-ups on the platform already with a waitlist of over 150.

Rebank took part in Y Combinator’s winter 2019 cohort alongside Verto. We’ve led the seed round alongside YC, Oriza Ventures and some industry-focused angels. 

Juan Andrade, Founder & CEO of Rebank, said:

“The basic function of a bank hasn’t fundamentally changed for 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!”