At rebank, we’re building the tools to help founders and managers speed through the routine of running their company — starting with banking.
We’ve seen how outdated banking interfaces slow teams down and how complicated and expensive it is to send money. The incredible thing is that despite these issues, companies don’t want to switch banks — it’s just more time wasted. We’ve made it so they don’t have to anymore.
Today we’re excited to announce that we’ve raised a $2.8m seed round led by ADV with participation from Y Combinator and Oriza Ventures, among others.
I thought I would take the opportunity to share why this is so important to us and what we’ll be focusing on over the next 12 months.
The new finance stack
Banking has become increasingly complex in the last five years. The choice of new banks and other financial products have steadily increased. Where all you needed was a relationship with one bank and an accounting tool, you now have a wide choice of products, each with their own integration and support overhead. The finance stack has completely changed.
The need for a solution came from our own personal experiences of working in high-growth companies. That and the hundreds of conversations we had with founders and managers led us to build a simple, coherent view of a company’s banks with the ability to send money easily and with no hidden fees. The pains we focused on resonated with startups in the US and UK and we’re eternally grateful for their feedback and support.
More recently, we’ve been focusing on learning how banking stops teams from sharing the data and insights they need to make better decisions as well as the pains of multi-step payment flows. Business banking today isn’t designed for collaboration; we’re changing that and will share more in early 2020.
The next chapter
Thanks to our early customers and investors, we can continue to focus on building a holistic banking experience. We’re following three principles that we believe will help us empower founders and their teams.
Deliver a complete view. Companies need better access to their financial data. Not having to waste time using static spreadsheets means they can focus on the work that matters. We’ll continue to automate the routine tasks that get in the way of real work.
Optimise for collaboration. As companies grow, they need the tools to help them stay productive. For banking this means shared access, intuitive payment authorisations, and a simpler way to track team activity.
Build seamless experiences, not a bank. There is a void between what legacy banks provide and what their younger counterparts can do. We believe the fastest way to address the needs that growing businesses have is to build a software company, not a bank.
We have an ambitious 12 months ahead and have been growing the team to scale with the demand. If you want to build the best banking experience with us, get in touch!