Announcing our $2.8m seed round
19 Dec 2019
At rebank, we’re building tools that allow founders and managers to speed through their banking workflow — allowing them to change their focus.
We’ve witnessed how outdated banking interfaces slow teams down and how complicated sending money becomes for high-growth companies. Despite these issues, switching banks isn’t a viable option — it’s just more time wasted. We’ve made it so they don’t have to switch 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 Jude Gomila, among others.
We wanted to 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
The choice of new banks and other financial products have steadily increased in the last five years. 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 desire to focus on this problem came after sharing our own personal frustrations of working in high-growth companies - and the hundreds of conversations we had with founders and managers. We started with a simple, coherent view of a company’s banks and added the ability to send money with transparent fees. This resonated with startups in the US and Europe and we’re so grateful for their ongoing feedback and support.
Recently, we’ve learned about even more ways that banking stops teams from sharing the data they need to make better decisions. Business banking today isn’t designed for collaboration; we’re changing that and will share more in 2020.
The next chapter
Thanks to our early customers and investors, we’ll continue to focus on creating 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 want real-time access to their financial data. Not wasting 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. In 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.