2 min read
Juan Andrade
Rebank’s biggest ever update.
As we begin 2023, we’re narrowing our focus to help businesses solve the complexities of intercompany and transfer pricing agreements
Company News
Discovering new problems
Our most enthusiastic early users were international founders (syncing financial data in one dashboard simplified financial reporting), so we learned firsthand how much more complex their financial needs are compared with ‘local’ businesses.
Intercompany agreements is a non-optional compliance thing that really interested us. As we delved into that space, we realised that not doing it right from the start causes oh-shit-stop everything-else problems - we’ve helped customers with fines, stalled acquisitions, blocked fundraising processes, and expensive rework with lawyers.
These issues happened because they were given inaccurate or misleading advice from professionals about these agreements, which are subject to more nuanced guidelines beyond what they may be familiar with in their own countries.
So, one November evening in 2020, we mapped out the v1 intercompany product in our old office and added it to our website. Intercompany for startups was born!
CONCLUSION
What’s different now?
We had our best-ever year in 2022, growing revenue 10x in 12 months and raising our second round. When we started thinking about the year ahead, we went looking for the biggest problems that our customers face that aren’t being solved yet. Due in part to COVID, businesses now hire internationally and sell internationally much earlier than before. The corporate admin that comes with global expansion is not well understood though; businesses don’t know who’s responsible, how to manage these agreements, and whether the advice they’re getting is sound. It’s still a black box to most of them, and for such an important obligation (intercompany agreements are non-optional), this doesn’t make sense to us. We want every default global business to have the tools they need to expand globally without wasting brain cycles on intercompany agreements so we’re already iterating on a new product and some cool automation features with our early users. That’s all for this update; we’re excited to share more about our product soon.
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Juan Andrade
Founder, Caribou
Further reading
Our team has worked in the industry for years, and we’re here to share what we have learnt with you.
3 min read
Juan Andrade
29 Jun 2021
How We Got Into Y Combinator (Part 2)
Rebank were invited to YC but didn't make it past the face-to-face interview. We came back from that no to be accepted into the W19 batch
For Founders
3 min read
Juan Andrade
18 Jun 2021
How We Got Into Y Combinator (Part 1)
There is no formula for getting into YC. Every founding team's story is different to ours, which makes for a diverse group of companies
For Founders