18 December 2019:
Rebank has raised $2.8 million in Seed Funding. The funding round was led by ADV. Y Combinator and Oriza Ventures also participated in the funding round.
Rebank is a recent graduate of Silicon Valley accelerator Y Combinator.
Rebank’s digital platform combines all of a company’s bank accounts into a single view. By connecting existing banks to Rebank, a company can speed through their banking workflow and understand where they’re making and spending money in real-time.
Juan Andrade, Founder and CEO of Rebank, 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.”
Juan Andrade, added, “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.”
Juan Andrade, further, added, “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.”
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.”
(Image – Rebank)