UK-based Rebank has raised $2.8m in a new seed funding round led by ADV, the patient venture investment engine.
Other investors participating in the round included Oriza Ventures, a number of angel investors and accelerator Y Combinator, which Rebank is a recent alumnus of.
Rebank will use the money to scale its product and move beyond its current invite only launch, TechCrunch reported.
The idea behind Rebank is to run a business banking on top of existing business bank accounts, thus providing a single unified view of the user’s banking activity.
The platform is described as a way for Rebank to offer a consolidated picture of where money is entering and exiting the business across different connected accounts.
“Companies today face two major problems; janky banking interfaces and unnecessarily expensive payments,” Juan Andrade, co-founder and CEO of Rebank, told TechCrunch.
“Despite this, very few actually want to switch banks – it’s just more time wasted. They don’t have to anymore with Rebank because we work in connection with their existing banks. This means it’s easier and faster to start using Rebank than other options out there”.
Y Combinator has a history of supporting FinTech companies. Just recently, FinTech Global reported on the FinTech startups selected to take part of its fall 2019 batch.
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