rebank

Building the financial OS for startups

Under 10 Employees
Multiple Founders
Founders Code
B2B
Finance
Payments
SaaS

At my last company, we struggled to complete simple tasks with our banks.

Banks can't support startups and building a faster bank won't solve this either. That's why we're consolidating the startup finance stack.

June 21, 2019 We close our seed round of $2.8m

I was fundraising for almost three months before we closed our round. Pitching to investors was so different to speaking with customers and it wasn't until halfway through the process that I got the hang of it.

Pitching to investors requires resilience. I was surprised with the number of no's that we came up against - I realise now that this is quite normal!

We announced the round a few months later!
https://techcrunch.com/2019/12/17/rebank/

March 18, 2019 YC W19 demo day

After 12 weeks of intense work and 16hr workdays, we finally made it to YC Demo day.

It was a very tiring day but we got to meet a lot of well-known investors. Something we never imagined. The only advice I would give myself is to SPEAK TO MORE INVESTORS.

November 8, 2018 rebank gets accepted into YC W19

After months of prep and countless mock interviews, we interview with YC for a second time and get accepted. We were shocked!

We kept in touch with one of the partners between applications and updated him on our progress. I'm really glad we did this as it showed how serious we were about making measurable progress towards our launch!

August 29, 2018 rebank accepted into YC's Startup School

After being rejected by YC, we doubled down on getting our MVP done and finding more users. We learned about Startup School through the YC blog and applied thinking it could increase our chances of getting into YC.

We were lucky to have two amazing YC alumni as mentors; Marta and Michael. They helped us focus on moving one metric each week. Early on, it's very easy to get distracted with everything that comes with running a startup as two people, so the structure that Startup School provided was extremely helpful.

I would recommend this to all founders!

May 28, 2018 rebank is authorised as an AISP

We became one of the first startups in the world to be authorised as an Account Information Service Provider ("AISP"). Pulling bank data is a regulated activity in Europe so we couldn't acquire users until this point.

Simon and I completed the form without any legal assistance. Looking back at this decision, it made a huge difference in how we understood our regulatory responsibilities. In fintech, this is really important!

https://register.fca.org.uk/s/firm?id=0010X000049LhATQA0

January 21, 2018 rebank's first git commit

rebank started as a consumer payments idea before switching focus to business banking. After quitting my job in mid-2017, I met Simon and we got started thinking about how to build rebank together.

January 2018 was also when a new European Directive, PSD2, went live. This is what we needed before we were ready to start building.

July 8, 2017 rebank is accepted into the FCA Sandbox

Whilst I was still working and studying full-time, rebank was accepted into the FCA Sandbox - cohort 3. This regulatory sandbox helps innovative new companies test out their product in a safe way with real customers. It helped us gain credibility with early customers and I've written about this in our blog since then.

A huge first win that helped me make the decision to quit my job!

https://www.fca.org.uk/firms/regulatory-sandbox/cohort-3

About

At my last company, we struggled to complete simple tasks with our banks.

Banks can't support startups and building a faster bank won't solve this either. That's why we're consolidating the startup finance stack.