UK FinTech firm for fast-growth firms Rebank has raised $2.8m in a see round led by Sheffield-based Accelerated Digital Ventures (ADV).
The new capital will be used to scale its platform into North America.
The firm, founded by Juan Andrade and Simon White launched initially to focus on building a better interface around payments, but has since recognised that modern, high growth companies including start-ups now expect immediate insights and simple payments.
The platform has already seen $50m in transactions across its customer base, which is spread across the US, Canada and the UK.
There are currently 70 startups and scale-ups on the platform already, with a waitlist of over 150.
The London firm took part in US tech accelerator Y Combinator’s winter 2019 cohort.
UK VC ADV took part in the seed round alongside Y Combinator, Oriza Ventures and industry-focused angels.
Juan Andrade, Founder & CEO of Rebank, said:“The basic function of a bank hasn’t fundamentally changed for 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.
“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.
Over the last twelve months we’ve been working with start-ups 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!”