Rebill, an Argentina-based startup, raised $3.6 million to proceed constructing automated cost assortment and subscription administration instruments for Latin America.
The funding announcement consists of $600,000 from a pre-seed tranche. The $3 million seed spherical was led by Tiger World Administration and included Y Combinator, Soma Capital, SV Angel and a gaggle of angel buyers, together with Dropbox co-founder Arash Ferdowsi and Vercel founder Guillermo Rauch.
CEO Nahuel Candia acquired the preliminary thought for Rebill in 2018 when he was consulting for an insurance coverage firm in Argentina. His firm needed to handle the entire conduct of collections, together with altering the cardboard on file and going by means of compliance with safety measures. The implementation course of was estimated to be two to a few weeks, however turned out to take one 12 months.
Eager to make this a neater course of, Candia joined with Ariel Díaz Ailán, whose background is in e-commerce, to create Rebill in 2020. Rebill was a part of Y Combinator’s Winter 2022 cohort.
The corporate automates the gathering course of and integrates cost gateways and invoicing instruments in order that prospects don’t should create their very own. Rebill differs from legacy suppliers in that it’s focusing on medium to giant corporations, is cloud-based and offered on a subscription foundation so prospects simply should pay a license price, Candia advised DailyTech.
Rebill’s providing additionally pre-approves credit score and debit playing cards so its prospects can acquire with out having to contact their shopper or create advanced billing eventualities. It additionally sends cost notifications through a number of channels and permits prospects to handle all of their workplace places from one platform.
Candia estimates that Rebill’s course of cuts down that implementation course of from months to hours.
“We cut back the KYC course of for every of the cost gateways, so we robotically allow the recurring billing processing for all our retailers,” he added.
At the moment, Rebill has purchasers in Argentina, Chile, Colombia, Mexico, Peru and Uruguay and collects funds in 15 currencies. By having a multi-country, multi-currency strategy, the corporate is rising alongside its prospects, who can make the most of the cloud-based function to scale their gross sales regionally in an identical means.
The corporate has been rising 20% month over month, and grew its workers from 4 final 12 months to 25 presently. It’s going after a Sequence A spherical in 2023, and also will be capable to display annual recurring income, Candia stated.
The brand new funding permits Rebill to proceed increasing its presence into the remainder of Latin America. The corporate may even be engaged on its cost gateways and financial institution integration with the intention to automate the reconciliation course of. It is usually integrating with buyer relationship administration, enterprise useful resource administration and lending platforms.
“Our aim is to place our firm because the main cost orchestrator in Latin America,” Candia added. “We plan to double our group by subsequent 12 months and broaden extra in Mexico and Colombia.”