As we begin 2023, we’re narrowing our focus to help businesses solve the complexities of intercompany and transfer pricing agreements.
We believe the administrative burden of preparing and maintaining these agreements has secretly become a major distraction for default global businesses. We’re in private beta and are launching later this year - we’d love it if you joined us for the ride.
But why are we doing this? What problem are we solving, and why now?
Rebank was one of the first Open Banking companies in the world (an AISP); this novelty helped us get into Y Combinator in 2019 (as well as some very helpful YC founders).
Our dashboard gained popularity among startup founders and the YC community; some of them started describing our product as a financial operating system. We became obsessed with the notion of a financial OS and coined the phrase “The financial OS for startups” in a job description (I think); it quickly caught on.
Our most enthusiastic early users were international founders (syncing financial data in one dashboard simplified financial reporting), so we learned firsthand how much more complex their financial needs are compared with ‘local’ businesses.
Intercompany agreements is a non-optional compliance thing that really interested us. As we delved into that space, we realised that not doing it right from the start causes oh-shit-stop everything-else problems - we’ve helped customers with fines, stalled acquisitions, blocked fundraising processes, and expensive rework with lawyers.
These issues happened because they were given inaccurate or misleading advice from professionals about these agreements, which are subject to more nuanced guidelines beyond what they may be familiar with in their own countries.
So, one November evening in 2020, we mapped out the v1 intercompany product in our old office and added it to our website. Intercompany for startups was born!
We had our best-ever year in 2022, growing revenue 10x in 12 months and raising our second round. When we started thinking about the year ahead, we went looking for the biggest problems that our customers face that aren’t being solved yet.
Due in part to COVID, businesses now hire internationally and sell internationally much earlier than before. The corporate admin that comes with global expansion is not well understood though; businesses don’t know who’s responsible, how to manage these agreements, and whether the advice they’re getting is sound. It’s still a black box to most of them, and for such an important obligation (intercompany agreements are non-optional), this doesn’t make sense to us.
We want every default global business to have the tools they need to expand globally without wasting brain cycles on intercompany agreements so we’re already iterating on a new product and some cool automation features with our early users.
That’s all for this update; we’re excited to share more about our product soon.