Argentina-based startup Rebill has raised $3.6 million to continue building automated payment collection and subscription management tools for Latin America.
The funding announcement includes $600,000 from early seed funding. The $3 million seed round was led by Tiger Global Management and included Y Combinator, Soma Capital, SV Angel and a group of angel investors, Dropbox co-founder Arash Ferdowsi and Vercell founder Guillermo Rauch.
CEO Nahuel Candia got the first idea for Ribil while consulting for an insurance company in Argentina in 2018. His company wanted to manage all aspects of inventory, including changing the card on file and complying with security measures. The implementation process was expected to take two to three weeks, but it took a year.
To make this process easier, Candia teamed up with Ariel Diaz Aylan, an e-commerce legend, to create Rebill in 2020. Rebill was part of Y Combinator’s Winter 2022 cohort.
The company automates the collection process and integrates payment gateways and invoicing tools so customers don’t have to create their own. Candia told TechCrunch that Rebill is aimed at mid- to large-sized companies, is cloud-based, and is sold on a subscription basis, where customers only pay a license fee.
Rebill’s offering pre-authorizes credit and debit cards so customers can collect without having to contact their customer or create complex billing scenarios. It also sends payment notifications through multiple channels and allows clients to manage all office locations from a single platform.
Candia estimates that Rebill’s process will reduce that implementation process from months to hours.
“We will reduce the KYC process for each payment gateway, so we will automatically enable the recurring billing process for all our merchants,” he said.
Rebill currently has customers in Argentina, Chile, Colombia, Mexico, Peru and Uruguay and collects payments in 15 currencies. With a multi-country and multi-currency approach, the company is growing alongside its customers, which can balance their sales regionally by using cloud-based features.
The company is growing 20% month over month and has increased its employees from four to 25 last year. It is taking place after a Series A round in 2023, and could also show annual recurring revenues, Candia said.
The new funding will allow Rebill to continue expanding its presence in the rest of Latin America. The company operates its payment gateway and bank integration to automate the reconciliation process. It is also integrating with customer relationship management, enterprise wealth management and credit platforms.
“Our goal is to position our company as the main payment orchestra in Latin America,” added Candia. “Next year we plan to double our team and expand further in Mexico and Colombia.”