
Pre-invoicingan Argentina-based startup, has raised $3.6 million to continue building automated payment collection and subscription management tools for Latin America.
The funding announcement includes a $600,000 pre-tranche. 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 including Dropbox co-founder Arash Ferdowsi and Vercel founder Guillermo Rauch.
CEO Nauel Candia got the initial idea for Rebill in 2018 when he was consulting an insurance company in Argentina. His company wanted to manage all collections behavior, including changing the map on file and going through security compliance. The implementation process was estimated to take two to three weeks, but turned out to take a year.
Wanting to make this process easier, Candia teamed up with Ariel Diaz Aylan, whose background is in e-commerce, 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. Rebill differs from legacy vendors in that it’s aimed at midsize to large companies, is cloud-based and is sold on a subscription basis, so customers just have to pay a license fee, Candia told TechCrunch.
Rebill’s offering also pre-authorizes credit and debit cards so its customers can collect without having to contact their customer or create complex billing scenarios. It also sends payment notifications across multiple channels and allows clients to manage all their offices from one platform.
Candia estimates that the Rebill process cuts this implementation process from months to hours.
“We are reducing the KYC process for each of the payment gateways, so we automatically enable recurring billing processing for all our merchants,” he added.
Rebill currently has customers in Argentina, Chile, Colombia, Mexico, Peru and Uruguay and collects payments in 15 currencies. By having a multi-country and multi-currency approach, the company grows with its customers, who can take advantage of the cloud feature to scale their sales regionally in a similar way.
The company is growing at 20% month on month and has grown its staff from four last year to 25 now. It follows a Series A round in 2023 and will also be able to demonstrate annual recurring revenue, Candia said.
The new funding allows Rebill to continue expanding its presence in the rest of Latin America. The company will also work on its payment gateways and banking integration to automate the reconciliation process. It also integrates with customer relationship management, enterprise resource management and lending platforms.
“Our goal is to position our company as the leading payment orchestrator in Latin America,” Candia added. “We plan to double our team by next year and expand further into Mexico and Colombia.”