One of the most time-consuming aspects of running a startup is handling finances. John Andrade joins Startup Savants to discuss his fintech startup Rebank, which makes the job easier with software that keeps financial applications, accounts, and payments all in one place.
- Startup Savants is a business podcast that tells the stories behind up-and-coming startups.
- John Andrade joins Startup Savants to discuss his fintech startup Rebank.
- Rebank’s software helps startups organize financial applications, accounts, and payments so they can track everything without bookkeeping.
After the MBA
During his interview with Startup Savants, Juan said he has always wanted to start his own business. However, he thought he needed more education and training, which prompted him to get an MBA. The coursework was great for building financial skills, but it was too theoretical, he said during his podcast interview.
“Those 18 months, you basically fall under the false illusion that you understand capitalism and that you understand businesses and how they work inside and out, but it’s all theory,” Juan said. ”That confidence is great because it drives you forward, but you have to start from zero in your next thing. And I think that’s a recipe for disaster sometimes where you have like a hundred percent confidence and actually zero ability.”
When his MBA was almost complete, Juan had to decide whether to stay with his current employer or fulfill his dream of founding a company. He chose the latter.
“I basically hit a sort of fork in the road where the Master’s degree was asking a lot more of me,” he told Startup Savants. “My company was asking a lot more of me as well, and I just had to make a call.” In the end, “The decision was sort of forced on me. It was the easiest decision to make. I was like, let’s go for it. If not now, when?”
Defining a Target Market
All founders need to define their target market, and Juan was no exception. “One thing I made sure that we did in early research was talk to people that we thought would not be customers to understand why,” he said during the podcast. “It helped us sort of form borders around our target.”
The temptation was to take anyone who wanted Rebank’s services, which the company did for a while. However, eventually, Juan decided to focus on customers whose needs were relatively complicated. At the same time, founders remained top of mind. “We want to keep it relevant to founders because that’s where finances begin. But we’re building features that bigger companies will pay more for and use more often,” he said.
To ensure that its software is actually useful, Rebank has to make it work with clients’ existing corporate structures. That means John and his team must carefully parse out what clients are really looking for. “We have a view of how finance evolves from when it’s one person to 30,” he told Startup Savants. “We use that knowledge to shape what we say on our website and what we build, but there’s always a bit of translation required. Customers aren’t very good at telling you what they really need, so we’re always tweaking.”
Startup Savants Podcast
The Startup Savants podcast is a business podcast created by The Really Useful Information Company (TRUiC). Listeners can hear the stories behind startups, as told by their founders, who are in the midst of growing their companies.
Ethan, an entrepreneur, and Annaka, a branding expert, host the Startup Savants podcast. They bring disparate skills and life experiences to their interviews, providing listeners with important business insights and a holistic perspective on the startup ecosystem.
Hear from a variety of real startup founders from around the globe and with varying backgrounds, making their startup idea a reality. Learn from experts sharing their industry knowledge on venture capital, securing funding, and more on the Startup Savants podcast.
Final Thoughts
Juan Andrade joins Annaka and Ethan to talk about Rebank, a fintech company that provides startups with financial operation systems to simplify their finances. Juan discusses the importance of trial-and-error marketing and how his own issues at his previous job led him to conceptualize Rebank.
You can find the Startup Savants podcast on Apple Podcasts, Spotify, or wherever you listen to podcasts.
