RIP Global

b2b fintechaccounting/tax

FOUNDING YEAR: 2011
LOCATION: New Zealand
Last Update: 08/09/2020

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About

RIP - Receipt & Invoice Processing.RIP Global is an enterprise digital platform that collects fully enriched complete business data sets to deliver compliance by default. This Regtech company is on a mission to rid the world of the #1 most hated business tasks and provide clean, fraud free data, and of course, the best user experience ever - doing nothing!

MEDICI Analysis

RIP Global provides cloud-based accounting solution to companies.

Focus

PRODUCTS & SERVICES

RIP Global focuses on challenges around book-keeping and expense reporting where all the paperwork, reconciliation and on-charging is sorted automatically at point of purchase. It's solution called LocBox which is a secure location inside RIP Cloud where user can store all the receipts, invoices statements and bank data.

REVENUE MODEL

B-B, B-C ARR annual subscriptions paid by the end user.

MAIN CLIENTS

Businesses

PRIMARY PROBLEM SOLVED

Expensing reporting. Bookeeping. Data Entry. Fraud Clean data Tax extraction

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE COMMENT:

We are now being actively sort by companies organically through Linkedin and other channels to supply our expensing solution. We are also engaged with EY team from Silicon valley who have stated their interest in piloting our expensing solution. HSBC bank have also connected with us as they view our ability to match sales documents to statement data an opportunity to grow market share and keep their clients sticky. We have a massive step change opportunity with the patent protected solution we have built and are now seeking funding to roll out. We intend to IPO within two years of launch to ensure the reach of this unicorn product does it justice. No question we are solving a huge problem for everyone. We have a billion dollar opportunity on our hands and we have tested at Rise in Hong Kong with exceptional feedback.

People

FOUNDERS

Melissa Gollan

BOARD MEMBERS AND ADVISORS

Wayne Norrie

NUMBER OF EMPLOYEES

1-10

INVESTORS:

Springboard Enterprises Accelerator

KEY EMPLOYEES:

Jodie Yeow

Momentum

FUNDED

NO

TOTAL FUNDING

$705 K

DATE OF LAST FUNDING

2016

SEED & PRIOR FUNDING

$705 K

SEED CLOSED ON

May 2016

SEED PRIOR FUNDING COMMENT

Initial share split from a 100 share business. All class B shares. Current company valuation is $6.5m NZ (4.6m USD @ .72 exchange). We are now seeking to raise 2 million NZ (1.4 NZD @ 0.72 exchange) to flesh out the MVP and scale.

LISTED

NO

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RIP Global

About

RIP Global has built and patented a secure,clean, fraud proof configurable enterprise data pipeline to really help our clients. We've taken away their #1 pain point by completely eliminate expenses and bookkeeping. It's done. Scanning? Data entry? Dirty data? It's over. Tax compliant by default. This is the only end to end solution around the world that will allow our clients to just pay and walk away. Agnostic to payments and accounting systems, we're here to deliver.

Focus

PRODUCTS & SERVICES

Expenses. Allows for the coding/justification of purchase at point of sale then touch free by the customer we collect the full sales data from the merchants sales system send to our cloud, pull in the payment data and automatically match sales/payment data and pre-populate the expense report. No collecting, scanning, uploading or report population required. Bookkeeper. Allow the customers to code purchases at point of sale, we collect all sales documents digitally, match the monthly invoices to end of month statements and make payments on behalf of the client. Automate disbursement invoices. Nothing lost damaged or forgotten, fully automated and pushed into our clients accounting systems, if they use one.

REVENUE MODEL

B-B, B-C ARR annual subscriptions paid by the end user.

TOP PROBLEM SOLVED

Expensing reporting. Bookeeping. Data Entry. Fraud Clean data Tax extraction

PRODUCT DEVELOPMENT STAGE

MVP

PRODUCT DEVELOPMENT COMMENT

Expensing product is ready, now building phone app and on-boarding clients. Working with Government towards the automation of tax collection too.

KEY DIFFERENTIATORS

We are the only product in the world which allows clients to code and justify at point of purchase that collects the full line by line data and reconciles it to payment data. We hold the patent for this so we are able to offer our clients the only scan/code/upload free expensing solution in the world. Nothing beats doing nothing, and that's the customer experience we are offering.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

Consumer

PRODUCT ATTRIBUTES

SaaS

White label

Traction

REVENUE COMMENT:

We are now being actively sort by companies organically through Linkedin and other channels to supply our expensing solution. We are also engaged with EY team from Silicon valley who have stated their interest in piloting our expensing solution. HSBC bank have also connected with us as they view our ability to match sales documents to statement data an opportunity to grow market share and keep their clients sticky. We have a massive step change opportunity with the patent protected solution we have built and are now seeking funding to roll out. We intend to IPO within two years of launch to ensure the reach of this unicorn product does it justice. No question we are solving a huge problem for everyone. We have a billion dollar opportunity on our hands and we have tested at Rise in Hong Kong with exceptional feedback.

LIVE USERS/TRANSACTIONS:

No live users/transaction yet

CHANNEL STATUS

MULTIPLE CHANNELS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

119

People

NUMBER OF EMPLOYEES

1-10

TEAM COMMENT:

Our business is design lead - the product has been designed after 15 years of experience at the coal face. Interacting with every market sector,15 years of expense reports followed by opening a consulting business,really understanding just how time consuming,soul destroying data entry for accounting really is. Our team are all experts in their field,believe that what we are delivering will change peoples lives.

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed
May 2016
USD705 K
at a USD4.6 Mvaluation
Comment on Seed
Initial share split from a 100 share business. All class B shares. Current company valuation is $6.5m NZ (4.6m USD @ .72 exchange). We are now seeking to raise 2 million NZ (1.4 NZD @ 0.72 exchange) to flesh out the MVP and scale.