Refundid is an Australian-based fintech solution that provides immediate refunds on eCommerce purchases. The firm is headquartered in Sydney, New South Wales. The company’s main goal is to protect and change how customers transact online. Refundid removes the conventional two to three week wait by refunding the customers before shipping the goods back. They also protect the retailers by giving them ample time to get and inspect the returned items.
Refundid has revolutionised customers’ loyalty and confidence driving an increase in retailers’ performance. As the provider of instant refund solutions, customers can choose their desired feature when returning the goods to the online retailer and get back their funds in real time. Refundid is the merchant provider for the likes of Shopify. They’re in charge of declining, accepting, pending, and archiving returns processed by the platform externally.
Refundid was established in 2020 and launched in 2021 by co-founders Ilan Kessler, Judd Katz, Joel Aaron, and Brad Karney to cut customers’ waiting time. The company acts as the middleman between the retailer and the customer. They pay the customer and take the payment later after it has been approved by the retailer. The platform is 100% free to use. The Aussie fintech presently uses 65 active technologies for its platforms. Some of them include SPF, iPhone/Mobile Compatible, and Viewport Meta. Refundid is used by 80 retailers, including Adore Beauty, Sass & Bide, Culture Kings, and Showpo.
Investments
Refundid has raised $15 million in 2 funding rounds and is funded by seven investors. The most recent one was on the 18th of July, 2022.
- Seed Round (July 18, 2022) – $12 million raised by 2 investors. Salesforce was the lead investor.
- Seed Round (September 2, 2021) – A$3 million raised in equity and debt funding by 2 investors. The funding round was led by Afterpay-backed AP Ventures.
Investor profile
Salesforce Ventures
Salesforce Ventures was established in 2009 as a corporate venture branch of California-based Salesforce.com. The venture capital company invests in the next generation of technology and cloud-based firms. Salesforce Ventures assists enterprising founders in creating companies that change how the world operates. They have partnered and invested in over 400 most revolutionising software companies, ranging from seed to IPO. Some of the enterprising companies that they have invested in include Snowflake, Airtable, Hopin, Snyk, Tanium, Zoom, Databricks, Stripe, and nCino. Refunded is one of the latest additions to their investment portfolio. Salesforce Ventures led the funding round that raised a total of $12 million for Refundid, a local tech start-up in 2022.
Touch Ventures
Founded in 2019, Touch Ventures is an Australian leading investment holding firm that focuses on scalable investment opportunities and high growth with a proven revenue model. They also provide high growth and capital to enterprising companies that are focused on afterpay’s experience, customers, and merchants. Their areas of interest include consumer, finance, retail innovation, and data with a preference for globally expansive businesses. Touch Ventures has made eight investments, one of them was the funding round organised by the Aussie fintech Refundid in 2022. Touch Ventures has also invested in the likes of Her Black Book, CredShare, Preezie, Till Payments, Postpay, and Sendle.
AP Ventures
Headquartered in London, AP Ventures provides capital funds for technological companies that address global issues. They invest mostly in hydrogen production, transportation, storage, and its application to provide solutions to structural constraints. Their partners have been creating high-growth technology companies since 2014 across the hydrogen value chain. In 2021, Refundid raised $3 million in a funding round led by Afterpay-backed venture capital fund AP ventures, which is also backed by retail veteran Paul Greenberg.
Shearwater Capital
Shearwater Capital was established in 2018 as a growth firm that invests in growth-stage companies. The capital venture company is located in New South Wales. Shearwater is interested in SaaS and b2b payment sectors. The company has made a total of eight investments. Its last one came up on the 16th of November, 2022 when $2.5 million was raised by ClearCalcs. The company is passionate about New Zealand and Australian technology businesses. Some of the companies in their portfolio include Playground, Audience Republic, Refundid, Diffuse Energy, Sitemate, Fuel50, Amber, Lyka, Zero Co, and Buildxact.
Achievements
- Refundid bagged two nominations at the 2022 NORA Awards in the Best Tech Startup, and Best Returns Solutions categories.
- Refundid has revolutionised eCommerce returns where online shoppers get instant refunds. It is opposed to the long wait associated with the traditional way of shopping online.
Board of directors
The Australian company Refundid has five people on its executive team.
- Brad Karney is a co-founder and the Chief Executive Officer at Refundid.
- Judd Katz is the co-founder and Chief Operating Officer at Refundid.
- Illan Kessler is the co-founder and Chief Technology Officer at Refundid.
- Joel Aaron is the co-founder and Chief Product Officer at Refundid.
- Paul Greenberg is an angel investor. He is the founder and Executive Chairman of the National Online Retailers Association (NORA). Paul is also one of the founders of Auctionbrokers.com.au and Deals Direct. At Refundid, he acts as the advisor.
