Shawn Du, Founder and CEO of Revenir, explained: “Our mission is to empower consumers and businesses alike to make more informed, responsible choices that benefit both sellers and buyers. We do this by providing a simple application programming interface (API) connection with banking partners, enabling our users to reclaim their overseas VAT easily.”

It offers banks a white label API to enhance the capability of their banking apps, automatically refunding VAT to retail customers, within, on average, 48 hours.

The startup is always “striving to create solutions that contribute to a better, more equitable world.”

The inspiration and journey

“My journey to founding Revenir began with a deep-seated passion for technology and innovation. My experience showed me the power of technology to solve real-world problems, and I was always driven by the desire to create something that could make a meaningful impact,” mentioned Shawn. “This passion and a troubled personal experience re-claiming VAT led me to found Revenir, where I could channel my expertise into building an innovative and purposeful company.”

Shawn found inspiration in his own experiences struggling to reclaim VAT and seeing the obvious need for innovation in the sector. Shawn, a Canadian citizen, became tired of queueing at customs and filling in countless forms, all to pay a broker most of the reclaim.

Shawn explained: “The inspiration behind Revenir was born from a clear need for change in the VAT refund sector. I saw firsthand the challenges and inefficiencies holding back progress, particularly in transparency and honest practices. The tipping point for me was realising that we could transform these challenges into opportunities with the right technology and vision.”

He continued and explained the starting steps: “Having given it a go by simply speaking with people in the airport and providing them with an email address to send their receipts to, we managed to process VAT returns for 3,000 customers, who were absolutely delighted with the service.

“I wanted to build a company that provided a solution and championed a new way of thinking that aligns profitability with purpose. Revenir is my way of contributing to a future where businesses and consumers can thrive harmoniously with the environment.”

A competitive industry

Like with most fintechs, Revenir operates in a highly competitive space, but isn’t worried about the competition.

Shawn explained: “What sets Revenir apart is the holistic way we operate a B2B2C approach. Unlike our competitors, we focus not only on the best user journey but also on integrating top-level security into everything we do. This allows us to deliver a service that is not just innovative but also deeply aligned with the values of our customers.

“We also pride ourselves on our transparency and our commitment to continuously improving and evolving our offerings in response to the needs of our community.”

How the startup has grown

At the start of its journey, the company was originally ‘Refund Giant’, but soon after its founding, it changed to its current iteration, Revenir. Like its name, much has changed since the start.

“Revenir started as a small, dedicated team of two, both sharing a common vision for innovation and sustainability. Today, we have grown to a talented team of nine individuals, each bringing unique skills and perspectives to the startup,” Shawn explained.

Shawn attributes the growth of the startup to a few different factors. “Our growth has been fuelled by a combination of strategic hiring, a strong company culture, and an unwavering commitment to our mission. We have also benefitted from the support of a vibrant network of advisors, partners, and early adopters who believed in our vision from the outset.”

The challenges

“Like any startup, Revenir has faced its fair share of challenges,” Shawn mused.

“One of the biggest hurdles was user education. We overcame this by educating the upstream banking partner level, which not only solved the immediate trust issue but also strengthened our customer retention.”

The fintech space is continuously adapting and moving, and being able to adapt and change with it is key to a startup’s success.

“Another challenge is navigating the rapidly changing landscape of fintech, which requires us to be incredibly agile and adaptable. We've built a culture of continuous learning and innovation, which has been crucial in overcoming these obstacles and keeping us ahead of the curve.”

The successes

With challenges come the highlights, which make the hard times seem not so bad. There have been many successes along the way, but a particular few stand out to Shawn.

“One of the most significant highlights was being part of Y Combinator and Fintech Innovation Lab, run by Accenture. This was a testament to our team's hard work and dedication and validated our vision for Revenir,” he said.

“Another highlight has been the incredible feedback we've received from our customers and partners, which has motivated us to keep pushing the boundaries of what's possible. Every time we hear about the positive impact our product has had, it reinforces why we started this journey in the first place.”

Positive feedback from customers is the lifeblood of a startup, knowing that the product you developed to solve a real issue in the world is helping others that face that same issue.

“One thing I'd like to highlight is the importance of our community in Revenir's journey. We wouldn't be where we are today without the support, feedback, and advocacy of our users, partners, and stakeholders. Their trust in us is something we value deeply, and it drives us to keep innovating and improving,” Shawn mused.

What’s next?

Having already grown impressively, Revenir is planning on continuing this expansion.

Shawn discussed what he sees in Revenir’s future: “Looking ahead, our focus is on scaling our operations and expanding our reach. We plan to explore the international market too which we believe will take Revenir to the next level.

“We are also committed to deepening our impact by improving our product. Our ultimate goal is to become a leader in VAT fintech, recognised not just for our products, but for our unwavering commitment to making a positive difference.”

Even with growth on the mind, he doesn’t want the startup to lose what is most important to it: “As we grow, we remain committed to maintaining that close connection with our community, ensuring that we continue to serve their needs and stay true to our core values.”

This article originally appeared in the September/October 2024 issue of Startups Magazine. Click here to subscribe