In the summer of 2018 I was asked to perform a due diligence on Tellow. In close cooperation with Rabo Frontier Ventures we came to a deal, resulting in co-owning and leading the newly incorperated Tellow B.V.
Rabobank start-up to continue as spin-off
Following an internal start at Rabobank, the Tellow book-keeping tool will continue as a separate company offering online book-keeping support to all self-employed professionals in the Netherlands, not just Rabobank clients. Tellow is an automated book-keeping app which is connected to a commercial bank account.
With over 15,000 registrations to use Tellow, the time is ripe to open up the app to self- employed professionals who do their banking elsewhere. This will be possible from late October. “Through innovative solutions like Tellow we are realising our mission of helping entrepreneurs to grow. Tellow offers digital convenience and makes book-keeping simple, giving self-employed professionals more time to grow their business. The spin-off shows that Tellow is ready for the next stage,” says Kirsten Konst, head of Commercial Banking and member of Rabobank’s Managing Board.
The spin-off will further enhance the Tellow identity and brand. Roel Smelt, the new CEO of Tellow: “The number of freelancers is clearly growing. Through Tellow we reduce the burden of administration for entrepreneurs, giving them more time to do what they’re good at: developing their business as professionals!”
Started as Moonshot
Tellow originated in 2016 from the Rabobank’s Moonshot internal accelerator programme which encourages employees to come up with innovative ideas and develop them in-house to bring
them to market.
Rabo Frontier Ventures
Rabo Frontier Ventures (RFV), Rabobank’s strategic investment fund, is investing in Tellow to give self-employed professionals peace of mind, as part of RFV’s Financial Cruise Control theme. RFV believes the start-up has great international potential given the opportunities arising from the new European Payment Services Directive (PSD2).