Revenir is a VAT reclaims platform established to eliminate financial inefficiency and bring innovative technology to the financial sector. Pulse 2.0 interviewed Revenir CEO Shawn Du to gain a deeper understanding of the company.
Shawn Du’s Background
Could you tell me more about your background? Du said:
“I began my career as a strategy consultant at Deloitte before transitioning into investment banking. This combination of strategic insight and financial expertise has enabled me to identify market gaps, evaluate opportunities, and execute complex ideas effectively. Prior to funding Revenir, I founded two startups and successfully exited both. These experiences serve as the foundation for how I lead and grow Revenir.”
Formation Of The Company
How did the idea for the company come together? Du shared:
“Personal experience. The idea for Revenir stemmed from my personal experience with the outdated and fragmented VAT (Value Added Tax) reclaim processes. I saw how slow, paper-heavy, and frustrating these processes were for both consumers and businesses. This firsthand insight revealed a significant, untapped opportunity to bring VAT reclaim into the digital age. It was this realization that inspired the development of a global, scalable solution.”
Favorite Memory
What has been your favorite memory working for the company so far? Du reflected:
“One moment that stands out above all others is the day our product went live. The energy in the office was electric, and witnessing the entire team’s excitement as our vision became a reality was unforgettable. It wasn’t just a launch; it was the beginning of a new chapter.”
Core Products
What are the company’s core products and features? Du explained:
“Digital eligibility for VAT-free transaction identification and returns for individuals and corporations.”
“Revenir provides a digital platform for identifying VAT-free transactions and processing returns, catering to both individual travellers and corporations. Our technology ensures real-time identification of eligible purchases, with seamless VAT refund processing all within the banking app.”
Challenges Faced
Have you faced any challenges in your sector of work recently? Du acknowledged:
“Customer education is currently our biggest challenge. Many customers in the UK are not aware of the VAT-free shopping scheme that allows them to reclaim VAT when shopping in the EU. Unfortunately, because of the complexities of the direct-to-customer (D2C) approach, 91% of customers do not file a claim and, as a result, miss out on their money.”
“Revenir is partnering with UK banks to enable VAT reclaims directly through bank apps, allowing customers to file a claim automatically via their bank. Our goal is to raise awareness among our partners and assist individuals in recovering their money directly into their accounts.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since launching? Du noted:
“We initially launched as a direct-to-consumer business, providing a standalone app and bank cards. However, we soon realized that a greater opportunity existed in helping banks and payment providers offer VAT-free shopping to their customers. Today, we function as a B2B embedded finance platform, seamlessly integrating our VAT reclaim technology into the ecosystems of our partners.”
Significant Milestones
What have been some of the company’s most significant milestones? Du cited:
“One of our proudest milestones was partnering with our first bank and successfully completing our initial VAT reclaim through their platform. This accomplishment validated our technology, business model, and mission.”
Customer Success Stories
Can you share any specific customer success stories? Du highlighted:
“One of our early successes involved a client who had significant international travel expenses. Previously, individuals often avoided claiming VAT due to the complexity involved, but now they have successfully reclaimed a substantial amount of VAT without adding any administrative burden. As a result, this client has referred many new clients to us.”
Funding/Revenue
Are you able to discuss funding and/or revenue metrics? Du revealed:
“YC provided significant support for our funding, and we are now seeking additional funding to expand our services globally. Our goal is to make VAT reclaim accessible to everyone involved in international payments.”
Total Addressable Market (TAM)
What total addressable market (TAM) size is the company pursuing? Du assessed it was $116 billion.
Differentiation From The Competition
What differentiates the company from its competition? Du affirmed:
“We are the only VAT operator addressing a $116 billion annual market gap through a fully digital, B2B2C approach. While others focus on fragmented processes that target consumers directly, we have developed a scalable infrastructure solution that benefits millions of end users through our partners.”
Future Company Goals
What are some of the company’s future goals? Du emphasized:
“Our goal is to transform the global processing of VAT to make it transparent, user-friendly, secure, and truly international. We envision a future where reclaiming VAT is as straightforward as buying a cup of coffee, and we are actively developing the technology to achieve this vision.”
