London, UK-based fintech company using open banking to make B2B invoices as well as bill payments as convenient as B2C card payments, Crezco raised 11 million in Series A funding. The company announced the investment on November 23, 2023. MMC Ventures and fintech-focused 13books Capital led the financing for the company.
Purpose of financing for Crezco
With the latest financing, the company seeks to enable further growth. In addition, its recent agreement with Xero resulted in the technology partnership being integrated into its bill payment feature. The technology is set to launch to small businesses in the UK at the end of the month.
Xero is the first major small business cloud accounting software in the UK to offer on-platform bill payments leveraging open banking. The solution also allows small businesses for simple and secure management, approval and payment of their bills without leaving Xero’s platform. To achieve this, Crezco uses open banking, a relatively new technology leveraging account-to-account (A2A) payments.
What the Crezco Official has to add
Ralph Rogge, Founder as well as CEO at Crezco, said, “A2A payments allow Crezco’s partners to move the point of payment from the bank to their platform. This is not just a domestic transfer solution. We connect real-time payments everywhere, and it’s one of the most obvious examples of embedded payments.”
What the investors have to add
Oliver Richards, Partner at MMC, whose fintech investments include YuLife, Copper and TreasurySpring, further said, “The agreement between Xero and Crezco is a great opportunity for open banking to address SME payments in the UK and, over time, internationally. “It’s a transformational moment for the company, and we’re excited to be backing Ralph and the team at this critical point in their growth.”
In addition, Michael McFadgen, Partner and Co-Founder at 13books Capital, commented, “While there are many exciting opportunities in the arena, it was Crezco’s continued focus on the SME and their payment challenges, domestic and international that led to our investment.”
About the company
Ralph Rogge is the Founder and CEO of the company launched in 2020. Crezco makes domestic and international invoice payments easy, instant and secure for SMEs by leveraging open banking. Crezco differentiates itself by targeting B2B platforms. It further highlights the improved user experience. It is not about replacing card payment with something cheaper but replacing manual bank transfers with something more convenient.
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