London-based fintech startup Crezco secures €11 million in series A round funding. To facilitate future expansion, MMC Ventures and fintech-focused 13books capital offer support.
Furthermore, the technological relationship has been integrated into its bill payment tool, which will be made accessible to UK small businesses at the end of the month, as a result of its recent setup with Xero.
Xero is set to become the first major cloud accounting software for small businesses in the UK to enable on-platform bill payments using open banking, thanks to Crezco’s account-to-account payments API.
Without leaving the Xero platform, small businesses will be able to easily and securely manage, approve, and pay their bills thanks to this customer service. Crezco leverages account-to-account (A2A) payments using open banking, a relatively new technology, to do this.
Ralph Rogge, Founder and CEO at Crezco, said: “A2A payments allows 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.”
Crezco, a 2020 startup, sets themselves apart by emphasising the enhanced user experience on B2B platforms. It is not about switching to a cheaper card payment method instead of a more convenient manual bank transfer method.
Oliver Richards, Partner at MMC said, “The potential growth opportunities have been recognised by Crezco’s new investors. “The agreement between Xero and Crezco is a great opportunity for open banking to address SME payments in the UK and, over time, internationally, whose fintech investments include YuLife, Copper and TreasurySpring. “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.”
Michael McFadgen, Partner and Co-Founder at 13books Capital, added: “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.”
Payments with Crezco are more affordable, quicker, and just as easy. Over 5,000 businesses—from start-ups to established companies—are benefiting from increased sales, profits, and cash flow by using Crezco for their payments via our no-code checkout, payment links, or API.
Crezco uses cutting-edge account-to-account technology to remove trading’s unnecessary costs and frictions, enabling markets to grow, businesses to expand, and economic advancement to be enjoyed worldwide.