UK FinTech firm Crezco lands $12m for B2B payment solution


Crezco, a UK-based FinTech company, stands at the forefront of revolutionising B2B (business-to-business) invoice and bill payments.

By harnessing the power of open banking, Crezco aims to make B2B transactions as seamless and convenient as consumer-oriented card payments. This innovative approach has not only garnered attention but also substantial financial backing.

Recently, Crezco has triumphantly secured $12m in a Series A funding round. This significant investment was led by MMC Ventures and 13books capital, both of which are well-known for their keen interest in FinTech ventures. This infusion of capital marks a pivotal moment in Crezco’s growth trajectory.

At its core, Crezco is dedicated to simplifying the B2B payment process. The company leverages an advanced account-to-account (A2A) payments API, fundamentally altering how businesses manage their transactions. Crezco’s collaboration with Xero, a global small business platform, is a testament to their technological prowess. By integrating Crezco’s technology, Xero will soon offer on-platform bill payments in the UK, a first for any major small business cloud accounting software in the region.

The implementation of this solution promises to streamline bill management and payment processes for small businesses. By staying within Xero’s platform, these businesses can handle their financial transactions with unprecedented ease and security. Crezco’s use of open banking technology is key in achieving this convenience, representing a significant shift from traditional payment methods to more efficient, digital solutions.

Amidst the backdrop of economic uncertainties, Crezco’s innovative approach offers a ray of hope. According to a recent report by Xero, about half of the UK’s small businesses are concerned about their financial future. Crezco’s technology, integrated within Xero’s new bill payments feature, could play a crucial role in helping these businesses gain a clearer insight into their cash flows.

The firm sets itself apart in the open banking landscape by focusing on the B2B sector, prioritising user experience over cost savings alone. Ralph Rogge, Founder and CEO at Crezco, emphasises this strategy, stating, “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.”

The potential for growth in the B2B payment sector is immense. As small businesses increasingly move away from traditional methods like paper invoices and cheques towards digital, cloud-based solutions, Crezco’s market continues to expand. Oliver Richards, Partner at MMC, sees the Crezco-Xero agreement as a transformative moment for open banking in addressing SME payments in the UK and potentially worldwide. Michael McFadgen, Partner and Co-Founder at 13books Capital, echoes this sentiment, highlighting Crezco’s focus on SME payment challenges as a key factor in their investment decision.

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.