London’s Crezco, a burgeoning fintech startup, has secured a substantial £9.6 million in funding to bolster its cutting-edge invoice and payment services designed specifically for small and medium-sized enterprises (SMEs) engaged in business-to-business transactions.
Founded in 2020, Crezco has positioned itself as a crucial partner for small businesses, offering innovative account-to-account (A2A) payment solutions and streamlining the often cumbersome process of invoice management through the utilization of open banking.
Crezco strategically targets B2B platforms seeking to modernize their payment infrastructure, replacing conventional bank transfers and paper invoicing methods.
CEO Ralph Rogge highlights the transformative power of A2A payments, enabling partners to relocate the payment focal point from traditional banks to their proprietary platforms. The recent funding infusion, led by MMC Ventures and 13books Capital, underscores Crezco’s unwavering dedication to addressing the intricate payment challenges faced by SMEs on both local and global scales.
Simultaneously, Crezco unveils an expanded collaboration with longstanding partner Xero, integrating Crezco’s state-of-the-art technology into the Xero platform to facilitate on-platform bill payments for its UK customer base. This successful funding round follows Crezco’s previous accomplishment of securing £3 million in October 2021.
Looking ahead, CEO Ralph Rogge advocates for a proactive extension of the research and development tax relief scheme for startups, emphasizing the critical role of robust technological investment in propelling the UK toward scientific and technological prominence.
