A London startup which is aiming to change how businesses pay invoices has raised £3 million in seed funding.
Open banking FinTech Crezco wants to make invoice payments as convenient and cheap as B2C card payments.
Founded in 2020 by Ralph Rogge and Igor Pikovsky of Rogge Global Partners, Crezco has integrated into leading accountancy platforms Xero and QuickBooks and other B2B platforms for invoice payments.
“Compared to typical software companies, FinTech hasn’t historically scaled at zero marginal cost. Open banking solves this paradox,” said Ralph Rogge, co-founder and CEO, who built up embedded merchant financing firm YouLend.
“We provide a free online payment solution in the same manner WhatsApp provides free online messaging to replace cellular SMS messages. Simply, we leverage open banking to increase convenience and reduce costs.
“We hope to be able to introduce a fairer and more affordable payment option for millions of small businesses that have faced the prospect of a tough future over the past year. In turn, we hope to see SMEs passing these savings onto consumers.”
Investors include angel and ComplyAdvantage founder Charles Delingpole; Chris Adelsbach, managing partner at Outrun Ventures; UFP Fintech; and other angel investors, venture capital funds and payment specialists.