London-based Fintech Crezco, the UK’s first open banking payment solution designed to make B2B invoice payments as convenient as B2C card payments without the costs collected by companies like Visa and MasterCard, today announced the completion of its €3.5 million seed funding round.
The fresh capital as part of this funding round comes from various business angels and companies in the fintech space, including Charles Delingpole, founder and CEO of Comply Advantage; and Chris Adelsbach, fintech investor and managing partner at Outrun Ventures. Crezco also received investment from UFP Fintech, early investors in Revolut as well as other angel investors, venture capital funds and payment specialists.
Founded in 2020 by Ralph Rogge and Igor Pikovsky of Rogge Global Partners – a $60 billion bond fund which was sold to Allianz in 2016 – Crezco has already established unique partnerships with Xero, QuickBooks and other B2B platforms for invoice payments for millions of SMEs across the UK and Europe.
Ralph Rogge also brings in his previous experience of successfully building YouLend, a company that partners with the world’s leading e-commerce platforms, tech companies and PSPs to offer seamlessly embedded merchant financing.
Commenting on his investment in Crezco, Chris Adelsbach commented: “Crezco’s unique and innovative B2B payment solution for SMEs is a clearly exciting investment opportunity with huge potential. Crezco has already achieved a great deal with its existing partnerships secured in only a year. The future is bright for the company and I look forward to watching Crezco grow and expand internationally.”
The fresh capital will be supporting the growth of the team to continue Crezco’s international expansion. Also, Crezco will invest into to build out value-added products to complement its free payment solution for domestic payments.
Ralph Rogge, co-founder and CEO of Crezco said: “We’re delighted to announce our £3 million seed fundraise with support from well-respected names in the Fintech space. Compared to typical software companies, Fintech hasn’t historically scaled at zero marginal cost. Open banking solves this paradox. 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.”