back Back

Crezco raises $12m, adds Xero feature to B2B invoicing platform

By Gloria Methri

November 24, 2023

  • 13books
  • A2A Payments
  • Bill Payments Platform
Share

Crezco, SME Payments, FinTech, B2B Invoicing, Xero, UKCrezco, the UK FinTech using open banking to simplify B2B invoice and bill payments, has secured fresh funding and integrated its technology into the global small business platform Xero.

Crezco secured $12 million in Series A funding from MMC Ventures and FinTech-focused 13books Capital to enable further growth. Additionally, it signed an agreement with Xero, integrating the technology into its bill payment feature, which will be launched to UK small businesses at the end of the month.

Underpinned by Crezco’s account-to-account payments API, Xero will be the first major small business cloud accounting software in the country to offer on-platform bill payments via open banking.

The solution will allow small businesses to manage, approve, and pay their bills without leaving Xero’s platform simply and securely. To achieve this Crezco uses open banking, a relatively new technology leveraging account-to-account (A2A) payments.

By leveraging Crezco’s technology and API, Xero’s new bill payments feature can help SMBs have a more accurate view of their cash flow.

Crezco targets B2B platforms highlighting the improved user experience.  It is not about replacing card payment with something cheaper but replacing manual bank transfers with something more convenient.

Ralph Rogge, Founder and CEO at Crezco, said, “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 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”, said Oliver Richards, Partner at MMC, whose FinTech investments include YuLife, Copper, and TreasurySpring. “It is a transformational moment for the company and we are excited to be backing Ralph and the team at this critical point in their growth.”

Michael McFadgen, Partner and Co-Founder at 13books Capital, said, “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.”

Previous Article

November 24, 2023

Nium & Jeonbuk Bank partner to launch global remittance service

Read More
Next Article

November 24, 2023

UK FinTech Volt launches real-time payments platform in Australia

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

13books

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ecommpay & Mastercard partner to deliver Click to Pay in Europe

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Today

Paysys Labs & Raqami Islamic Digital Bank to fuel digital payments in Pakistan

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024