London-based FinTech Crezco announced on Monday (October 4) that it had raised Â£ 3million (or $ 4million) in seed funding.
According to FinTech and Finance News, the company will use the funding to fuel its international expansion and expand its product line.
Founded in 2020, Crezco promotes itself as the “UK’s first open banking payment solution designed to make B2B bill payments as convenient as B2C card payments”, minus the costs imposed by major credit card companies .
The company has partnered with brands such as Xero, QuickBooks and other platforms in the B2B space to help millions of small and medium-sized businesses (SMEs) in Europe and the UK with bill payments.
Crezco was founded last year by Ralph Rogge and Igor Pikovsky of the Rogge Global Partners bond fund.
“We are delighted to announce our Â£ 3million start-up fundraiser with the support of well-respected names in the FinTech space,” said Rogge. âCompared to typical software companies, FinTech has not historically evolved at zero marginal cost. Open banking solves this paradox. We provide free online payment solution in the same way as WhatsApp provides free online messaging to replace cellular SMS messages. Simply, we take advantage of open banking to increase convenience and reduce costs. “
Crezco backers include Charles Delingpole, Founder and CEO of Comply Advantage Financial Crime Tool, as well as Chris Adelsbach, FinTech Investor and Managing Partner at Outrun Ventures.
The company also secured investments from UFP Fintech, which was an early investor in Revolut, as well as angel investors, venture capital funds and payments specialists.
Crezco’s announcement follows a few recent fundraisers in the B2B payments arena. As reported last week, London and Nigeria-based VertoFX raised $ 10 million in Series A funds to help expand the list of currencies on its platform.
Read more: B2B Verto payment platform raises $ 10 million