London-based B2B payments start-up Crezco has raised £3 million in its latest funding round.
The company, founded in 2020 by chief executive Ralph Rogge and chief technology officer Igor Pikovsky, provides a free payment API to businesses which uses open banking rails.
Crezco said it aims to provide B2B invoice payments which are as convenient as B2C card payments, without the fees card providers charge.
Investors in the round included ComplyAdvantage founder Charles Delingpole, and Chris Adelsbach, managing partner at Outrun Ventures, as well as early Revolut investor UFP Fintech.
Crezco competes with GoCardless and Stripe in the B2B payments space.
The space has seen widespread investment in 2021; Stripe raised $600 million in funding round in March which valued it at $95 billion.
“Compared to typical software companies, FinTech hasn’t historically scaled at zero marginal cost,” said Ralph Rogge, co-founder, and chief executive. “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.”
He added: “In turn, we hope to see SMEs passing these savings onto consumers.”
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