Crezco Raises €11M Series A to Facilitate SMB Bill Payments via Open Banking

London-based fintech company Crezco raises €11 million in Series A funding from 13books Capital to enable B2B invoice and bill payments through open banking. The funding supports Crezco's expansion and aligns with a recent partnership with Xero, introducing open banking bill payments on Xero's platform for small businesses in the UK.

Crezco's account-to-account payments API, integrated into Xero, enhances cash flow visibility for small businesses, addressing financial concerns highlighted in a recent Xero report. Ralph Rogge, Crezco's CEO, emphasizes the efficiency of account-to-account payments, streamlining invoice management and payment authorization within Xero's platform.

Founded in 2020, Crezco focuses on improving the B2B payment experience, distinguishing itself from other open banking institutions. The investment from 13books Capital recognizes the potential for Crezco to address SME payment challenges domestically and internationally, leveraging the transformative impact of open banking.

The Series A funding reflects the growing importance of B2B payments in the fintech sector as small businesses transition to digital solutions. Crezco aims to provide a convenient alternative to manual bank transfers, contributing to the ongoing evolution of the B2B payments market.