UK SME payments fintech Crezco raises $12m Series A, partners with Xero
Crezco operates account-to-account (open banking) payments for domestic and international invoice payments
Crezco, a UK payments fintech, has raised a $12m funding round.
MMC Ventures and fintech-focused 13books capital led the Series A funding round, which comes two years after its £3m seed round.
Crezco specialises in B2B account-to-account (open banking) payments, offering companies the ability to bypass traditional payment providers’ fees, something the company says is more convenient as well as cheaper.
“A2A payments allows 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,” Ralph Rogge, Founder and CEO at Crezco, said.
Crezco has also deepened its partnership with Xero, which will now be the first major small business cloud accounting software in the UK to offer bill payments to its users using open banking.
This means SMEs can approve and then pay bills all within the Xero platform.