The London-based FinTech Crezco announced Monday (Oct. 4) it had raised GBP3 million (or $4 million) in seed funding.
According to FinTech and Finance News, the company will use the funding to help fuel its international expansion and to build out its product suite.
Founded in 2020, Crezco bills itself as the U.K.’s “first open banking payment solution designed to make B2B invoice payments as convenient as B2C card payments,” minus the costs imposed by major credit card companies.
The company has formed partnerships with brands such as Xero, QuickBooks and other platforms in the B2B space to help millions of small to medium-sized enterprises (SMEs) in Europe and the U.K. make invoice payments.
“We’re delighted to announce our GBP3M seed fundraise with support from well-respected names in the FinTech space,” Rogge said. “Compared to typical software companies, FinTech hasn’t historically scaled at zero marginal cost. 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.”
The firm has also gotten investment from UFP Fintech, which was an early investor in Revolut, along with angel investors, venture capital funds and payment specialists.
Crezco’s announcement comes on the heels of a few recent fundraises in the B2B payments arena. As reported last week, the London and Nigeria-based VertoFX raised $10 million in Series A money to help expand the list of currencies on its platform.
Read more: B2B Payments Platform Verto Raises $10M