Crezco, a FinTech company offering B2B invoice and bill payment solutions, has raised £9.6 million in Series A funding and integrated its technology into Xero’s accounting platform. Using open banking, the London-based firm aims to make B2B payments as convenient as B2C card payments. The solution allows small businesses to manage, approve, and pay their bills securely without leaving Xero’s platform. The investment comes from MMC Ventures and 13books Capital.
According to Ralph Rogge, CEO and founder of Crezco, “A2A (account-to-account) payments allow Crezco’s partners to move the point of payment from the bank to their platform. We connect real-time payments everywhere, and it’s one of the most obvious examples of embedded payments.” While B2C eCommerce and B2C point-of-sale have seen many payment successes, B2B payment remains a larger and less developed market.
Oliver Richards, partner at MMC, sees potential growth opportunities in Crezco’s partnership with Xero. He believes, “It’s a transformational moment for the company, and we’re excited to be backing Ralph and the team at this critical point in their growth.” Michael McFadgen, partner and co-founder at 13books Capital, also recognises the potential and investment worth of B2B payments. He believes Crezco’s investment is a solid focus on SMEs’ payment challenges, both domestic and international.