Crezco, a fintech based in London, has recently announced that it has achieved significant business milestones by securing funding of £9.6m through a Series A funding round led by MMC Ventures and 13books capital. Furthermore, Crezco has partnered with global small business platform Xero to integrate its technology into Xero’s bill payment feature, which will be launched to UK small businesses at the end of this month. Using Crezco’s account-to-account payments API, Xero will become the first major small business cloud accounting software in the UK to offer on-platform bill payments through open banking.
The new feature will enable small businesses to effortlessly and securely manage, approve, and pay their bills without leaving Xero’s platform. This will help small businesses have a more accurate view of their cash flow, which is pertinent in the UK’s uncertain economic climate. By leveraging Crezco’s technology and API, Xero’s new bill payments feature can alleviate the financial concerns of 50% of UK small businesses.
Crezco differentiates itself from other open banking companies by targeting B2B platforms that enhance user experience, replacing manual bank transfers with something more convenient. Ralph Rogge, Founder and CEO at Crezco, mentioned how A2A payments can move the point of payment from the bank to the partner’s platform. This is not limited to just domestic transfers, but real-time payments everywhere.
The agreement between Xero and Crezco is a significant moment for open banking to improve SME payments in the UK and internationally. Oliver Richards, Partner at MMC, commented on how this partnership is a transformational moment for Crezco, and he is excited to support the company at this critical point in their growth.
For SMEs looking for a simple and secure bill payment solution, Crezco’s partnership with Xero underlines its commitment to providing account-to-account payments that cater to SMEs’ specific requirements.
