The Venture Codex

Participated · Seed · Oct 2021

Crezco builds account-to-account bill-collection workflows and a payments API that integrates with accounting software to provide automatic invoice reconciliation, payment links, recurring and split payments, built-in fraud detection, and instant notifications. The company leverages open banking to analyze up to 10 years of historic bank transactions to strengthen fraud prevention. Crezco claims more than 10,000 active customers and has a partnership with Xero to replace Wise as Xero’s embedded bill payment provider. Founder Ralph Rogge, who previously worked at YouLend, started Crezco to simplify invoice payments and replace manual bank transfers with more convenient real-time, account-to-account flows. Today Crezco announced that MMC Ventures and 13books invested $12 million in its Series A, bringing total funding to $18 million. The company says it will use the proceeds to expand its accounts-to-accounts product and grow the team from 25 to 45 as it scales. Crezco is a London-based fintech that provides a free open-banking B2B payment processing platform designed to make invoice payments as convenient as B2C card payments while avoiding card fees. Founded in 2020 by Ralph Rogge and Igor Pikovsky, the company has established partnerships with Xero, QuickBooks and other B2B platforms to enable invoice payments for millions of SMEs across the UK and Europe. The founders bring payments and finance experience from Rogge Global Partners (sold to Allianz) and prior work building YouLend. Crezco plans to use new capital to grow its team and continue international expansion. The company will also invest in building value-added products to complement its free domestic payment solution. The article does not disclose revenue or detailed user metrics beyond the partnerships referenced.