The British open bank platform Crezco raises USD 4 million

The London-based FinTech Crezco announced on Monday (October 4th) that it has raised £ 3 million (or $ 4 million) in seed funding.

According to FinTech and Finance News, the company will use the financing to drive its international expansion and expand its product range.

Founded in 2020, Crezco describes itself as “the UK’s first open banking payment solution that makes B2B bill payments as convenient as B2C card payments”, minus the costs imposed by major credit card companies.

The company has partnered with brands such as Xero, QuickBooks and other B2B platforms to help billions of millions of small and medium-sized enterprises (SMBs) in Europe and the UK.

Crezco was founded by last year Ralph Rogge and Igor Pikowski of the pension fund Rogge Global Partners.

“We are excited to announce our £ 3 million seed fundraising with support from well-respected names in FinTech,” said Rogge. “Compared to typical software companies, FinTech has not scaled with zero marginal costs in the past. Open banking solves this paradox. We offer a free online payment solution in the same way that WhatsApp offers free online messaging to replace cellular SMS messages. We simply use Open Banking to increase convenience and reduce costs. “

Crezco supporters include Charles Delingpole, Founder and CEO of the anti-financial crime tool Comply Advantage, and Chris Adelsbach, FinTech investor and managing partner at Outrun Ventures.

The company has also received investments from UFP Fintech, an early investor in Revolut, along with angel investors, venture capital funds and payment specialists.

Crezco’s announcement follows a number of recent fundraising drives in the B2B payments space. As reported last week, London and Nigeria-based VertoFX raised $ 10 million in Series A funds to add to the list of currencies on its platform.

Read more: B2B payment platform Verto raises USD 10 million