Crezco, a UK payments fintech, has raised a $12m funding round.
-MMC Ventures and fintech-focused 13books capital led the Series A funding round, which comes two years after its £3m seed round.
-Crezco specialises in B2B account-to-account (open banking) payments, offering companies the ability to bypass traditional payment providers’ fees, something the company says is more convenient as well as cheaper.
-Crezco has also deepened its partnership with Xero, which will be the first major small business cloud accounting software in the UK to offer on-platform bill payments using open banking.
What does this mean?
“A2A payments allows Crezco’s partners to move the point of payment from the bank to their platform. This is not just a domestic transfer solution. We connect real-time payments everywhere and it's one of the most obvious examples of embedded payments,” Ralph Rogge, Founder and CEO at Crezco, said.