Crezco, a groundbreaking fintech startup, is on a mission to make bill payments integration effortless for businesses. With a focus on platforms dealing in bills and invoices, Founder Ralph Rogge identified a gap in the market where existing payment APIs often fall short in accommodating complex workflows.
Key Takeaway
Crezco aims to simplify bill payments integration, providing businesses with a seamless payment experience that frees up valuable time and resources.
Rogge, who previously worked at YouLend, a startup offering funding solutions for merchants and small- to medium-sized businesses, realized that invoice payments remained cumbersome and time-consuming for many businesses. He envisioned a solution that would streamline the entire payment process and allow businesses to focus on their core products and services. Thus, Crezco was born.
Eliminating Friction in Bill Payments
Crezco sets itself apart by offering comprehensive workflows for collecting bill payments, specifically focusing on account-to-account bill collection. With this approach, businesses can facilitate payments directly from one account to another without the need for intermediaries like card networks.
What sets Crezco apart from competitors is its commitment to simplifying processes. The platform provides automatic invoice reconciliation, seamless integration with existing accounting software, tools for generating payment links, and the ability to collect recurring payments and split payments between multiple accounts.
To further enhance the payment experience, Crezco boasts a robust fraud detection system and ensures instant payment notifications via both web and mobile platforms. By leveraging open banking, Crezco maximizes its fraud prevention capabilities by analyzing historic bank transactions, providing a comprehensive view of each customer’s credit and debit history.
Collaborating with Xero and Securing Investment
Crezco’s dedication to delivering exceptional payment solutions has proven successful, with over 10,000 active customers already onboard. To further expand its reach, Crezco recently partnered with Xero, a leading U.K. accounting tech firm. This collaboration positions Crezco as the preferred bill payment solution, replacing its competitor, Wise, in the Xero ecosystem.
The partnership with Xero, coupled with its revolutionary offering, has attracted significant investor interest. Crezco announced that it secured $12 million in its Series A funding round, with investments from trusted firms MMC Ventures and 13books. This funding will enable Crezco to enhance its account-to-account product and expand its team from 25 to 45 members.
The Future of Business Payments
Rogge firmly believes that the business-to-business payments landscape is evolving rapidly, driven by various factors such as the widespread adoption of electronic invoicing, the increased usage of accounting software and business platforms globally, the growing popularity of account-to-account payments, and the emergence of open banking.
With its innovative approach to bill payments integration, Crezco is well-positioned to thrive in the evolving market. By simplifying payment processes and reducing complexities, Crezco empowers businesses to navigate the world of payments with ease, saving valuable time and resources that can be reinvested into their core operations.
As Crezco continues to revolutionize the payment landscape, businesses can look forward to more streamlined workflows and a frictionless payment experience.
