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Integrating with a payment API is something most — if not all — line of work - to - consumer platforms are force to do at some point . It ’s practically inescapable if they wish to take credit rating scorecard payment . The problem is , for platforms cope in bill and bill , not just one - off charges , few payment APIs have all the features necessary to lodge their workflow .
That ’s why Ralph Rogge foundedCrezco .
“ Having worked with thousands of small business organisation , it wasclear that invoice payment remained an inconvenience , especially when compared to the frictionless checkout of consumer card payments , ” Rogge say . ( Previously , Rogge work at YouLend , a startup offering a range of funding solutions targeted at merchants and small- and medium - business owners . ) “ Businesses should be building and selling products , not spending clock time and money set up measure and invoice payments . Crezco makes these payments easy . ”
So , does Crezco actually make payment well-off ? From the sound of it , yes .
Crezco construct workflows for collecting bill payments — specifically account - to - story bill collection workflows . With these , defrayment , admit overseas payment , are made directly from one story to another without transaction intermediaries like card networks involve .
With Crezco , business get machinelike invoice reconciliation integrated with their existing accounting software and tools that allow them to father payment links , collect recurring payments and split payments between multiple accounts . Crezco also extend a built - in fraud detection system , plus “ clamant ” payment notification via the web and mobile .
“ It ’s not about replacing menu defrayal with something tawdry , but replacing manual coin bank transfers with something more convenient , ” Rogge say . “ Account - to - accounting and real - time defrayment are the hereafter . They ’ll be progressively adopted country - by - nation . It ’s Crezco ’s job to unite these international payment rails to a undivided API for our partners and their customers ; the ending goal is to make it well-to-do for businesses to send and receive payment , domestically and internationally , carry through prison term and money . ”
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Crezco does n’t exist in a vacuum . Some of its more formidable competitor includeIntuitandWise , as well asBrite Payments , TrueLayer , Plaid , MelioandTink(which Visa bought latterly for $ 2 billion ) .
Rogge sees Crezco ’s fraud prevention tech as a discriminator , among other capacity .
“ Beyond using business relationship - to - explanation to process requital , Crezco leverages open banking to enhance its fraud system by examine historic savings bank transactions , ” Rogge said . “ Most tools employ the same few information point , which are check against public datasets , such as government sanction listing . Open banking provides 10 years of every historical cite and debit transaction . ”
Crezco claim to have more than 10,000 participating customers — and it ’s hop to dramatically increase that figure through a partnership with Xero , the U.K. accounting technical school firm . Crezco will exchange Wise , with which Xero previously had a hatful for embedded bill payment resolution .
investor seem pleased with Crezco ’s trajectory . Today , the company announced that MMC Ventures and 13books invested $ 12 million in its Series A round , bring Crezco ’s total upraise to $ 18 million . Rogge says that the proceeds will be put toward thrive Crezco ’s accounts - to - accounts product and expanding the size of its team from 25 to 45 .
“ The structural tailwinds in occupation - to - business payment are significant , ” Rogge say , “ including the forced adoption of electronic invoicing , the rising utilisation of accounting software and line - to - business organization chopine globally , the increase borrowing of report - to - business relationship defrayment and exposed banking , and continued grow cross - border payments . ”
