Crezco aims to make consolidating bill payments easier

Integrating a payments API is something that most – if not all – business-to-consumer platforms have been forced to do at some point. It’s inevitable if they want to pay by credit card. The problem is, for platforms that deal with bills and invoices, not just one payment, few payment APIs have all the features needed to accommodate their workflows.

So founded by Ralph Rogge Crezco.

“Working with thousands of small businesses, it clearly invoice payments remain a hassle, especially compared to the hassle-free checkout of consumer card payments,” Rogge said. (Previously, Rogge worked at YouLend, a startup that offers a range of financing solutions aimed at entrepreneurs and small and medium business owners.) “Businesses should build and sell products, not spend time and money on set up bills and invoices. Crezco makes these payments easy.”

So, does Crezco make payments easy? From the sounds of it, yes.

Crezco has established workflows for collecting bill payments — specifically account-to-account bill collection workflows. With it, payments, including payments abroad, are made directly from one account to another without transaction intermediaries such as card networks being involved.

With Crezco, businesses can get automatic invoice reconciliation integrated with their existing accounting software and tools that allow them to create payment links, collect recurring payments and split payments between multiple accounts. . Crezco also offers a built-in fraud detection system, including “instant” payment notifications via web and mobile.

“It’s not about replacing card payments with something cheaper, but replacing manual bank transfers with something more convenient,” Rogge said. “Account-to-account and real-time payments are the future. They are more acceptable in each country. It is Crezco’s job to connect these international payment channels to an API for our partners and their customers; The ultimate goal is to make it easy for businesses to send and receive payments, domestically and internationally, saving time and money.


Image Credits: Crezco

Crezco does not exist in a vacuum. Some of the more formidable competitors include Intuit and Wise, as well as Brite Payments, TrueLayer, Plaid, Melio and Tink (which Visa recently bought for $2 billion).

Rogge sees Crezco’s fraud prevention technology as a differentiator, among other capabilities.

“Beyond using account-to-account to process payments, Crezco uses open banking to improve fraud systems by analyzing historical bank transactions,” Rogge said. “Most tools use the same few data points, which are checked against public data sets, such as government authorization lists. Open banking provides ten years of every historical credit and debit transaction.”

Crezco claims to have more than 10,000 active customers – and it hopes to increase that number by partnering with Xero, the UK accounting tech firm. Crezco will replace Wise, with which Xero previously had a deal for bill payment solutions.

Investors seem happy with Crezco’s trajectory. Today, the company announced that MMC Ventures and 13books have invested $12 million in its Series A round, bringing Crezco’s total to $18 million. Rogge says the proceeds will be used to expand Crezco’s account-to-accounts product and expand the size of his team from 25 to 45.

“The structural tailwinds of business-to-business payments are significant,” said Rogge, “including the forced adoption of electronic invoicing, the increasing use of accounting software and business-to-business platforms around the world, the increasing adoption of account-to-account payments and open banking, and ever-growing cross-border payments.

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