One of many founders of Dutch fintech star Adyen, Arnout Schuijff, has been quietly constructing out his subsequent startup since leaving the $50 billion Stripe rival in 2020.
Tebi, which goals to make finance simpler for eating places, bars, and cafes, simply raised €20 million in Collection A funding from Index Ventures, Fortune can solely reveal.
The funding spherical marks the primary wave of institutional cash from the enterprise capital agency that backed different fintech giants equivalent to Revolut and Smart.
Schuijff had been toying with the thought of Tebi for over a decade when he first noticed how impartial companies wrestle with a piecemeal operational and finance platform. With Tebi, eating places and retailers can have a extra streamlined method.
“We’re at a moment in history when you can take your phone and start a business — without dedicated hardware or ugly, complicated software,” Schuijff, who served as Adyen’s chief know-how officer, notes.
He based Tebi with fellow Adyen alumni Rob Vonk and a group of others. The corporate at the moment has 30 staff.
There’s no scarcity of fee apps serving impartial retail at present, together with Zettle, SumUp and Dojo. Nevertheless, Tebi desires to make its platform extra accessible by making it free for companies whose revenues fall beneath a sure threshold. Furthermore, it has a novel governance mannequin whereby its staff personal 15% of the corporate.
The COVID-19 pandemic highlighted new challenges for hospitality and retail companies and Schuijff noticed that earlier than Tebi launched in 2021.
“Many of us didn’t realize how important bars and cafes were until we couldn’t visit them during lockdowns, and then watched them struggle to survive,” says Schuijff.
“We’re bringing all the lessons we learnt at Adyen to give these businesses the tools they need to be sustainable. By giving access to the same capabilities as large-scale operations, we want to help level the playing field for the businesses that bring life to our cities and neighborhoods.”
Adyen is seen as one of many most profitable European fintech corporations that has gone world. Alongside the best way, it has picked up high-profile purchasers, from Ikea to Nike, and contributed to the area’s startup setting as many Adyen alumni arrange their companies.
Schuijff was concerned with the corporate by means of a lot of its blockbuster development and in addition constructed one other accounting and finance device, Bibit.
Tebi plans to make use of the brand new funds to broaden past its residence in The Netherlands and additional develop its product.
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