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 Sequence 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 Clever.
Schuijff had been toying with the concept of Tebi for over a decade when he first noticed how impartial companies battle with a piecemeal operational and finance platform. With Tebi, eating places and outlets can have a extra streamlined strategy.
“We’re at a second in historical past when you’ll be able to take your cellphone and begin a enterprise — with out devoted {hardware} or ugly, sophisticated software program,” Schuijff, who served as Adyen’s chief expertise officer, notes.
He based Tebi with fellow Adyen alumni Rob Vonk and a staff of others. The corporate at present has 30 staff.
There’s no scarcity of fee apps serving impartial retail at present, together with Zettle, SumUp and Dojo. Nevertheless, Tebi needs 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 people didn’t understand how necessary bars and cafes had been till we couldn’t go to them throughout lockdowns, after which watched them battle to outlive,” says Schuijff.
“We’re bringing all the teachings we learnt at Adyen to present these companies the instruments they must be sustainable. By giving entry to the identical capabilities as large-scale operations, we need to assist degree the enjoying discipline for the companies that carry life to our cities and neighborhoods.”
Adyen is seen as one of many most profitable European fintech firms that has gone world. Alongside the way in which, it has picked up high-profile shoppers, from Ikea to Nike, and contributed to the area’s startup surroundings as many Adyen alumni arrange their companies.
Schuijff was concerned with the corporate by a lot of its blockbuster progress and likewise constructed one other accounting and finance device, Bibit.
Tebi plans to make use of the brand new funds to develop past its house in The Netherlands and additional develop its product.
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