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 completely reveal.
The funding spherical marks the primary wave of institutional cash from the enterprise capital agency that backed different fintech giants corresponding to Revolut and Clever.
Schuijff had been toying with the concept of Tebi for over a decade when he first noticed how unbiased companies wrestle with a piecemeal operational and finance platform. With Tebi, eating places and retailers can have a extra streamlined strategy.
“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 expertise officer, notes.
He based Tebi with fellow Adyen alumni Rob Vonk and a group of others. The corporate presently has 30 workers.
There’s no scarcity of cost apps serving unbiased retail in the present day, together with Zettle, SumUp and Dojo. Nonetheless, Tebi needs to make its platform extra accessible by making it free for companies whose revenues fall below a sure threshold. Furthermore, it has a singular governance mannequin whereby its workers 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 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 via a lot of its blockbuster development and in addition constructed one other accounting and finance instrument, 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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