Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Adyen co-founder’s new firm Tebi raises $22 million to expand

Published On :

 

By Toby Sterling

AMSTERDAM (Reuters) – The co-founder of payments giant Adyen has begun scaling up his new business software firm Tebi, securing a 20 million euro ($22 million) investment from Index Ventures.

Billionaire Arnout Schuijff left Adyen at the end of 2020 to pursue the project he had been coding in his spare time: an app he once made to help a pub owner who had been using a pen and paper to record sales.

The core idea of Tebi, which has been growing in popularity in Dutch restaurants and bars from its Amsterdam base, is to help businesses take orders and process payments with what feels like a smartphone app, while providing a backbone of accounting.

“That is the core of this proposition, that it’s easy to use,” Schuijff told Reuters. “It’s going to be simple and it will do it correctly.”

The accounting side of the software gives companies a daily view into profitability, far in advance of formal reporting, which it also helps get in order.

Schuijff describes business owners as pilots, with many flying blind and needing cockpit instruments.

“We feel the market is very much under-served,” he said.

Like Adyen, Tebi plans to make money by handling large volumes of transactions efficiently. It runs on Android or Apple tablets and phones, and is free for firms with up to 10,000 euros in monthly revenues. Then it’s 20 euros per month for each additional 10,000 euros.

Schuijff’s first company, payments processing firm Bibit, was bought by Royal Bank of Scotland in 2004 for $100 million, while Adyen is currently worth 43 billion euros.

Index Ventures, the European-American venture fund, also backed Adyen and is expected to help Tebi enter more markets, targeting north-western Europe first.

($1 = 0.9167 euros)

 

(Reporting by Toby Sterling; Editing by Mark Potter)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts