The Dutch Payment Company Adyen now has a maximum purchase of over $ 61 billion, but this did not stop its co -founder Arnout Schuijff from removal In 2021 to focus on his new start, Tiby.
Now a Fintech-based Fintech start with 35 employees, Tebi helps restaurants, bars and other hosting businesses manage their activities with a platform based on all-in-one subscriptions that can handle payments, reservations, stocks and more.
This means that tebi has a plethora of competitors, from POS systems to booking platforms and solutions based on stock optimization. But he hopes to have an advantage by linking this all along with the functions and prices at the business level.
In a casual observer, this appears as something that Adyen could do. But given its focus on business, building a product for the media became better abroad, Schuijff said. “This was a much more reasonable step for me than to try to do it under Adyen.”
However, Tebi had no intention of filling a gap left by Adyen. Nor was it intended to find a new role for Schuijff, who had stayed in his role in the CTO after the 2018 IPO made him a billionaireat least on paper. “My move was really positive. I didn’t have to go. I was still enjoying my job,” he recalled.
What was missing, however, coded. And this push in the code was how Tebi was born. During Covid Lockdown, Schuijff decided to review his attempt to facilitate his favorite bar to handle value added tax (VAT) and other harassment.
On a technological level, this was similar to the accounting platform he built for Adyen, and before that, for Bibit, which then belongs RBS Is playing global acquired in 2004. But by 2020, Schuijff had more tools at his disposal. Using streaming, he was able to support immediate trading updates – and grabbed him.
From side project to company
While this is not the case in the Netherlands, “you see a move to tax departments that require hosting businesses to report immediately when the sale happens,” Schuijff said. But in general, he saw the need for less manual reconciliation work. This was also confirmed by the owner of the Bar Mazdak Nasori, who became one of the five co -founders of Tebi.
Finally, Schuijff told CEO of Adyen Pieter Van Der that he will let him focus on full -time tebi. But his goal was not to build another bibit or adyen, and it is not yet. “It was precisely that I was so inspired by coding and the opportunity to contribute something to society in another way by helping many local business owners,” Schuijff told Techcrunch.
As the CEO of Tebi, Schuijff’s role does not include much programming and the irony is not lost to him. “I miss the coding, but then I realized that I could add more value and increase the chances of the success of Tebi, really doing what a CEO must do, which is the building of the team and many other aspects, helping strategy and all these things.”
One of these things is sales. When he comes out to eat or drink a drink, Schuijff cannot help to talk to the owners about their pain points, checking what they use and introduce tebi. “I think I do them a favor, almost,” he laughed.
He also joins forces with former Adyen EVP technology Rob Vonk as a Tebi CTO for a technology team that needed balancing, Schuijff said. So he also hired Aki Tas as Coo, who was a former head of business and business strategy in the concept, and was hired Patrick Studner, a former COO in Wolt, as CCO. “Now we have managed to balance the boat and start focusing much more on the commercial side and side of the expansion.”
Media for extension
After using a Hyperlocal Deployment approach, Tebi is now available throughout the Netherlands, where it says that traders are already processing nine payment numbers on the platform annually. With open roles in Amsterdam and London and plans to double his staff by the end of the year, his next step is to start serving the UK market, followed by “many countries in the coming years,” Schuijff said.
This growth will be supported by funding. Eight months after increasing one Series of 20 million euros a led by Index Ventures (approximately 22 million $), Tebi has now closed an investment of 30m euros (about $ 34 million.) Led by Capitalg, the Google Parent Alphabet Development Fund, with the participation of the index, brings its total funding to 56m euros (about $ 64 million).
Although Capitalg’s partner Alex Nichols, based in San Francisco, is a truly investor in the wake of the dissertation, who also has Europe on his radar. Recently led an agreement to the Belgian start of Odoo, which joined a portfolio already including Monzo and Pennylane. He searched for Tebi after noting that European SMEs are undergoing expensive payment solutions that dominate the bank.
“This arrangement is very much like the US market 15 years before rising payments incorporated into the software reduced the bank’s share to less than 30%,” he told TechCrunch in a written comment.
That Nichols had done his research was what Capitalg eventually won the deal, except for all the “contact points” between Tebi and alphabet properties such as Android, Gemini, Google Cloud and Google maps. “We were not looking for an investment, but we thought, yes, they bring much more than money,” Schuijff said.
This money will fund more than the international expansion of Tebi. It will also let it add more AI features, other than what it has already applied for boarding to automatically pull menus, visual identity and booking settings. “The future vision,” Schuijff said, is that beyond the All-in-One platform, there will be “an AI platform that will help you execute your business better.”
Building this vision and expansion across Europe will take the tebi band for a while. But after that, and “as soon as we are sure we can pull a significant part of the market there”, an expansion of the US is on the cards.
