One of the founders of Dutch fintech star Adyen, Arnout Schuijff, has been quietly building out his next startup since leaving the $50 billion Stripe rival in 2020.
Tebi, which aims to make finance easier for restaurants, bars, and cafes, just raised €20 million in Series A funding from Index Ventures, Fortune can exclusively reveal.
The funding round marks the first wave of institutional money from the venture capital firm that backed other fintech giants such as Revolut and Wise.
Schuijff had been toying with the idea of Tebi for over a decade when he first observed how independent businesses struggle with a piecemeal operational and finance platform. With Tebi, restaurants and shops can have a more streamlined approach.
“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 technology officer, notes.
He founded Tebi with fellow Adyen alumni Rob Vonk and a team of others. The company currently has 30 employees.
There’s no shortage of payment apps serving independent retail today, including Zettle, SumUp and Dojo. However, Tebi wants to make its platform more accessible by making it free for businesses whose revenues fall under a certain threshold. Moreover, it has a unique governance model whereby its employees own 15% of the company.
The COVID-19 pandemic highlighted new challenges for hospitality and retail businesses and Schuijff spotted that before 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 the most successful European fintech companies that has gone global. Along the way, it has picked up high-profile clients, from Ikea to Nike, and contributed to the region’s startup environment as many Adyen alumni set up their businesses.
Schuijff was involved with the company through much of its blockbuster growth and also built another accounting and finance tool, Bibit.
Tebi plans to use the new funds to expand beyond its home in The Netherlands and further develop its product.
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