Following this announcement, the funding is expected to be leveraged by Tebi in order to accelerate its development and expansion strategy in the region of north-western Europe. The investment was led by Index Ventures.
In addition, Tebi is set to continue to meet the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to officials of the company, the core idea of Tebi, which has been providing its services and growing in popularity in Dutch restaurants and bars from its Amsterdam base, is set on optimising the manner in which businesses take orders and process payments with what feels like a smartphone application. This procedure will also take place while providing a secure and efficient backbone of accounting.
At the same time, the accounting side of the software will give companies and customers a daily view of profitability, in advance of formal reporting, which will also help get the process in order. Index Ventures, the European-American venture fund which led the funding round, also backed Adyen and is expected to optimise the manner in which Tebi enters more markets, targeting the region of north-western Europe first.
Tebi also plans to gain profit by handling large volumes of transactions securely and efficiently. It was developed to run on Android and Apple tablets and phones, and is currently free for firms with up to EUR 10.000 in monthly revenues. That would be EUR 20 per month for each additional EUR 10.000.
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