Arnout Schuijff, co-founder of the payments giant Adyen (ADYEN.AS), is rapidly expanding his new software company, Tebi, which has successfully raised €20 million (approximately $22 million) in a funding round led by Index Ventures.
After leaving Adyen at the end of 2020, Schuijff devoted himself to developing Tebi, an application initially designed to assist a pub owner who struggled with pen-and-paper sales records. The platform has since gained traction among Dutch restaurants and bars, offering a user-friendly solution for order management and payment processing, all within the familiar interface of a smartphone app.
“The core of this proposition is its ease of use,” Schuijff told Reuters. “It’s designed to be simple and effective.” Tebi’s software provides businesses with real-time insights into profitability, enabling owners to monitor their financial health well before formal reports are generated.
Schuijff likens business owners to pilots flying without proper instruments, emphasizing the need for reliable tools to guide their operations. “We feel the market is very much under-served,” he stated.
Similar to Adyen, Tebi aims to generate revenue by facilitating high volumes of transactions efficiently. The software operates on both Android and Apple devices, and it is free for companies earning up to €10,000 per month. Beyond that threshold, a subscription fee of €20 per month applies for each additional €10,000 in revenue.
Schuijff’s entrepreneurial journey began with Bibit, a payments processing firm acquired by the Royal Bank of Scotland for $100 million in 2004. Adyen, his subsequent venture, currently boasts a market valuation of €43 billion.
Index Ventures, which previously invested in Adyen, is expected to play a crucial role in helping Tebi expand its reach, focusing initially on markets in north-western Europe.
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