ABN Amro Profit Misses Estimates as Expenses Rise
ABN Amro Bank NV reported profit that missed analyst expectations on higher costs, in the last set of quarterly results presented by Chief Executive Officer Robert Swaak.
Net income at the Amsterdam-headquartered bank came in at €397 million ($411 million) in the fourth quarter, compared with analysts' estimate of €448.5 million. Its operating expenses rose 10% in the period, the bank said in a statement on Wednesday.
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Business Wire
an hour ago
- Business Wire
Amsterdam-based Tebi Announces €30 Million Investment Led by Alphabet growth fund CapitalG to transform hospitality operations
AMSTERDAM--(BUSINESS WIRE)--Tebi, the Amsterdam-based startup developing an all-in-one financial operating system for hospitality, today announced a €30 million investment led by Alphabet independent growth fund CapitalG, with participation from existing investor Index Ventures. This follows Tebi's €20 million Series A announced just six months ago and brings the company's total funding to €56 million. The financing reflects the company's momentum across product innovation, hiring and expansion into new markets. The investment will support Tebi's continued growth in these key areas of focus. The company was founded in 2021 by technical alumni from Adyen, a €45B Dutch company, including serial entrepreneur Arnout Schuijff as CEO and Rob Vonk as CTO. Tebi is the third company co-founded by Schuijff, who previously served as Adyen's longtime CTO and co-founder. Aki Tas, former head of business strategy and operations at Notion, joined last fall as COO to lead the product, marketing, and foundation teams, and Patrick Studener, former COO at Wolt (now part of Doordash) and previous head of European expansion at Uber, joined at the beginning of the year as CCO to lead operational teams. The investment will fuel Tebi's mission to transform operations for hospitality businesses worldwide. Until now, businesses have had to cobble together difficult-to-use solutions that lack key features, handle back-office tasks slowly and manually, and make it difficult to assess business performance. Tebi is rethinking hospitality technology from the ground-up, unifying the point of sale, payments, inventory management, a kitchen display system, reservations, and QR ordering functionality through an intuitive, mobile-first platform built on an accounting backbone. By being built around the point of sale, Tebi can coordinate both operations and finances for complex hospitality businesses. AI-enabled onboarding enables businesses to get started quickly, while the comprehensive platform simplifies and unifies workflows and makes key business metrics easily viewable. Merchants across the Netherlands are already processing nine figures of payments annually on the platform. With this new investment, Tebi plans to accelerate product development, expand its reach globally, and grow its team. Beginning today, Tebi will also begin serving the UK market, marking the beginning of a broader global expansion strategy (UK customers can find Tebi at "Hospitality businesses are the lifeblood of our communities, yet they've been underserved by technology, especially here in Europe," said Arnout Schuijff, co-founder and CEO of Tebi. "No one opens a restaurant or store because they love paperwork and integrating tools; they do it for the passion of serving people. It's a privilege to build a world-class team devoted to empowering European business owners to free up time to focus on the craft and customers they cherish.' 'We are thrilled to partner with Tebi as they build the operating system for hospitality businesses,' said Alex Nichols, Partner at CapitalG. 'Even though most small business front and back office workflows revolve around payments, three-quarters of Europe's SMB payments are disconnected from software. By unifying these disjointed systems, Tebi is bringing greater efficiency and visibility to small business owners' daily work. Arnout and his team combine focused customer centricity, speed, and unique founder-market fit. We couldn't imagine a better team to pursue this massive opportunity.' "Moving from disconnected systems – our previous POS software, a separate reservations platform, paper kitchen tickets, and a standalone payments provider – to Tebi's single integrated platform led us to embrace a new mindset at Zoldering. We approached it as if we were starting fresh, letting go of old habits to realize a seamless workflow from reservation to service to kitchen. Tebi has not just replaced our old systems; it has enabled a new way of working by unifying our data, streamlining communication between front and back of house, and offering the flexibility to adapt workflows to our specific needs – exactly what's required to maintain the standards expected of a Michelin-starred restaurant,' said Tomas and Job from Zoldering. Tebi currently employs 35 people and is planning to double its headcount by the end of the year with roles open in Amsterdam and London. About Tebi Tebi is an all-in-one financial operating system for independent hospitality businesses. Founded in 2021, Tebi provides a comprehensive, mobile-first solution that includes point of sale, integrated payments, a kitchen display system, reservations, inventory management, QR ordering, and bookkeeping. With its unique pricing model and commitment to merchant success, Tebi is dedicated to empowering hospitality businesses everywhere. To learn more about adopting Tebi for your business, visit Tebi is currently hiring across all functions, including engineering, product management and operations in both Amsterdam and London. Visit Tebi's careers page to see all open positions.
TechCrunch
2 hours ago
- TechCrunch
Tebi, the new startup by Adyen's departed cofounder, raises a fresh $30M from Alphabet's CapitalG
Dutch payments firm Adyen now has a market cap of over $61 billion, but that didn't stop its cofounder Arnout Schuijff from stepping down in 2021 to focus on his new startup, Tebi. Now an Amsterdam-based fintech startup with 35 employees, Tebi helps restaurants, bars and other hospitality businesses manage their operations with an all-in-one subscription-based platform that can handle payments, reservations, inventory, and more. This means that Tebi has a wealth of competitors, from POS systems to reservation platforms and analytics-driven solutions for inventory optimization. But it hopes to have an advantage by tying this all together with enterprise-level functionalities and pricing. To a casual observer, this appears as something that Adyen could have done. But given its focus on enterprise, building a product for SMBs was better done on the outside, Schuijff said. 'That was a much more logical step for me than to try and do it within the context of Adyen.' However, Tebi wasn't meant to fill a gap left by Adyen. Nor was it meant to find a new role for Schuijff, who had stayed in his CTO role after the 2018 IPO that made him a billionaire, at least on paper. 'My move was really a positive one. I didn't need to go. I was still enjoying my job,' he recalled. What he was missing, though, was coding; and this impulse to code was how Tebi was born. During Covid lockdown, Schuijff decided to revisit his attempt to make it easier for his favorite bar to handle value-added tax (VAT) and other reporting hassles. On a tech level, this was similar to the accounting platform he built for Adyen, and before that, for Bibit, which then RBS-owned Worldpay acquired in 2004. But by 2020, Schuijff had more tools at his disposal. Using streaming, he was able to support instant transaction updates — and it grabbed him. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW From side project to company While this isn't the case in the Netherlands yet, 'you see a move towards tax departments requiring hospitality businesses to report instantly when the sale is happening,' Schuijff said. But more generally, he saw the need for less manual reconciliation work. This was also confirmed to him by bar owner Mazdak Nasori, who became one of Tebi's five cofounders. Eventually, Schuijff told Adyen CEO Pieter van der Does he would leave to focus on Tebi full-time. But his goal wasn't to build another Bibit or Adyen, and still isn't. 'It was just that I got so inspired by the coding and by the opportunity to contribute something to society in another way by helping out a lot of local business owners,' Schuijff told TechCrunch. As Tebi's CEO, Schuijff's role doesn't involve much programming, and the irony isn't lost on him. 'I miss doing the coding, but then I figured out that I could add more value and increase the success chances of Tebi by actually doing what a CEO is supposed to be doing, which is building the team and many other aspects, helping with the strategy and all these things.' One of these things is sales. When he goes out to eat or have a drink, Schuijff can't help talking to owners about their pain points, checking what they are using, and introducing Tebi. 'I consider I am doing them a favor, almost,' he laughed. Image Credits:Tebi Still, joining forces with former Adyen EVP Technology Rob Vonk as Tebi's CTO made for a tech-heavy team that needed balancing, Schuijff said. So he also hired Aki Tas as COO, who was formerly head of business strategy and operations at Notion, and recruited Patrick Studeneer, as CCO, formerly COO at Wolt. 'Now we managed to level out the boat and start focusing much more on the commercial side and the expansion side.' Means for expansion After using a hyperlocal deployment approach Tebi is now available across the Netherlands, where it says merchants are already processing nine figures of payments annually on the platform. With open roles in Amsterdam and London and plans to double its headcount by the end of the year, its next step is to start serving the U.K. market, followed by 'many countries in the coming years,' Schuijff said. This rollout will be supported by funding. Eight months after raising a €20 million Series A led by Index Ventures (approximately $22 million), Tebi has now closed a €30 million investment (approximately $34 million.) Led by CapitalG, Google parent Alphabet's growth fund, with participation from Index, it brings its total funding to €56 million (about $64 million). Although San Francisco-based, CapitalG partner Alex Nichols is a really-thesis driven investor who also has Europe on his radar. He recently led a deal into Belgian startup Odoo, which joined a portfolio that already includes Monzo and Pennylane. He sought out Tebi after observing that European SMBs are underserved by costly, bank-dominated payment solutions. 'This setup closely resembles the U.S. market 15 years ago before the rise of software-embedded payments reduced bank share to less than 30%' he told TechCrunch in a written comment. That Nichols had done his research was what ultimately won CapitalG the deal, in addition to all the 'touch 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, yeah, this is they're bringing much more than just money,' Schuijff said. The money in question will fund more than Tebi's international expansion. It will also let it add more AI features, in addition to what it already implemented for onboarding to automatically pull menu, visual identity and reservation settings. 'The future vision,' Schuijff said, is that on top of its all-in-one platform, there will be 'an AI platform that will help you run your business better.' Building this vision and expanding across Europe will take Tebi's bandwidth for a while. But after that, and 'as soon as we are confident that we can grab a significant part of the market there,' a U.S. expansion is in the cards.
Bloomberg
3 hours ago
- Bloomberg
Alphabet's CapitalG Backs Adyen Co-Founder's Latest Startup Tebi
Tebi BV, the newest fintech firm created by Adyen NV co-founder Arnout Schuijff, has raised €30 million ($34.2 million) in funding, betting that more restaurants are on the hunt for a single platform to manage everything from reservations to inventory to payments. The round was led by Alphabet Inc. 's independent growth fund CapitalG and included participation from existing investor Index Ventures, according to a statement. Tebi declined to disclose what it's now valued at after raising the funds.
