Apron, the FinTech platform, has recently successfully garnered $15m in its latest Series A funding round.
The initiative aims to significantly reduce the amount of time small businesses and accountants dedicate to invoice processing.
The impressive funding haul was spearheaded by Index Ventures, closely followed by esteemed investors Bessemer Venture Partners and Visionaries Club.
Apron’s growing popularity and success can be credited to its emphasis on delivering consumer-grade experiences within the B2B software sector. With a primary focus on the small and medium business (SMB) community, the company’s potential to fill a market gap is clear.
Business owners have grown accustomed to efficient, user-friendly payment experiences in their personal transactions. However, starting a business often unveils a world filled with cumbersome, outdated, and inefficient financial tools. This disparity is most evident when managing payments to suppliers. The process of sorting invoices, obtaining approvals, and keeping the accounting team informed can quickly become overwhelming. Current statistics suggest that the average UK small business owner spends a significant 5 hours weekly processing invoices, with an astounding £1.5 trillion transacted annually in the UK.
Central to Apron’s approach is a commitment to re-envisioning payment processes for users. They have crafted a cutting-edge platform, tailored to SMBs and accountants, that addresses virtually any payment scenario. The goal? To streamline the payment experience. Apron not only integrates with current accounting software but significantly reduces the time taken to complete tasks that previously consumed hours.
Prospective users can quickly set up an account with Apron in mere minutes. The platform’s capabilities are vast; users can manage invoices directly from their existing accounting software or via email, pay multiple suppliers simultaneously, obtain quick payment approvals, and ensure that their accounts remain up-to-date automatically.
Apron CEO Bogdan Uzbekov commented, “What providers forget is that the people behind businesses are, well, people – and they want the same quality they’re familiar with in their consumer apps. We want to flip payments from being a blocker to being a booster: something that can be done quickly, securely and even give you a sense of joy and satisfaction.”
While this recent funding marks a significant achievement, it’s worth noting that the company has previously attracted notable investments.
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