Apron, a London-based startup, has recently announced that it has raised $15 million in a Series A funding round led by Index Ventures, with participation from Bessemer Venture Partners and Visionaries Club. The company aims to simplify invoice processing for small companies that do not have a finance department and rely on email chains and online banking portals for invoice management.
Funding Round
Apron raises $15 million in Series A funding led by Index Ventures
Bessemer Venture Partners and Visionaries Club also participate
Apron has successfully secured $15 million in its Series A funding round. The round was led by Index Ventures, a prominent venture capital firm known for its investments in leading technology companies. Additionally, Bessemer Venture Partners and Visionaries Club also participated in the funding round, demonstrating their confidence in Apron’s innovative solution for invoice processing.
Target Market
Apron specifically targets small companies without a finance department
Small companies that rely on email chains and online banking portal for invoice processing
Apron is specifically targeting small companies that do not have a dedicated finance department. These companies often struggle with invoice processing as they rely on inefficient methods such as email chains and online banking portals. Apron aims to provide a streamlined solution that simplifies the entire invoice processing workflow for these companies.
Software-as-a-Service
Apron acts as the central repository for all invoices
Allows setting up rules and workflows for review and approval of large invoices by the CEO
Apron functions as a software-as-a-service (SaaS) platform that serves as a central repository for all invoices. By consolidating invoices in one location, Apron eliminates the need for manual tracking and searching through emails. Moreover, Apron allows companies to establish rules and workflows for the review and approval of large invoices, ensuring proper oversight by the CEO or decision-makers.
Open Banking
Apron takes advantage of open banking in the UK
Payments can be approved in Apron and sent directly from the user’s bank account
Apron leverages open banking capabilities in the UK to streamline the payment process. With Apron, users can approve payments directly within the platform, and the payments are sent directly from the user’s bank account. This integration with open banking enhances security and efficiency, eliminating the need for manual transfers or logging into separate banking portals.
Currency Support
Apron supports payments in 30 currencies
Offers a good exchange rate with a 0.5% conversion fee
One of Apron’s key features is its support for payments in 30 different currencies. This is particularly beneficial for British companies that often work with foreign suppliers. Apron ensures that these international payments are processed at a good exchange rate, with a minimal conversion fee of 0.5%. This allows businesses to make payments seamlessly, regardless of the currency involved.
Integration with Accounting Software
Apron integrates with Xero and Quickbooks
Helps reconcile payments with invoices for better visibility
To further enhance the invoice processing experience, Apron integrates with popular accounting software platforms such as Xero and Quickbooks. This integration allows for seamless reconciliation of payments with invoices, offering businesses improved visibility into their financial transactions. By syncing data between Apron and accounting software, companies can easily track and manage their payments with accuracy and efficiency.
Apron’s Approach
Apron aims to create a platform where accountants, business owners, and suppliers can come together
Focuses on making payments quick, secure, and satisfying for all users
Apron has a customer-centric approach to invoice processing. The platform aims to bring together accountants, business owners, and suppliers in a collaborative environment. Apron understands the importance of making payments quick, secure, and satisfying for all users. By providing a user-friendly interface and seamless payment workflows, Apron aims to transform payments from a potential roadblock into a positive experience for users.
Founder’s Background
Apron founded by Bogdan Uzbekov who previously worked at Revolut
Apron has been live for 6 months, processing millions of pounds monthly
Apron was founded by Bogdan Uzbekov, who brings valuable experience from his previous work at Revolut, a well-known consumer fintech giant based in the UK. Uzbekov’s expertise in the financial industry has contributed to Apron’s success. Apron has been live for six months, processing millions of pounds in invoices on a monthly basis. This demonstrates the platform’s viability and effectiveness in addressing the needs of small businesses.
Pricing
Apron offers a pay-as-you-go plan with a free subscription
Bigger companies can opt for a monthly subscription with lower supplier payment fees
Apron offers flexible pricing options tailored to the needs of different companies. Small businesses can opt for a pay-as-you-go plan with a free subscription, allowing them to use Apron’s features at no cost until they require additional capabilities. For larger companies that process a higher volume of payments, Apron offers a monthly subscription with lower supplier payment fees. This pricing structure ensures that businesses of all sizes can leverage Apron’s invoice processing solution without incurring excessive costs.
In conclusion, Apron’s successful Series A funding round highlights the growing demand for innovative invoice processing solutions among small businesses. By simplifying the entire workflow and integrating with accounting software, Apron offers a comprehensive platform that streamlines payments for companies without a finance department. With its focus on quick, secure, and satisfying payments, Apron is well-positioned to transform the way small businesses manage their invoices.
