London-based startup Apron has announced a successful $15 million funding round, with participation from notable investors including Index Ventures, Bessemer Venture Partners, and Visionaries Club. The company aims to simplify invoice processing for small businesses that lack a dedicated finance department and rely on cumbersome manual methods.
Key Takeaway
Apron, a London-based startup, has raised
5 million in Series A funding to revolutionize invoice processing for small businesses. The company’s platform serves as a central repository for invoices and offers customizable workflows to streamline payments. Apron’s integration with popular accounting software Xero and Quickbooks enhances financial reconciliation.
Simplifying Invoice Processing for Small Businesses
Apron targets small businesses that struggle with invoice processing due to the absence of a finance department or the lack of specialized tools. Typically, these companies rely on email chains and online banking portals to manage their invoices.
To address this, Apron provides a software-as-a-service (SaaS) platform that acts as a centralized hub for all incoming invoices. Users can establish customized rules and workflows, ensuring that significant invoices undergo review by the CEO before being paid. By leveraging open banking in the U.K., Apron enables users to approve payments within the platform, which are then automatically transferred from their bank accounts.
Efficient Payments in Multiple Currencies
Given the prevalence of foreign suppliers in the U.K., Apron supports payments in 30 different currencies, offering favorable exchange rates and charging a 0.5% conversion fee. The platform also facilitates bulk payments to employees, simplifying payroll processes for businesses.
Seamless Integration and Financial Reconciliation
Apron integrates seamlessly with popular accounting software Xero and Quickbooks. This integration streamlines financial reconciliation by enabling users to easily track and match payments with respective invoices.
“Apron puts itself in the position of all these users – accountants, business owners, and suppliers – and instead of trying to solve business payments from just one perspective, we create a town square where they can all come together to move money as smoothly as possible,” explained Bogdan Uzbekov, founder of Apron.
Affordable and Flexible Pricing Plans
Apron offers budget-friendly pricing plans tailored to the needs of small businesses. The pay-as-you-go plan includes a free subscription and a fee of £1.20 per supplier payment. For larger companies, a monthly subscription option is available, reducing the supplier payment fee to £0.50 per transaction.
Apron, created by former Revolut employee Bogdan Uzbekov, has been operational for the past six months. The platform has already processed millions of pounds in transactions each month, indicating a promising future for the startup.
