Snap Accounts Payable Corporation, Moncton, a New Brunswick-based maker of the SnapAP solution that streamlines entire Procurement To Payment workflow for mid-tier and enterprise market clients, completed the first stages of a planned $2M (USD) Seed Stage round of financing.
The round was led by a group of angel investors all located in Israel.
Launched in January 2019 by Jean-Daniel (“JD”) Drapeau, later joined by co-founders Sionne Roberts and David Jonah, SnapAP is a cloud-based Purchase To Payment technology platform generating business operating efficiencies in the areas of Requisitioning, Procurement, Purchasing, Delivery Tracking, Invoices Management and Payments Processing. Currently over 50,000 users globally are accessing SnapAP daily to manage those activities with the solution. In addition SnapAP facilitates the processing of over $200MM annually in payments between our client users to their suppliers and vendors located worldwide.
In less than 2 years of operations the SnapAP solution has been natively integrated with the Sage 300 version of ERP software for multiple clients and achieved Approved Partner status with Oracle, appearing in that global technology leader’s Cloud Business Marketplace starting in November 2020. Additionally there is now a mobile app version of SnapAP for Android, iOS and Windows devices.
Following this Seed Round financing, by early 2021 the company intends to announce its multiple new channel sales distribution partnerships that are currently being finalized at this time. In addition the Israel investors are leveraging their own connections for soon having SnapAP adopted by several high-profile clients in the banking and manufacturing sectors overseas.