Apron, a London, UK-based provider of a fintech platform for small businesses to reduce time spent processing invoices, raised $15M in Series A funding.
The round was led by Index Ventures, with participation from Bessemer Venture Partners and Visionaries Club. Jan Hammer, an Index partner, joined the board.
The company intends to use the funds to expand its offering to SMEs and their accountants, and roll out new automatic invoice capturing features, as well as to grow its 20-strong team.
Led by CEO and Founder Bogdan Uzbekov, Apron enables business owners and accountants to sort, pay and reconcile invoices in seconds.
Users can sign up to Apron in a few minutes, and can:
- Manage invoices: invoices move straight from accounting software to Apron, or can be forwarded in an email.
- Pay multiple suppliers at once: pay multiple suppliers quickly, wherever they are. Apron covers 150+ countries and 30+ currencies, at the ‘real’ exchange rate and with no hidden fees.
- Get quick approvals: payments and approvals sit side-by-side, making authorisations and amendments quick.
- Automatically reconcile: Apron syncs with accounting software, keeping books up-to-date with no extra steps.
The funding news coincides with two major product announcements for accountants:
- Apron Hub (now): a new offering for larger accounting practices, allowing them to add team members, assign tasks, see all pending actions on one page, and pre-configure approval chains for bills, across any number of clients
- Apron Snap (early 2024): allows accountants to automatically capture and categorize invoices from all their clients, and feed it into their bookkeeping software
The solution is already processing millions of pounds of transactions every month, working with hundreds of client companies and thousands of payment recipients.
FinSMEs
28/09/2023