Apron Seals a $15 Million Series A Round to Simplify Invoice Processing for SMEs

Apron Seals a $15 Million Series A Round to Simplify Invoice Processing for SMEs

London-based fintech startup Apron Networks has announced a $15 million Series A funding round. Spearheaded by Index Ventures, the round also saw participation from Bessemer Venture Partners and Visionaries Club. Apron Networks is poised to fill a critical gap in the market by aiding small businesses in managing invoices seamlessly.

Transaction Highlights:

  • Deal Value: Approximately $15 million.
  • Lead Investor: Index Ventures, notable for its prolific investment portfolio in the tech sector.
  • Participating Investors: Bessemer Venture Partners and Visionaries Club.

 

Apron Snapshot:

  • Founded: Though the exact founding year is undisclosed, Apron has been operational and live for the past six months.
  • Target Market: Apron caters to small enterprises lacking a dedicated finance department, aiding in streamlined invoice processing.
  • Technology: Utilising the open banking framework in the UK, Apron facilitates direct bank payments upon invoice approval.
  • Focus: The main goal is to transform invoice processing from a bottleneck to a catalyst for smooth business operations.

Solving SME Invoice Challenges

London-based fintech startup, Apron, aims to resolve invoice processing hurdles for small businesses. It's offering a centralized system to manage and pay invoices, replacing traditional email and basic online banking methods.

Apron allows custom rules and workflows for invoice approval, including CEO review for large amounts. This adds a level of control to the payment process.

Through the UK's open banking system, Apron facilitates direct bank payments upon invoice approval, making payment processing more efficient.

Apron supports transactions in 30 currencies with a competitive exchange rate, catering to UK SMEs dealing with foreign suppliers. Additionally, integration with Xero and QuickBooks simplifies payment reconciliation.

Series A Significance for Apron

This funding round is aligned with Apron's goal of simplifying invoice processing for SMEs. The user-centric pricing model positions Apron well in the market, making invoice management less daunting for small enterprises.

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