Apron, a startup based in London, has announced the successful completion of its Series A funding round, securing $15 million in investment. The round was led by Index Ventures, with active participation from Bessemer Venture Partners and Visionaries Club. The company’s primary mission is to assist small businesses in streamlining their invoice processing.
Apron is specifically designed to cater to small companies that lack dedicated finance departments and do not employ specialized tools for managing and paying invoices. These businesses often rely on cumbersome email chains and their online banking portals for these tasks.
At its core, Apron operates as a comprehensive software-as-a-service platform, serving as a centralized hub for all invoice-related activities. Beyond this, users have the ability to establish customized rules and workflows, allowing for the review of significant invoices by company CEOs before payment. A notable feature of Apron is its integration with the open banking system in the United Kingdom, enabling users to approve payments directly within the platform, which are subsequently transferred directly from their bank accounts.
In recognition of the global nature of many British businesses, Apron facilitates payments in 30 different currencies, offering favorable exchange rates with a nominal 0.5% conversion fee. Moreover, it can also be utilized to conveniently process employee payments.
Apron further simplifies financial management by seamlessly integrating with popular accounting software like Xero and QuickBooks. This integration aids in reconciling payments with invoices, providing users with a clear overview of their payment history.
Bogdan Uzbekov, the founder of Apron and a former employee of the UK-based consumer fintech giant Revolut, expressed the company’s philosophy, stating, “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. We want to flip payments from being a blocker to being a booster: something that can be done quickly, securely, and even give you a sense of joy and satisfaction.”
Apron has been in operation for the past six months, and it has already processed millions of pounds in transactions each month. Designed with small businesses in mind, Apron offers cost-effective pricing options. It begins with a pay-as-you-go plan that includes a free subscription and charges a fee of £1.20 per supplier payment. Larger companies have the option to subscribe to a monthly plan, which reduces supplier payment fees to £0.50 per transaction.
