London-based fintech startup Apron, which simplifies invoice payments for small businesses, has secured $15 million in a funding round led by Index Ventures, known for backing Revolut. The round also saw participation from Bessemer Venture Partners and Visionaries Club. This follows a seed round of $5.5 million that the company raised earlier this year.
Apron was founded in 2022 by Bogdan Uzbekov, a former product lead at Revolut. The company has developed a payments platform that consolidates invoices into one location, enabling firms to batch-pay their suppliers. In addition to earning fees on associated interchange charges, Apron operates on a three-tier subscription model.
The platform is available in 150 countries and supports more than 30 currencies. According to Uzbekov, one customer was able to reduce their payment time for 300 invoices from five hours to just 15 minutes using Apron.
Speaking about the challenges faced by small business owners, Uzbekov told Insider, "If you're a small business owner life is quite hard when you have to sit down and spend half a day on a Sunday paying people." He emphasized that Apron aims to simplify this process for both business owners and accountants, providing an end-to-end solution for the entire payments flow.
Since its soft launch six months ago, Apron has predominantly grown via word-of-mouth referrals and is already processing millions of pounds of transactions monthly with hundreds of client companies. The new capital will be used to strengthen its team of 20 employees and enhance its product and marketing capabilities.
Uzbekov revealed plans to speed up the company's execution and go-to-market strategy with the Series A funding. "We want to be first to market and win," he added.
In conjunction with the fundraising, Apron has launched a 'Hub' for larger accounting practices, creating a centralized space for team members and tasks. The company is also preparing to launch 'Snap (NYSE:SNAP)', a feature that will enable accountants to automatically capture and categorize client invoices, early next year.
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