London-based startup Apron has successfully raised a $15 million Series A funding round. With the aim to simplify invoice processing for small businesses, Apron is set to change the game.
A Solution for Small Companies
Apron is targeting small businesses that lack a dedicated finance department and are still dependent on traditional methods like email chains and online banking portals for invoice processing. The startup offers a centralized platform for all invoice-related tasks, eliminating the need for multiple tools.
Innovative Features and Integrations
Apron’s software-as-a-service model allows businesses to store all their invoices in one place. Additionally, it offers the ability to set up specific rules and workflows. For instance, larger invoices can be set to require CEO approval before payment. Leveraging the U.K.’s open banking system, Apron enables direct bank payments upon approval within its platform.
For businesses dealing with international suppliers, Apron supports transactions in 30 different currencies. They offer competitive exchange rates with a minimal conversion fee of 0.5%. Furthermore, the platform can be used to make bulk payments to employees. Integration with popular accounting software like Xero and QuickBooks ensures seamless reconciliation of payments with invoices.
Bogdan Uzbekov, the founder of Apron and a former Revolut employee, envisions a platform where all stakeholders – from accountants and business owners to suppliers – can collaborate efficiently. He aims to transform payments from a cumbersome task into a seamless and even enjoyable process.
Affordable Pricing for Growing Businesses
Apron’s pricing model is tailored to suit small businesses. They offer a pay-as-you-go plan with a free subscription, charging a fee of £1.20 per supplier payment. Larger enterprises can opt for a monthly subscription, reducing the supplier payment fee to just £0.50.
Apron’s innovative approach to invoice processing, combined with its affordable pricing, positions it as a promising solution for small businesses looking to streamline their financial operations.
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