Apron, a London-based startup, has secured a $15 million Series A funding round from Index Ventures, which includes Bessemer Venture Partners and Visionaries Club. The firm wants to help small businesses when it comes to processing invoices.
Apron is specifically targeting small firms that don't have a finance department and simply don't use any specific tool to track and pay invoices. They depend on email chains and their online banking portal.
It starts with the classic software-as-a-service play: Apron functions as the central repository for all your invoices. Then, you can set up rules and workflows so that large invoices are reviewed by the CEO before they are paid. The startup takes advantage of open banking in the UK, allowing you to approve payments in Apron and payments are sent directly from your bank account.
Apron offers payments in 30 currencies at a good exchange rate with a 0.05% conversion fee, as British firms frequently rely on foreign suppliers. It can be used to pay employees in one go.
Apron is also compatible with QuickBooks and Xero. The app enables you to reconcile payments with invoices so you can easily determine whether you have paid anything or not.
Uzbekov, who has been working for Revolut, the UK-based consumer fintech giant, has been living for the past six months and millions of pounds are already processed through Apron every month.
Apron, a product tailored for small businesses, isn't as expensive as it could be. It offers a pay-as-you-go plan with free subscription and a fee of £1.20 per supplier payment. Larger companies can pay a monthly subscription to lower supplier payments to £0.50 per payment.