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Apron raises USD 15 million in funding round

Friday 29 September 2023 15:12 CET | News

UK-based startup Apron has raised USD 15 million in a Series A funding round led by Index Ventures. 

With the additional finances, Apron plans to help small companies when it comes to processing invoices, particularly targeting those that do not have a finance department and do not use a specific tool to track and pay invoices. Furthermore, the new funding will allow Apron to expand its business and launch additional products in the near future.

UK-based startup Apron has raised USD 15 million in a Series A funding round led by Index Ventures.  

 

Apron’s objective

The startup aims to simplify the invoice payment process by using its Software-as-a-Service (SaaS) solution. Apron acts as the central repository for a company’s invoices, allowing enterprises to set up rules and workflows so that large bills are reviewed before being paid. Moreover, Apron takes advantage of Open Banking in the UK so that businesses can approve payments on its platform and directly send them from their bank account.

As many British companies also rely on foreign suppliers, Apron supports payments in 30 currencies with an exchange rate of a 0.5% conversion fee. Xero and QuickBooks are also integrated into the startup’s platform, helping businesses reconcile payments with invoices. As its products are tailored for small businesses, Apron starts with a pay-as-you-go plan with a free subscription and a fee of GBP 1.20 per supplier payment. Larger companies can pay a monthly fee to lower supplier payments to GBP 0.50 per payment. 

More information about Apron

Founded in 2021 and launched in early 2023, Apron works with all UK banks that support Open Banking, enabling its customers to transfer funds directly from their bank account to the supplier’s. Also, the platform does not have any payment limits, but it is subject to the ones imposed by the user’s bank. Apron’s model aims to provide flexibility, as no wallet is required in order to use the service, and international and card payments are secure.

The startup’s platform is ISO27001 compliant, offering infrastructure, network, data, product, application, and organisation security. Apron implements a password policy and malware detection tools, with real-time database backups and servers that are monitored and alarmed. 

SMEs’ challenges in the UK

Small and medium-sized businesses (SMEs) faced many issues during the past years, including the rising cost of living, the Russia-Ukraine war, as well as inflation. According to Lloyds Banking Group’s report, the high volatility across markets contributed to a slower growth period than previously expected in the latter half of 2022. However, the latest Barometer figures from January 2023 show that business confidence sat at 22% and economic optimism at 47%.

Lloyds’ Client 360 survey from December 2022 evaluated 1,472 SMEs in the UK, with 82% of them stating that the rising cost of living impacted them negatively, while 61% said that inflationary pressures caused their supplier service to degrade.  

More: Link


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Keywords: funding, SMEs, e-invoicing, online banking, digital banking, Open Banking
Categories: Banking & Fintech
Companies: Apron, Index Ventures
Countries: United Kingdom
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Banking & Fintech

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Apron

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Index Ventures

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