APRON, a company focused on innovating business payments, has secured $30 million in a Series B funding round. This latest investment aims to enhance the digitalization and security of the payment processes for small business owners. APRON’s platform is designed to simplify the often cumbersome and time-consuming task of managing invoices and payments, freeing business owners to concentrate on their core activities.
In recent years, the challenges faced by small and medium-sized businesses (SMBs) in handling payments have been well-documented. Past reports highlight that cash flow issues are a significant factor in the failure of over 80% of SMBs in the UK. APRON’s recent funding round is an extension of its efforts to address these issues by providing a more efficient payment system, as evidenced by its previous $15 million Series A funding.
How Does APRON Streamline Payment Processes?
APRON offers a platform that facilitates the management of invoices and payments, allowing business owners and accountants to process these tasks in seconds. With its comprehensive approach, the platform connects suppliers, buyers, and accountants in a seamless manner. This integration reduces the hours spent on payment administration and allows businesses to focus more on customer service and growth.
What Are the Strategic Goals for APRON’s Investment?
The investment will enable APRON to enhance its engineering and product teams, gearing up for key developments planned for 2025. A significant part of this strategy includes launching a new product targeted at larger suppliers who handle extensive invoicing to SMBs. Additionally, APRON plans to introduce an affordable expense management solution to complement its current offerings. This move is expected to provide SMBs with alternatives to existing market options.
Guillaume Pousaz, Founder of Checkout.com and Chairman of Zinal Growth, stated: “We’ve been deeply impressed by the execution and vision of Bogdan and the Apron team. They have created a delightful product for both SMBs and accountants, and we are excited to continue supporting them on their journey.”
Luca Schmid, Managing Partner of Zinal Growth, noted: “We believe Apron is solving a key pain point that SMB owners know only too well, making managing payments an efficient and enjoyable experience. We are thrilled to deepen our partnership with Apron as they enter the next phase of their journey.”
Since its inception by Bogdan Uzbekov, a former Revolut product leader, APRON has rapidly expanded its UK-based SMB customer base through word-of-mouth. The company has seen significant growth, with its customer base increasing more than 20 times since September 2023. This expansion is a testament to the platform’s effectiveness in handling numerous invoices and payments daily.
The recent investment in APRON points to a growing trend in digitizing financial operations to overcome traditional challenges faced by SMBs. By enhancing its product offerings and expanding its team, APRON is poised to further its impact in streamlining and securing the payments process. This development reflects an increasing demand for efficient and integrated financial solutions in the SMB sector.
