- Apron, a fintech that helps small businesses pay invoices, has raised a $15 million Series A round.
- The London-based startup landed the funds in a round led by Revolut investor Index Ventures.
- Bessemer and Visionaries Club also backed the round, which followed a seed round in July.
Apron, a fintech startup that streamlines invoice payments for small businesses, has raised $15 million in a round led by Index Ventures, a Revolut investor.
The London-based company, founded in 2022, has created a payments platform that consolidates invoices and allows businesses to pay their suppliers in bulk. Apron charges fees for associated interchange fees and has a three-tier subscription model.
“If you’re a small business owner, it’s quite difficult when you have to sit down and spend half a day on a Sunday paying people,” Apron founder and CEO Bogdan Uzbekov told Insider. “This is not an exaggeration on how much time it takes, yes there are other companies in this space but we do this for both business owners and accountants so it’s an end-to-end for the entire payments flow.”
Apron is currently available in 150 countries and more than 30 currencies, and has grown primarily through word of mouth. According to Uzbekov, a former Revolut product lead, one customer reduced their payment time for 300 invoices from five hours to 15 minutes by using the platform.
“From our soft launch in March we’ve seen quick adoption and growth driven by word-of-mouth referrals but we need to speed up our execution and go-to-market strategy with this Series A,” he said. “We want to be first to market and win.”
Index Ventures, Bessemer Venture Partners, and Visionaries Club led the $15 million round, which followed a $5.5 million seed round in July.
Apron’s new funds will be used to strengthen its 20-person team and expand its product and marketing capabilities.