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Say hello to Apron: the powerful payment platform that’s raised $5.5M in funding

June 19, 2023

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For too long, small business owners have been bogged down with supplier payments. We built Apron to clean up the messy invoice system, so that payments flow and business owners can get back to, well, business. We believe Apron is going to transform how payments happen. And we’re not the only ones who think so. We’ve raised $5.5M in venture funding.

The big idea: how Apron turns payments into a boost for business

If a small business wants to succeed, it needs to pay its suppliers on time. But the existing business payment process is messy, painful, and often ends up blocking growth. This week, one million small businesses in the UK will spend an average of five hours paying and reconciling invoices. That’s time entrepreneurs across invoice-heavy sectors like healthcare, creative services, logistics, construction, and hospitality could be putting into planning and expanding their business.

Which is where Apron comes in. Instead of wading through admin, small business owners can sort, pay, and reconcile their invoices in seconds. With Apron, it takes just three minutes to get set up, and you’re ready to:

  • Handle invoices. Invoices flow straight from your accounting app to Apron, or you can just forward them to an Apron email.
  • Batch pay suppliers. You pick all the people you want to pay, and payments come straight from your bank account.
  • Smooth out approvals. Payments and approvals live together, so payments keep moving.
  • Automatically reconcile. Real-time sync means automatic payment reconciliation in Quickbooks or Xero, and no extra bank feed.

A tighter workflow, with no extra parts.

Apron doesn’t replace your QuickBooks, Xero, or other accounting software. Instead, it’s a crucial cog in the small business machine. It weaves neatly into your existing workflows, and connects to the software you’re already using. Plus, unlike other payment solutions, with Apron, there’s no wallet. Payments go straight from one bank account to another without stopping off on the way. Which means no top-ups, and no extra reconciliations.

Payments go global.

Our company and our customers are UK-based, but Apron covers 150+ countries and 30+ currencies. Meaning you can pay suppliers wherever they are. And know you’re not getting stung: we use the mid-market exchange rate (a.k.a. the ‘real’-est rate) and we don’t sneak in hidden fees.

We’ve raised $5.5M in funding led by Bessemer Venture Partners.

But all that’s just the beginning. We’ve raised $5.5 million in seed funding led by Bessemer Venture Partners, with participation of Visionaries Club and the founders of Melio and Klarna. It’s a loud-and-clear signal that those in the industry see Apron as a fintech game changer. As our investor at Bessemer Venture Partners, Vice President Ariel Sterman explains:

“We are thrilled to be supporting Apron in their mission to revolutionize payments for small businesses. With roots in building world-class consumer experiences and a deep expertise in financial infrastructure, Apron is transforming a critical pain point for small businesses across Europe. We are already seeing the impact Apron is having on the market as their seamless integrations and delightful payment workflows unlock precious time, resources and cash-flow for the SMB backbone of the economy.”

We’re using that investment to grow our team, our product, and our reach.

Invoices are the first step — there are so many parts of the small business ecosystem crying out for something better. With the funding, we plan to double down on growth and product innovation. Our goal is to secure our position as leaders in the UK before expanding into other parts of Europe. And we want to push the product on, turning it into an end-to-end accounts payable solution. It’s going to make every part of small business spending work better — everything from bill payments, to payroll, to employee expenses.

Like most of the founding team, I spent a long time building fintech products for global brands; before founding Apron, I worked at Square and Cash App in Europe and before that, I was a Product Lead at Revolut. Working at those companies, we realized that small businesses were being left behind. They didn’t have the full set of tools they needed to succeed and thrive. Our belief is that Apron can change that, and unleash new opportunities for small business entrepreneurs everywhere.

Why leave it there?

To find out more about Apron

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