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Apron lands £12m funding and launches client hub

Indi Tatla

October 27, 2023

Apron has successfully secured a £12m Series A funding round, following closely on the heels of a £5m seed-funding round. The fintech firm intends to use this funding to devise new products that will aid accountants, bookkeepers, and their small business clients in managing and streamlining payments.

Additionally, Apron has unveiled its first major product, Apron Hub, crafted to assist accounting practices in handling transactions for a multitude of clients. This hub centralises clients and tasks, enabling accountants and bookkeepers to view all pending payment tasks on a single page, add team members, assign roles, and establish customised workflows. Bogdan Uzbekov, the CEO of Apron, emphasised that Apron Hub was developed out of necessity to enhance visibility and efficiency for accountants and bookkeepers managing payments on behalf of numerous clients. The hub is presently live and accessible to all Apron accounting and bookkeeping partners.

Looking forward, Apron is in the process of developing another tool, Apron Snap, which aims to instantly capture and categorise invoices, and input the data into bookkeeping software such as Xero or QuickBooks. This tool is still under development, and while no pricing details have been disclosed, it is assured to be priced reasonably and transparently.

Apron sets itself apart in the accounting tech ecosystem through its proprietary payments platform and comprehensive payments workflow, steering clear of using a wallet or Open Banking solution. This approach enables Apron to offer global payment capabilities, facilitating transactions in over 150 countries and more than 30 currencies.

The £12m Series A investment was spearheaded by VC fund Index Ventures, highlighting business-to-business (B2B) payments as an area of interest for investors, even as global VC funding levels are on the decline. Uzbekov shared that although they were anticipating a lengthy process, the funding round concluded relatively swiftly, underscoring that quality companies continue to attract investor attention in a market that has become more selective.

Read the original article on AccountingWeb here.

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Growth, go to markets and tech, over 16 years in a startup or scale up tech company.

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