In a significant move to simplify the payment process for small and medium-sized businesses (SMBs), Apron has secured a $30 million Series B funding round. The investment, led by Zinal Growth, will enable Apron to expand its product and engineering teams, launch new products, and further develop its existing payments platform.

The Problem with Business Payments

Receiving and making payments are pain points universally felt by SMBs. The average SMB owner spends up to 20% of their working week issuing, paying, and managing invoices and associated administrative tasks. This takes time away from serving customers and can have a significant impact on a company's success. In fact, more than four in five small and medium-sized businesses in the UK fail due to cash flow issues.

Apron's Solution

Apron enables business owners and their accountants to receive, sort, approve, pay, and reconcile invoices in seconds. The platform takes a 'town square' approach, allowing suppliers, buyers, and their accountants to manage payments smoothly and seamlessly. This reduces the time and effort spent arranging and chasing payments, enabling SMBs to focus on serving their customers and building their businesses.

Key Features and Future Developments

Apron's proprietary payments platform allows customers to pay anyone, whether employees or suppliers, anywhere in the world. The platform also integrates easily with existing accounting tools, such as Xero or QuickBooks, for instant payment reconciliation. With the new investment, Apron plans to launch a new product aimed at larger suppliers, helping them eliminate manual work and get paid faster. The company will also introduce a new expense management solution tailored for SMBs, providing an affordable and accessible alternative to market incumbents.

Investor Confidence

Guillaume Pousaz, Founder of Checkout.com and Chairman of Zinal Growth, commented, "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, added, "We believe Apron is solving a key pain point that SMB owners know only too well, making managing payments an efficient and enjoyable experience."

Founder's Vision

Bogdan Uzbekov, Founder & CEO of Apron, said, "Every business we speak to is looking for consumer-grade quality in their B2B software. It doesn't make sense to them that, in their personal lives, payments can be made and received instantly, but that in business the process is long-winded, siloed, and not fit for purpose. With new investment and expertise on board, we're excited to bring new talent into the team to innovate, design, and build the sort of B2B payments experience that truly flips payments from painful to powerful."

Apron's $30 million Series B funding round is a significant milestone in the company's journey to revolutionize business payments for SMBs. With its innovative platform, Apron is poised to simplify the payment process, reduce administrative burdens, and help businesses succeed. As the company continues to expand its product and engineering teams, launch new products, and further develop its existing platform, it is clear that Apron is committed to making a meaningful impact in the world of business payments.