Apron, a fintech startup founded by a former Revolut and Cash App lead, has raised £12m in a Series A funding round.
Aimed at businesses, Apron is a payment management platform that consolidates company invoices. Users can track and pay these bills through the Apron platform, with the startup claiming this can improve efficiency.
The company was founded in 2021 by Bogdan Uzbekov, who previously worked as a product lead supporting Revolut’s European banking operations. Uzbekov later served as the European operations lead for Cash App.
Apron launched its beta in March and now, backed by new funding, intends to expand its product offering of accounting tools.
Alongside the funding announcement, the company has launched Apron Hub, an expansion of its consolidation platform that adds workflows and task management tools for financial teams within businesses.
“There are so many snags still needlessly slowing down millions of entrepreneurs and finance pros. We’re going to keep innovating and building, so that businesses everywhere can do the same,” said Uzbekov.
The funding round was led by Index Ventures and featured participation from existing investors Bessemer Venture Partners and Visionaries Club.
“The needs of SMBs have been ignored for too long. Bogdan’s team have realised that if you build an amazing product, it will spread organically and at speed among small businesses and accountants,” said Jan Hammer, a partner at Index Ventures.
“Apron have not just built a technically exceptional back-end payments platform: combined with their unique focus on the product experience for end-users, they have the potential to redefine how people pay invoices everywhere.”
In June, Apron raised $5.5m (£4.5m) in a Bessemer Venture Partners-led seed round.