Apruve, a B2B credit automation platform, today announced that it closed on $6 million in its Series A financing led by Cloud Apps Capital Partners with participation from TTV Capital and Allegis Capital.
Minneapolis-based Apruve focuses on eliminating accounts receivable from the balance sheet of B2B companies. Its credit automation platform helps organizations to effortlessly extend payment terms to their customers without added back-office costs, cash flow concerns, or financial risk.
“In today’s business market, it’s become a competitive advantage to extend terms, but it compromises a business’s capital and creates added overhead,” said Michael Noble, CEO and founder, Apruve. “Our goal is to help companies realize the sales advantage of giving their customers an account to purchase against without putting their own cash flow at risk.”
Through its credit network, Apruve offers customers like Texas Instruments and Boxed a solution that:
Extend net terms without the need for collections. Apruve pays suppliers within 24 hours of invoicing and takes on the financial risk and collections.
Gain a distinct competitive advantage. Due to the influx of working capital from getting paid immediately, businesses can immediately reinvest sales revenue into their business — no matter the economic conditions.
Focus on what is important. Companies can stop worrying and investing in overhead associated with collections, and focus more on their product offering and customer satisfaction.
“Apruve has single-handedly changed the course of VARASPEC and our cash flow in ways I never thought possible,” said Mike Duesing, principal, VERASPEC.
With this investment, Apruve will continue to grow its Minneapolis-based team to serve its current customers and grow its portfolio. The funding will also support the startup as it continues to drive research and development forward with its innovative platform.