TTV Capital has led a $2.25m Series A funding round for B2B fintech platform Apruve.
Allegis Capital also took part in the financing round for Apruve, which aims to allow online B2B sellers to give their business customers a revolving line of credit without any accounts receivable or cash flow risk.
TTV managing director Tom Smith said, “We believe Apruve is solving a fundamental problem that will enable more businesses to ride the $1.3tn wave of B2B eCommerce that is currently unfolding.
“Their solution takes an outdated A/R process, automates it and then underwrites the credit risk for the seller. The ROI they can deliver is extremely strong.”
Apruve CEO Michael Noble added, “Businesses don’t buy things online like consumers do.
“Within B2B, sellers offering their customers credit terms on their purchases is an industry norm.
“The problem is that it is difficult to manage and expensive to do.
“With Apruve, online sellers get a turnkey solution to manage all aspects of credit approval, invoicing and collections, plus sellers are paid within 24 hours of any order placed online by their buyers, completely eliminating the need to act like a bank for their customers.”
The round of funding will be used to expand the development, sales, and marketing teams in Minneapolis, as well as build integrations with more e-commerce platforms.
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