MINNEAPOLIS, June 22, 2016 /PRNewswire-iReach/ — B2B financial technology platform Apruve, Inc., announced today it has raised $2.25 million in a Series A funding round. The round was led by TTV Capital, with participation from Allegis Capital.
Based in Minneapolis, Apruve was founded with a mission to make it easier for businesses to sell to other businesses. Apruve’s corporate account management and financing solution was launched at the beginning of this year. The solution allows online B2B sellers to give their business customers a revolving line of credit without any accounts receivable or cash flow risk.
“Businesses don’t buy things online like consumers do,” said Michael Noble, CEO of Apruve. “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.”
“We believe Apruve is solving a fundamental problem that will enable more businesses to ride the $1.3 trillion wave of B2B eCommerce that is currently unfolding,” said Tom Smith, Managing Director at TTV. “Their solution takes an outdated A/R process, automates it and then underwrites the credit risk for the seller.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.”
The round of funding will be used to expand the development, sales, and marketing teams in Minneapolis, as well as build integrations with even more ecommerce platforms.
About Apruve, Inc.
Apruve is dedicated to making B2B ecommerce between buyers and sellers as efficient, easy and safe as possible. Its turnkey corporate account management and financing solution allows online B2B sellers to give their customers a revolving line of credit without any accounts receivable or cash flow risk. Learn more at www.apruve.com
About TTV Capital
Based in Atlanta, TTV Capital invests in technology-enabled financial services businesses with disruptive technologies, software-as-a-service solutions or cloud applications that have scalable business models and exceptional growth opportunities. To learn more, visit www.ttvcapital.com
About Allegis Capital
Allegis Capital is a seed and early-stage venture capital investor in companies building disruptive and innovative cyber security solutions for the global digital economy. Founded in 1996, the firm has more than $700 million in capital under management and has been active in cyber security investing since 2000. For more information, visit www.allegiscap.com