While last week was a fairly impressive week for B2B venture capital, investors swooped in on their dark horses to give an extra bump to B2B financial services startups.
The first came Thursday (June 23) when reports emerged that Apruve secured $2.25 million in venture capital funding led by TTV Capital and Allegis Capital. Apruve provides financial management solutions for small businesses that operate in the B2B eCommerce space. According to reports, it enables companies to accept online orders from business customers and provides instant credit for their sales.
The Series A funding will be used to scale up the company, reports said.
“We believe Apruve is solving a fundamental problem that well enable more businesses to ride the $1.3 trillion wave of B2B eCommerce that is currently unfolding,” said TTV managing director Tom Smith in a statement. “Their solution takes on outdated accounts receivable processes, automates it then underwrites the credit risk for the seller.”
Apruve integrates into eCommerce platforms like Shopify, Magento and BigCommerce.
Across the pond, U.K. startup Satago raised about $6.3 million from backers for its eInvoicing solution, reports also said Thursday.
The company provides a database for companies to see how well other businesses are paying their invoices on time. It provides automated invoices, payment requests and reminders, and credit reporting solutions into its service, geared toward micro-businesses and freelancers that need to manage outstanding bills from clients.
The funding, provided by ESF Capital, coincides with Satago’s launch of Invoice Finance. The new service that provides freelancers with access to working capital by funding 85 percent of outstanding bills. The final 15 percent is provided once a company pays the invoice.
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