Apruve, a B2B credit automation platform, today announced that it has closed $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 the elimination of accounts receivable from the balance sheet of B2B companies Its credit automation platform helps organizations effortlessly extend payment terms to their customers without additional back office costs, cash flow concerns, or financial risk.
“In today’s business market, extending terms has become a competitive advantage, but it compromises the capital of a business and creates additional overhead,” said Michael Noble, CEO and founder of Apruve. “Our goal is to help companies realize the sales advantage of giving their customers an account to buy against without putting their own cash flow at risk. “That’s right.
Through its credit network, Apruve offers customers such as Texas Instrument and Boxed the following solution:
Extend the net terms without the need for collection Apruve pays suppliers within 24 hours of the invoice and accepts financial risks and collections.
Gain a clear competitive advantage Due to the influx of working capital from immediately paid-up companies can immediately reinvest sales revenue in their business—no matter the economic conditions.
Focus on what’s important Companies can stop worrying and invest in collection-related overheads and focus more on their product offering and customer satisfaction.
“Approve has changed the course of VARASPEC and our cash flow in ways I never thought possible,” said Mike Duesing, Principal, VARASPEC.
With this investment, Apruve will continue to grow its Minneapolis-based team to serve its current customers and expand its portfolio. The funding will also support the start-up as it continues to drive forward research and development with its innovative platform.
For more information on Apruve, please visit http://www Approve Come on,
About the Approve
Apruve is a B2B credit automation platform that manages and finances credit programs for suppliers and their business clients. Allowing traders to sell on net terms and to be paid immediately without any financial risk, overhead or collections. Visit http://www to learn more about how Apruve can grow your business. Approve Come on,
About the Cloud App
Cloud Apps Capital Partners is a market-focused venture capital firm that helps early-stage cloud application market companies build the next generation of global, category-leading companies.
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