Minneapolis Startup Apruve Joins Startup Accelerator Commerce Innovated

ApruveMinneapolis B2B fintech startup Apruve is one of four nationwide accepted to startup accelerator Commerce Innovated — a joint initiative between Silicon Valley Bank and Mastercard.

Apruve is a payment and communication platform connecting B2B buyers and sellers. Business buyers want to get what they need now, but be invoiced for it later. To make this happen, sellers need to efficiently weigh the buyer’s credit risk and facilitate customized payment terms for purchases. Apruve automates this entire process for the seller, eliminating offline, manual accounts receivable tasks and giving a real time picture of captured and pending revenue in an eCommerce store. 

The venture has sales revenue and is in the market processing transactions daily, with four full time employees in the Butler Square building.

There is no dedicated space or relocation requirement as found in most arrangements, rather Apruve is traveling between New York City (Mastercard) and San Francisco (SVB) on a consistent bases between now and September.

Further differentiating this relationship is the lack of equity for funding commonly part of such deals, rather the accelerator has rights to invest $1.5m in a series A. Apruve co-founder & CEO Michael Noble says that the setup is ideal for Apruve based on exclusive events and otherwise hard to land meetings with strategic investors from the likes of Citi Ventures, RBC Venture Partners, Intuit Ventures, etc.

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Comments

  • Brandon Ward

    Go get ’em Michael

  • Daren Cotter

    Congrats Michael & Team!

  • Kim Garretson

    Congrats Michael

  • colinlee

    Congrats, Apruve team!

  • Jade Barker

    Congrats, You know I’m a fan – I think you guys are gonna rock it!

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