Minneapolis B2B startup Apruve has recently onboarded three new customers as its ‘paypal for business’ product goes to market.
“The core issue that Apruve solves is when the purchaser and the payer are two different people within an organization,” Co founder Michael Noble explains.
Peer startup Kidblog is using Apruve to help teachers upgrade to a premium account with less friction. Vology, a $170m Florida enterprise hardware seller, also went live with Apruve this month in an effort to offer customers increased payment flexibility. Similarly, Minneapolis-based Webtex Software has just integrated Apruve as an option for procurement.
“So often in a B2B environment, the people who are shopping aren’t the one’s paying,” Noble says. “This is a big problem and why we’re reducing wait times while eliminating expense reports. No reimbursement and transparency throughout it all.”
Apruve works by integrating a payment widget on a merchants checkout so that customers can shop and email whoever in their org is responsible for the actual purchase. The cart items are held in a pending state until said email is validated by the payer, who receives a complete record of the transaction. Apruve’s revenue is made through a fixed rate + transaction fee depending on the amount.
“We see SaaS providers and online retailers in particular as a key market for growth this year,” Noble says.
Formed in early 2013, Apruve has raised seed capital and currently counts 5 employees including co founders. Additionally, they’ll be representing at San Francisco’s DEMO Conference April 3rd.