The perfect fit: how Apron tailors finance for small businesses

There’s no such thing as a small business, Apron’s founder Bogdan Uzbekov told me recently. ‘Small’ suggests something minor, inconsequential, without real significance – when, in fact, the survival of any business is a miracle, and its success is always a big deal for the people driving it.

Probably the biggest challenge in running an independent business is the gap between the owner’s need to handle their finances, and their lack of aptitude or ability to do so. It’s just so hard to keep on top of your payments while also serving your customers every day and staying true to the passion that made you launch a company in the first place. The numbers tell a stark story: the average SMB owner spends up to 20% of their working week managing invoices and related admin, while over 80% of these businesses in the UK fail due to cash flow issues.

Take someone I’ll call Charlotte – a real proprietor who ran a beloved bakery around the corner from where Bogdan used to live in London. Despite her dedication and skill in hospitality, she struggled with financial management. Cash flow was a constant juggle, and every time she paid a supplier, she’d have to comb through her accounts to check how much she owed them. Charlotte’s business weathered the pandemic, but ultimately succumbed to rising energy bills. This wasn’t just a personal loss – it was a blow to the whole neighborhood that had come to rely on and cherish the bakery.

With a product that brings everything you need to manage payments in one place, what sets Apron apart is their unwavering commitment to bringing consumer-grade quality to B2B software – inspired by the Revolut DNA in the founding team. This was clear from the very first conversation my colleague Julia and I had with Bogdan. We discussed how it's bizarre that individuals can instantly send and receive money in their personal lives, yet business owners are forced to grapple with payment processes that are cumbersome, fragmented, and inadequate to their needs.

Apron’s success highlights the vast, untapped potential in the SMB market, which is the driver of economic growth worldwide. In the UK, independent businesses account for nearly two-thirds of total employment, and around half the turnover in the private sector. Yet for too long, they’ve been caught in a technological valley – too small for enterprise solutions, yet too complex for consumer apps. Apron's progress in building a financial operating system showcases the enormous opportunity for innovative tech companies willing to take the time to understand and serve SMBs’ unique needs.

Apron’s mission, then, isn’t just about making things prettier or easier to use. It’s about recognizing that behind every small business is a person juggling multiple roles and responsibilities, and who deserves tools that work as hard as they do.