This investment marks a significant milestone for the company, which has operated entirely on a self-funded basis since its launch.

The cloud-based platform, ApprovalMax, automates accounts payable and receivable processes, providing businesses with robust controls to combat fraud and workflow inefficiencies. It integrates with major accounting systems such as Xero, QuickBooks Online, and Oracle NetSuite, adding an essential layer of protection to financial operations.

The £10 million primary investment from Yttrium comes on the heels of strong growth, with the ApprovalMax team believing that every business, regardless of size, should have access to strong internal financial controls. By democratising the essentials, ApprovalMax helps more businesses enhance financial oversight and minimise the risk of financial mismanagement. In addition to the primary investment, Yttrium bought an undisclosed secondary stake from existing shareholders.  

Founded in 2018 by industry experts and serial entrepreneurs Konstantin Bredyuk, Helmut Heptner, and Peter Volynsky, ApprovalMax is used by more than 16,000 businesses globally. In June 2024, the company introduced two new add-ons — ApprovalMax Capture and ApprovalMax Pay — transforming it into a comprehensive all-in-one solution for automated accounts payable and accounts receivable.

Reflecting on the company's progress, CEO and Co-founder Konstantin Bredyuk said: “Early on, we noticed how frustrating it was for businesses to manage bill and invoice approvals and saw a deeper issue related to weak internal financial controls. Our focus has always been on replacing paper and email with a more efficient, robust, and secure solution. Now, with Yttrium’s vast experience and being fully aligned on the vision, we can help more organisations to establish robust internal financial controls even sooner."

Helmut Heptner, Co-founder and CFO, added: “It’s been an incredible year for ApprovalMax, and this first growth investment funding round is a clear reflection of our team’s dedication and the impact we’re having on customers worldwide. We are very thankful to our fundraising advisor, Mountside Ventures, for their support at all the process stages, allowing co-founders to keep running the business while working on the investment round."

ApprovalMax plans to invest the money into expanding its engineering and product teams, alongside increasing its global reach. Co-founder and CTO Peter Volynsky commented: "We’re focused on continuing to develop our product, ensuring it integrates seamlessly with the world’s leading accounting systems, and delivering more ways for our customers to maintain control and peace of mind over their financials."

Dominik Hertzler, Partner at Yttrium, added: “We were impressed with ApprovalMax’s bootstrapped growth story. Konstantin, Peter, and Helmut have built an exciting business with remarkable capital efficiency. Our investment underscores our confidence in ApprovalMax’s differentiated, RoI-driven technology, which empowers finance teams to achieve significant cost savings quickly. With a talented team and a blue-chip customer base, ApprovalMax is well-positioned for continued success. We are very excited to be partnering with the company to help it scale globally and to harness the immense potential of workflow automation in strengthening internal financial controls.”

ApprovalMax is an award-winning B2B software platform used by businesses around the world to build robust financial controls. It streamlines the approval process by allowing users to create automated workflows to approve bills and invoices. ApprovalMax integrates with platforms such as Xero, QuickBooks Online, and Oracle NetSuite to unlock powerful efficiencies for accounts payable and accounts receivable functions in any finance team.

For more information, visit www.approvalmax.com

Based in Frankfurt, Munich and London, Yttrium (formerly Digital+ Partners) is a leading technology growth equity investor focused on DACH and European technology companies with over $800 million assets under management. Yttrium aims to support ambitious entrepreneurs and build global technology leaders, providing them with strategic advice and long-term financial support to help them define and execute their growth plans. Yttrium focuses exclusively on B2B technology companies and leverages a deep corporate network to help portfolio companies access new markets and build new partnerships.

For more information, visit www.yttrium.com