We’re excited to share this great article from the The Albany Business Review about BuildPay’s technology grabbing hold in Florida in a big way! Read part of the article below and read the whole piece here.
Aug 3, 2018 – BuildPay, a financial tech startup, has secured its first $1 million project.
The Troy company was created to make it easier for construction projects to manage payments, transactions and expenses with an electronic payment system.
Construction has just started on the first major project using BuildPay’s technology, a residential home in Bonita Springs, Florida. BuildPay was connected to the general contractors through one of its investors.
The company was started by Steve Wightman, who spent 30 years in construction, including building the infamous Llenroc mansion in Rexford. Wightman recruited his family to join BuildPay including his daughter Leah Hennessey, who rejoined the company after recovering from leukemia last year.
Hennessey said the slow-to-evolve construction industry is starting to warm up to BuildPay’s technology.
“The construction industry is almost hostile with adapting to new technologies. So many of those people are doing things by hand with written receipts,” Hennessey said. “What we’re seeing now is that maybe something is shifting in their mentality with technology. It’s a different time.”
BuildPay’s system is built on a cloud-based platform that can be accessed from mobile phones and desktops. Wightman told the Business Review last year that it simplifies the sometimes complicated payment process by connecting everyone in the construction chain.
BuildPay raised $3 million in angel funding in 2016, and an additional $2.5 million more recently. Investors, include the Marsh & McLennan company, Guy Carpenter LLC.
BuildPay is being marketed mainly in Florida, Hennessey said.
The target customer include insurance companies, developers, homeowners and contractors.
The biggest supporters are material providers and subcontractors, because it allows them to be guaranteed payment, making construction move more quickly, and under budget. BuildPay charges a transaction fee, paid by whoever funds the project, on money used to pay for work and materials. The end result is no liens.
The interest in BuildPay stems from its potential to reduce reconstruction cost and time following hurricanes, wildfires, tornadoes and other catastrophes. With hurricane season approaching, BuildPay will be well-positioned to help with any recoveries.
Hennessey said they are optimistic the company will be profitable in 2018.
BuildPay offers patent pending financial technology to construction-funding institutions to connect the entire construction payment chain; enabling fast, direct payments, quicker build times and more competitive pricing without liens and delays tied to accounts receivable. Construction the way it should be. #GotPaid