The fintech startup Billd has developed a payment solution that allows suppliers of construction materials to get paid instantaneously, while the contractors that ordered the supplies can pay for shipments within 120 days. This way, companies can avoid gaps in cash flow and proceed with their projects. Billd’s CEO, Chris Doyle, says that “The construction industry is known for inefficient supply chain financing across all major sectors, and subcontractors and suppliers are the last in line.”
Billd approves contractors and their purchases by using proprietary technology and risk management strategies, while charging a fixed monthly interest rate on the money that contractors owe. The startup was founded in 2018, but it’s already raised a $60 million Series A round of funding.