Built has expanded its construction and real estate finance platform to meet the needs of property owners and developers.
The platform currently helps these professionals manage budgets, streamline billing and compliance, move funds, and make decisions, Bild said in a press release on Monday (March 11).
“One of the main reasons we launched Built was to improve the flow of capital in the construction industry,” Built CEO Chase Gilbert said in the release. “We knew lenders were an important starting point, given their influence and connection to owners, but our goal has always been to track the flow of capital downstream.”
With its latest expansion, Built offers owners and developers the same kind of automation and transparency it already provides to key decision makers and project managers, according to the release.
According to the release, the platform includes integrated budget management, compliance and payment workflows, and withdrawal requests. It also has vendor management and built-in payment capabilities to help ensure development deals are completed on time and on budget.
Additionally, through its relationships with nearly 300 bank and non-bank lenders, Built is able to understand owners' needs, facilitate the exchange of information and streamline financing to help move projects forward, according to the company's release.
Josh Raffaelli, managing partner at Brookfield Growth and an investor in Built, said in the announcement that the offering will help transform real estate development and construction management.
“Built's innovative approach of uniting all project participants on a single platform not only streamlines communication and accountability, but also speeds the movement of funds across the value chain,” Raffaelli said.
PYMNTS Intelligence finds that construction companies are adopting technology to speed up payments, reduce financing costs and streamline back-office processes.
For example, some businesses have adopted electronic payments, and 79% of those who have done so report faster payments as a result of the change, according to a joint PYMNTS Intelligence and American Express study, “Digital Payments Improve Cash Flow in the Construction Industry.”
In another recent development in the space, Handle.com announced on Wednesday (March 6) that it has secured investment in software to streamline payments and credit solutions for the construction industry. With this new investment, Handle.com aims to expand its footprint across the industry.
Read more about: B2B, B2B payments, budgeting, building, commercial payments, construction industry, developers, invoices, news, PYMNTS news, real estate, trending news, B2B trending news
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