Payapps, an Australian cloud-based construction software startup has received a £10.5 million financing package from CIBC Innovation Banking. Known for providing growth capital to emerging B2B software companies, CIBC Innovation Banking has already backed Phrase and Ometria.
Acquisition of WebContractor
The capital will be used by Payapps for its acquisition of WebContractor Holdings Limited, a UK-based construction software developer specialising in subcontractor applications for payment.
Launched in 2016, WebContractor manages subcontractor payment applications for several recognisable names in UK and Irish construction. This acquisition will broaden Payapps’ client base and solidify their reputation as they expand in the UK and Ireland. Post this acquisition, WebContractor will continue to operate under its current brand identity in the immediate term.
Revutionises construction payment management technology
Founded in 2011 by Geoff Tarrant and Lincoln Easton, Payapps is a cloud collaboration platform that allows main contractors and subcontractors to quickly and easily collaborate on the preparation, submission, assessment, valuation, and certification of payment applications. It also simplifies and standardises progress claims and approvals.
Its simpler and faster digital process ensures improved transparency, accuracy, compliance, reduced financial risk and disputes, and fairer outcomes. Also, it cuts progress approval times while meeting regulatory requirements.
Currently, Payapps’ construction payment management technology is used by more than 40,000 customers worldwide.
Geoff Tarrant, Chairman and Co-Founder of Payapps, said: “This is a significant milestone for Payapps as we join forces with WebContractor. By combining the strengths of these two existing technologies, we will optimise business processes and continue to disrupt the field of construction payment processing technology. We are excited to work with CIBC Innovation Banking as we make this exciting acquisition.”
Charlotte Goggin, Director at CIBC Innovation Banking, said: “We are delighted to support Payapps in making this pivotal move as they continue to strengthen their product offering and expand in key markets. Our funding has enabled Payapps to make this strategic acquisition and we look forward to seeing the continued growth of the combined businesses in the UK and Ireland.”
