Global construction payments fintech ProjectPay has launched its first investment round, having recently joined forces with Lloyds Bank in the UK to protect and streamline UK Construction Sector payments.

The company plans to raise at least £5.6m to accelerate ProjectPay’s UK expansion and launch into the US, to become the main global payments provider for building projects.

ProjectPay helps small and medium-sized contractors release immediate payments from approved invoices - providing payment certainty even in the event of a contractor collapse higher in the supply chain.

Already operating in Australia and the UK, ProjectPay recently won the UK Building Innovation Awards and has received funding support from the UK government with in Innovate UK grants (over 200k).

ProjectPay integrates with ANZ bank in Australia and Lloyds Bank in the UK. It is also in discussion with leading banks in US to agree a banking partner for their launch into the US later this year.

Louise Stewart, a seasoned entrepreneur, has experience scaling operations with early stage companies having sold her first tech start-up in 2014. She has also led technology teams as a previous global technology executive working in financial services in Australia and in the UK.

According to Stewart, “There is an exceptional opportunity to transform the constructions payments landscape globally, that not only solves the endemic late and non-payment of small business contractors in project supply chains, but transforms working capital and cashflow with embedded finance as part of an end-to-end payment process”.

This is a new era for payments, and the construction sector has lagged behind due to slow digitisation and complex payment processes.  We are first to market, and this investment will allow us to dominate the 10 trillion dollar sector to realise our vision of becoming the industry standard payment platform”.