Construction Payments Startup Handle.com Secures Investments from Amex Ventures and Suffolk Technologies
In a move set to revolutionize the construction industry, Handle.com has announced that it has secured investments from Amex Ventures and Suffolk Technologies to transform construction payments and credit solutions. According to Patrick Hogan, CEO of Handle.com, these investments are a significant milestone for the company and will allow them to reshape the way construction payments are made.
One of the major challenges faced by the construction industry is delayed payments, with an average of 94 days for days sales outstanding (DSO). However, Handle.com aims to streamline the payment workflows through automation, ultimately reducing the time and costs associated with tracking project payments and managing cash flows.
The funding from Amex Ventures and Suffolk Technologies will enable Handle.com to accelerate its technology development and expand its presence in the construction sector. Matt Sueoka, the global head of Amex Ventures, has praised Handle’s innovative approach in digitizing construction payments through its automation software and integrated payment portal.
In a related development, Construex, a software-as-a-service (SaaS) marketplace based in Ecuador, has also received a significant investment of $4.6 million in seed funding. Their goal is to digitize the construction industry in Latin America. Construex aims to connect construction product suppliers with customers, making it easier for developers to source materials.
With these investments, both Handle.com and Construex are poised to make a significant impact on the construction industry by leveraging technology to overcome existing challenges and transform the way payments and materials sourcing are handled.
Analyst comment
Positive news. The investments from Amex Ventures and Suffolk Technologies will allow Handle.com to revolutionize construction payments, reducing delays and costs. This will lead to increased efficiency and productivity in the construction industry. Construex’s investment will digitize the industry in Latin America, improving materials sourcing. Both companies are set to make a significant impact on the market.
