Construction financing platform Struxtion, LLC is working with Solid Financial Technologies to use that company’s FinTech-as-a-Service (FaaS) platform to provide what it describes as “frictionless financing” for the commercial construction industry.
“Working with Solid has been a great win for both teams,” said in a news release Wednesday (Jan. 12). “The Solid platform provided us with all the infrastructure pieces to offer a robust and comprehensive FinTech platform in record time. Struxtion is on a mission to serve the commercial construction industry.”
The companies say the Solid platform’s APIs cover all mainstream and edge cases, which allows Struxtion to offer embedded banking, collateral management, and banking functionality from a single platform.
“Struxtion is a great example of a modern, digital-first, FinTech company — that has adopted the Solid platform to radically improve money flows for their commercial construction clients,” said Solid President Raghav Lal. “Struxtion is part of a rapidly growing cohort of FinTechs leveraging Solid — to transform the way modern money experiences are built and delivered.”
Based in Cincinnati, Struxtion’s platform uses data, technology and the construction ecosystem to lower risk, providing access to working capital and reduced costs. Solid, headquartered in San Mateo, Calif., says its mission is to “enable every software company to become a FinTech company, and offers banking, payments, cards, and compliance as a service.
The past few months have seen a few different companies roll out products designed to streamline the construction process.
In December, the construction finance platform Built Technologies unveiled Built Pay, a digital payment solution that streamlines construction payment and gives payers and payees the ability to choose a payment method.
Created with the help of the B2B payments company Melio, Build Pay melds workflow automation and collaboration with compliance checks and support of common payment methods in a single platform.
And in November, the financing and payment company BlueTape unveiled a buy now, pay later (BNPL) product that enables builders and contractors to buy materials and then pay for them over 30, 60 or 90 days.