Birmingham-based Saible, a UK construction fintech building software to stop project money from being delayed, withheld or trapped before it reaches suppliers, has raised £2.9m from angel investors.
Saible says it tackles one of construction’s most persistent problems – systemic cash extraction by late and non-payments.
On a large project, up to five tiers can separate the project owner and the smallest supplier. At each stage, a payment can be delayed or held back – often because the firm holding it can use it as free credit to fund their operations.
The startup says cost falls hardest on smaller firms and on the people who run them. Late payments mean missed payroll, staff layoffs and owners working unpaid to keep their businesses afloat.
Saible provides the software platform for approvals, verification and audit, while project funds are held in a trust with a regulated banking partner Griffin.
Project funds are released directly to approved firms across every tier of the construction supply chain simultaneously, rather than moving down the chain from contractor to subcontractor.
“Late payment in construction goes beyond the balance sheet – it creates pressure that runs through businesses, workers and families,” says Jarvey Moss, co-founder and chief executive of Saible.
“Payment in construction is dysfunctional and is in desperate need of better control. This funding allows us to expand our platform, support our regulatory work, and take Saible into more live projects with project funders that need clearer control over how money moves through the supply chain.”
