The construction industry has long faced slow payments, with companies waiting two to three months on average. In 2023, delayed payments cost the industry $273B or 14% of total project expenditures. The complex payment chain and lack of financial expertise in many small- and medium-sized construction businesses contribute to these delays.
Adaptive offers financial workflow automation tools to simplify budgeting, expense tracking, accounts payable, and payments. Customers can upload documents like insurance agreements and payment requests in various formats, and Adaptive's automation streamlines approval processes, reducing reliance on manual methods.
While the company is still young, it already serves over 280 customers, including homebuilders, contractors, and developers. With an attractive amount of funding to its name, the company plans to expand offerings for subcontractors and explore embedded finance, both of which are important steps in modernizing financial workflows for construction businesses.
Kirsty
Company Specialist at Welcome to the Jungle
