UK construction fintech Saible has raised an additional £800,000 from angel investors taking its total funding to £2.9m.
Saible’s Digital Parallel Payment Account (DiPPA) software was developed to stop UK construction project money from being delayed, withheld or trapped before it reaches suppliers.
Project funds are held in a trust with regulated banking partner Griffin and are released directly to approved firms across every tier of the supply chain simultaneously, rather than moving down the chain from contractor to subcontractor. The project owner pays Saible a 0.25% fee of the payment value and the supply chain pays nothing.
Jarvey Moss, co-founder and chief executive of Saible, said: “Late payment in construction goes beyond the balance sheet. It creates pressure that runs through businesses, workers and families. When firms are waiting months beyond agreed terms, people are left worrying about whether they can pay staff, suppliers, and themselves.
“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.”
