The U.S. construction industry represents over $1 trillion in annual spending. Payments to labor and material providers are typically delayed 30-90 from the Builder/General Contractor. These delays inherently result in higher pricing which is ultimately passed on to the consumer.
Approximately 10 million construction workers in the U.S. are underbanked or unbanked entirely. For these workers, simply accessing the money they've earned can result in lost productivity on the jobsite and unnecessary fees at check cashing establishments.
When payments are delayed to contractors, short-term/high interest predatory loans are many times the only option for contractors to keep their workers paid. These loans can cost well over 100% over money borrowed!
93% of builders in the U.S. agree that the "availability of trades (contractors and workers) is a critical issue."
There is no effective, trusted way for construction professionals to find and transact with each other digitally. The lack of options for payments, loans, and job matching creates delays in building and adds cost as contractors and workers are forced to increase their pricing to make up for their struggles. ConstructionDive.com reports “70% of all contractors would be willing to discount their invoices in exchange for payment within a few days, and a faster way to match jobs, which would put an estimated $18B back in the pockets of builders, developers, and lenders while at the same time helping contractors work more consistently."
The technological tools needed for builder, developers, contractors and workers do not exist...
BUILD1x built a FinTech platform, which creates a synergy between payments, loans, and job matching. Construction professionals now have the extra tools to get the job done more effectively with a "Total Build Solution" focused on getting the job, improving project communication and getting paid near instantly.
Our platform works in three distinct areas to build the ecosystem. BUILDBoard, which acts as a job matching tool for everyone in the chain of construction, BUILDComm designed for faster, real-time onsite communication based on a project and BUILDPay enabling near-instant digital payments with automatic lien waiver execution. The BUILD1x Visa Debit Card is powered by digital wallets allowing users to access their money faster. Additionally, BUILD1x will offer low interest guaranteed loan project funding for contractors on select projects.
Founded by Trac Stephenson, a former contractor in the framing business with over 24 years of experience in the construction industry, assembled a strong team of professionals from tech leaders to finance and compliance experts. BUILD1x is the first platform to disrupt the construction industry for the better making an impact with cost savings to builders, greater freedom to grow a contractor's business and financial independence for millions of construction workers.
We are currently seeking a funding round to assist us in completing the next phase of our technology, which has achieved MVP in iOS, and to support our on-time launch of iOS, Android and Web versions by mid-January 2019.
We are proud to announce that BUILD1x has secured four builder letters of intent. This means we have pre-sold the application's features!October, 2018
BUILD1x hires disruptive technology CEO and tech thought leader, Todd Mitchem (www.linkedin.com/in/toddmitchem)July, 2018
BUILD1x pre-launch marketing database jumps to over 200,000.September, 2018
Secures new office in Golden, COOctober, 2018