In the construction industry, where traditionally cash is king, a payments app designed to help contractors just wrapped up a $30 million round of fundraising.
Scott Wolfe, CEO of Levelset, says that money will be going toward research and development to ultimately help streamline the payment process and allow contractors to easily stay in compliance.
"We get contractors paid faster today and we want them to get paid immediately after they do the work and we're innovating to get to that reality," he told Cheddar Thursday.
Levelset has been using a vast amount of data it can glean from users about payment behavior and is trying to use that to offer some clarity in what Wolfe says is a largely opaque industry.
"We touch about a hundred thousand new construction projects every month. We're basically seeing the financial transactions on almost every construction project in the nation and so we're seeing the payment behaviors," he said, adding, "We can take those payment behaviors and put that information into everyone's hand to empower them to make decisions, to know who they should be doing business with, what kind of payment terms to expect, what kind of payment terms they can negotiate."
Wolfe sees other industries with layered and fragmented systems where Levelset's platform may be able to someday expand, but he stressed that he believes there's a lot more room to grow within the construction industry.
