Bringing automation to the billing process will improve the ability for construction companies
California’s Briq says the acquisition of India-based Fintech, Swipez, will further its ability to fully automate all the major financial workflows in construction, from planning to payment, and now to being paid.
The US financial automation platform, that enables construction companies to grow their business, has acquired Swipez which automates the billing and revenue collection processes for businesses.
“An ongoing challenge is the lack of certainty around cash flow in the construction industry, and we attribute that to a broken payment process,” said Bassem Hamdy, cofounder and CEO, Briq.
“Bringing automation to the billing and accounts receivable functions will drastically improve the ability for construction companies to accurately project cash flow,” he said on 8 Sept 2022.
Briq’s mission is to help construction companies grow their business, and the company is working towards that by advancing the use of fintech in construction.
“Swipez was founded to provide businesses with an efficient way of managing their clients’ billing and a convenient and timely revenue collection process through automation,” said Shuhaid Lambe, cofounder, Swipez.
“We are thrilled to join Briq and combine our expertise in automation to bring more clarity and efficiency to the financial processes in construction,” added Vivek Iyer, cofounder, Swipez.
Briq’s platform supports the ability of construction companies to automate critical financial workflows in the planning and forecasting processes, such as corporate planning, labor and materials forecasting, project forecasting, and revenue forecasting.
The Briq platform also offers the ability for construction companies to automate their spend management through AP allocation, instant credit card reconciliation, and payments. fiinews.com
