Case Study: Billd
Billd is a material supplier who provides short-term financing for the construction industry. Their aim is helping contractors and suppliers grow their businesses with less hassle and risk. They offer credit up to 120-day terms for contractors, who usually aren’t paid until more than 90 days after purchasing materials – allowing contractors to scale their business and stabilize cash flow. Billd understands that traditional credit data can be a poor predictor in the construction industry and embraces contractors who struggle to obtain traditional bank financing.
The Challenge
Billd attempted to manage their material financing product by initially relying on Quickbooks, but quickly realized that it would be difficult to manage a fast-growing company when their system relied on manual disbursements.
They dedicated 4-6 hours daily on disbursements, making it difficult for scalable growth. They needed a platform that was suited for their specific needs and required a highly accurate platform with strong data integrity and daily recording.
The Solution
To streamline their operations and grow their business, Billd needed a solution that could cut down time dedicated to manual disbursements.
Fundingo was able to provide a transition to a fully digital, streamlined and integrated credit management system; one that provides notifications for failed repayments and other updates vital to their day-to-day operations.
The Result
With Fundingo’s implementation of their credit servicing module in May 2019, Billd experienced an increase in disbursement funds by 900% and has expanded its team to at least double their original size.
Fundingo was able to decrease Billd’s time spent on disbursements; going from 4-6 hours daily to 1 hour of double-checking their sheets.
Since working with Fundingo, Billd averages about 2,500 transactions/wk and has become a client with a fully-customized software.