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BlueTape will boost loans, grow its personnel, and create new solutions to assist construction companies in dealing with the nation's housing and infrastructure crises.
Fremont, CA: It is evident that digital cash flow solutions like financing and lending help everyone as the world becomes increasingly computerized. According to recent data, small firms still have difficulty accessing funding and sustaining a steady cash flow. Small enterprises and the banking and finance industries have both changed. The availability of lenders and financing choices has grown, and interest in investigating digital goods is growing. Faster loan approval, money disbursements, and customer experience improvements may blame for this.
"We have had enormous demand from construction businesses for our services since we launched. Inflation and supply chain interruptions mean builders and contractors need more working capital. With the funding from Arcadia and Chicago Ventures, we will be able to help more construction companies get the financing and payments services they need to navigate economic uncertainty and supply chain issues," said Yaser Masoudnia, CEO and Co-Founder of BlueTape.
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BlueTape, a leading payments and finance provider for the construction sector, has completed a 50 million loan round headed by Arcadia Funds and a $5 million seed round managed by Chicago Ventures. Other investors include leaders from the construction sector, real estate developers, and Plug & Play Ventures.
BlueTape has the resources to continue offering payments and financing to the building sector. BlueTape will boost loans, grow its personnel, and create new solutions to assist construction companies in dealing with the nation's housing and infrastructure crises.
The construction sector in the United States is worth more than 1.3 trillion dollars, with over 3 million small and micro businesses. Unfortunately, the market lags behind others in technological adoption, and traditional financial institutions have ignored it. BlueTape combines low-cost finance with simple accounts receivable and invoice management capabilities. Construction professionals may use blueTape credit to purchase building supplies from any source and pay them back over time. BlueTape has also established a network of construction industry dealers and suppliers that immediately provide BlueTape credit to its trade clients. This enables construction providers to reduce risk while improving their cash flow and client experience.
"We are excited to partner with BlueTape to provide affordable financing on demand for this industry. With the current economic uncertainty, BlueTape is needed more than ever to help construction businesses of all sizes operate successfully and thrive," stated Andrew Hallowell, Managing Director and CEO at Arcadia Funds. "Arcadia is constantly on the lookout for these opportunities, having built a powerful portfolio over the past several years by helping similar agile and innovative lenders like BlueTape make lives better with credit."
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