The fintech world is dominated by neobank, mobile payments, and peer-to-peer lending companies. The largest fintechs in the world, like Stripe and Chime, have become household names by focusing on how consumers pay for things and move money around.
But there is a part of the financial world that fintechs really haven’t touched all that much, says Atlanta-based entrepreneur Daniel Cage. And that is developing tools to help finance teams run more efficiently. That is particularly true for companies that generate revenue from complex projects, like general contractors and field services in the construction industry.
The reality is that finance teams often don’t have the data and insights into how other departments within their company are spending money on different projects. And it is common for teams to work across multiple projects at the same time. But the traditional backend financial tools don’t have the sophisticated categorization needed to keep up with how a modern company’s employees spend money, Cage explained to Hypepotamus.
Cage and his team are looking to solve that problem with a new type of project and corporate spend management tool, Speedchain.
Speedy, Secure Spending Options
Atlanta-based Speedchain gives finance teams real-time visibility and controls around spend while allowing them to map spending directly to specific projects.
The origins of the idea started in 2020, with the company officially launching in 2021. Late last year, the team launched its commercial card issuing business. Its business credit and debit cards, powered by Mastercard, allows for secure payments with instant reconciliation. Finance teams can quickly set individualized spending controls, set transaction limits, and better track how money is being allocated and spent across different projects.
This is particularly useful in the project-heavy construction industry, where Speedchain has found its vertical focus. The venture-backed startup has recently launched in the Procore Marketplace, a popular online hub for companies in construction management.
SmartPM and Document Crunch, two other construction-focused startups building in Atlanta, are also listed on the marketplace.
As a growing fintech startup, Speedchain has brought on a mix of data scientists and payments engineers to scale. Team members have come from giants like Accenture, EY, JP Morgan Chase, and Apache, according to Cage.
Want to keep up with Speedchain’s growth? Here are the links you need to know:
