CIBC Innovation Banking provides £10.5 million funding package to construction software company Payapps for first UK acquisition

CIBC Financial Innovation announced today that it has provided a £10.5 million financing package to Payapps , a Melbourne, Australia-based cloud-based construction software company. Payapps will use the financing primarily to acquire WebContractor Holdings Limited , a UK-based construction software developer specializing in subcontract payment requests.

Payapps is a leader in construction payment management technology, serving over 40,000 customers worldwide. Payapps’ team of experts, software innovators, and construction specialists has disrupted the industry’s reliance on traditional methods of managing payment requests. By offering a collaborative platform, Payapps improves payment efficiency and transparency while reducing risk.

WebContractor, launched in 2016, manages subcontractor payment requests for a number of recognizable companies in the UK and Ireland construction sector. The acquisition will broaden Payapps’ customer base and solidify its reputation as the company expands in the UK and Ireland.

Geoff Tarrant, President and Co-founder of Payapps, stated: “This is a significant milestone for Payapps. We are joining forces with WebContractor. By combining the strengths of these two existing technologies, we will streamline administrative processes and continue to disrupt the construction payment processing technology industry. We are excited to be working with CIBC Financial Innovation Services as we complete this exciting acquisition.”

Charlotte Goggin, Head of CIBC Financial Services Innovation, said: “We are delighted to support Payapps in making this pivotal decision as it continues to strengthen its product offering and expand into key markets. Our financing enabled Payapps to complete this strategic acquisition, and we look forward to the continued growth of these combined businesses in the UK and Ireland.”

About CIBC Innovation Banking

CIBC Innovation Financial Services provides strategic advice, cash management solutions, and financing services to innovative companies in North America, the UK, and select European countries, at all stages of the business cycle, from startup to initial public offering and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto, and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s Commercial Banking, Private Banking, Wealth Management, and Capital Markets businesses.

About Payapps

Founded in 2014, Payapps is a leading global provider of technology solutions for the building construction and operations industries. Payapps’ construction solutions process payment requests, while its building operations solutions handle the day-to-day and strategic management of assets and facilities. With over 40,000 customers worldwide, Payapps delivers software solutions that are revolutionizing how organizations collaborate and manage asset performance from start to finish. Payapps operates in the UK, Ireland, Australia, New Zealand, and the US.