Fintech - ProjectPay

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Australia project payment technology revolutionises the construction industry in the UK

Country: Australia

Who are ProjectPay?

ProjectPay digitises the payment process and transforms the way payments are made in the construction industry. It protects the security of payments for subcontractors, builders and construction clients on commercial and residential projects. It is the world’s only ‘buy now, pay later’ interest-free payment platform for building and construction projects. Currently they have offices in Soho, London and Perth, Western Australia. There are five staff in Australia, and four in the UK.

The trade mission to London

ProjectPay’s CEO, Louise Stewart was selected by the UK’s Department for International Trade (DIT) Australia to join a trade mission to the UK in September 2020.

The delegation was taken on a curated programme by DIT including attending the LendIt Fintech conference in London, where they met with fintech startups who had been successful in the UK. They were also introduced to banks, lawyers, regulators and investors. There was great networking opportunities and ample access to the support businesses need to set up a fintech in the UK. The group was even given the opportunity to meet with the Lord Mayor of the City of London.

“The Trade Mission went so well, with strong interest in ProjectPay in the UK, so I moved there in December 2019, with the support of the [UK’s] Department for International Trade”.
-Louise Stewart, CEO, ProjectPay

Participation in the Global Entrepreneur Programme

DIT Australia also recommended Louise to the UK government’s Global Entrepreneur Programme (GEP). This programme is tasked with attracting the best technology entrepreneurs from around the world and helping them relocate to the UK. DIT identified ProjectPay as a very promising candidate who could make a significantly positive contribution to the UK economy as well as transform payments in the construction industry.

Louise was also a strong candidate as a very experieced, ambitious and successful entrepreneur, having sold her first tech startup in 2014. She was subsequently invited to the programme. Meeting Australia’s GEP dealmaker, Andrew Corbett-Jones, and her positive experience on DIT’s trade mission, gave Louise the confidence she needed to move her family across the globe to set up ProjectPay in the UK.

ProjectPay’s expansion to the UK

Louise decided to expand ProjectPay to the UK soon after as she felt there were similar challenges and opportunities in the industry to Australia. She said, “It is a very large market and there are fewer barriers to entry for startups. The UK government has an appetite to ensure that construction payments flow quickly to supply chains. To me it felt like the door was open”.

The UK’s deep and experienced fintech talent pool was also a factor in ProjectPay’s decision to choose the UK. According to Louise, having access to the right people, with the right skills is helping her business grow much faster.

ProjectPay had only been in the UK for three months when they were awarded Innovate UK’s £100,000 grant to digitise the construction payment process and guarantee fast payments. They are now employing resources and setting up external researchers to monitor their work. Their goal is to use the ProjectPay platform to remove any incentive for payment delays, improve cashflow for builders and subcontractors, contributing to a healthier financial ecosystem for SMEs in the UK building and construction sector.

“I cannot stress enough how inspired I was by the support, introductions and networking opportunities enabled by the UK’s Department for International Trade.”
-Louise Stewart, CEO, ProjectPay

Why the UK

ProjectPay Founder and CEO Louise Stewart said:

“The UK has such a culture of innovation; it invests in innovative ideas and the tax structure supports investment in early-stage startups.

“There are accelerators, banks that run accelerators, there’s a real focus on fintech.

“It doesn’t matter whether you are a man or a woman, or who you know, if you have a good idea there’s high-quality support, experience and expertise, a culture of people wanting to help you and no Tall Poppy syndrome.”

“The UK’s Department of International Trade has helped in so many ways but first by inviting me on the UK Trade Mission in September 2019, making the introductions to the experts and support structures for innovators wanting to move to the UK.

“DIT’s nomination and being selected to participate in the Global Entrepreneur Programme has connected me with talented advisors and investors to take my business to the next level.

“Ensuring those contacts and networks were in place gave me confidence that I would have the support I need to establish ProjectPay in the UK, prompting me to move my family there in December 2019”.

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The UK Government’s Department for International Trade (DIT) helps connect international buyers with UK goods and services to meet their needs, supports overseas companies to locate and grow in the UK, drives both inward and outward investment, negotiates market access and trade deals, and champions free trade.