LONDON, 31 October 2023 – CIBC Innovation Banking announced today that it has provided a £10.5 million financing package to Payapps, a cloud-based construction software company founded in Melbourne, Australia. Payapps will use the funding primarily for its acquisition of WebContractor Holdings Limited, a UK-based construction software developer specialising in subcontractor applications for payment.

Payapps is an industry leader in construction payment management technology, with more than 40,000 customers worldwide. Payapps’ team of experts, software innovators and construction specialists have disrupted the industry’s reliance on traditional  methods of managing applications for payment. By providing a collaborative platform, Payapps improves the efficiency and transparency of payments while reducing risk. 

WebContractor, launched in 2016, manages subcontractor payment applications for a number of recognisable names in UK and Irish construction. The acquisition will broaden Payapps’ client base and solidify their reputation as they expand in the UK and Ireland.

Geoff Tarrant, Chairman and Co-Founder of Payapps, said: 

“This is a significant milestone for Payapps as we join forces with WebContractor. By combining the strengths of these two existing technologies, we will optimise business processes and continue to disrupt  the field of construction payment processing technology. We are excited to work with CIBC Innovation Banking as we make this exciting acquisition.”

Charlotte Goggin, Director at CIBC Innovation Banking, said:

“We are delighted to support Payapps in making this pivotal move as they continue to strengthen their product offering and expand in key markets. Our funding has enabled Payapps to make this strategic acquisition and we look forward to seeing the continued growth of the combined businesses in the UK and Ireland.”

ENDS

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO 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 GroupFounded in 2014, Payapps is a leading global technology provider in the construction and building operations sector. Payapps’ construction solutions handle payment applications while their building operations solutions address both the day-to-day and strategic management of assets and facilities. With over 40,000 customers worldwide, Payapps offers software solutions that are revolutionising the way organisations collaborate and manage the performance of assets from beginning to end – and all the time in between. Payapps has operations throughout the UK and Ireland, Australia, New Zealand and the USA.