Fife-Based Tech Start-Up Provides Tradespeople with Late Payments Solution
Fife-based FinTech company Pongo Payments Ltd. has launched an app designed to protect Tradespeople and construction companies from late payments.
An estimated 10,000 construction companies go out of business every year due to late payments, and this figure is expected to increase significantly in the wake of the COVID-19 crisis. The PongoPay app will protect Tradespeople from late payments at a time when it is most needed.
Tradespeople can create and manage jobs in the app using bespoke contract and work management systems. Clients pay for work before it starts by transferring funds into a virtual “Safe Deposit Box”; once the work has been completed as agreed, the client releases funds to the Tradesperson.
Founder Jonathan McFarlane decided to build the app after brother and co-founder Matthew’s construction’s company experienced problems getting paid on time.
“We discovered that the problem of late payments is almost universal in the construction sector. Recovering late payments was a source of stress and a massive drain on time and resources for Tradespeople. The PongoPay app removes this stress and saves Tradespeople time and money.”
Pongo Payments Ltd. have already raised £125,000 of private capital to build and launch the app which has been developed with software development partners Zudu. The company is now aiming to raise an additional £750,000 to scale the product and expand to wider markets throughout the U.K.
The PongoPay app is now available to download in the App Store and on Google Play.