Fintechs partner to offer an integrated solution that provides real-time visibility into construction projects
Built Technologies, which has developed construction finance software, announced Tuesday that it has integrated its platform into the nCino Bank Operating System.
… nCino has developed a cloud-based operating system for financial institutions and recently went public in an impressive debut. A team of bankers and entrepreneurs who found the commercial lending process to be inefficient and time-consuming formed the company in 2012.
[Built Technologies]… Tennessee-based startup – also a SaaS operator – is exclusively focused on construction finance technology. Built’s goal is to connect all key stakeholders involved in the construction financing process in real-time with the goals of: mitigating risk; allowing for faster draws and payments; and ensuring compliance.
[Built CEO:] “The company was born out of our firsthand frustration with the construction problem… We felt like there was a real opportunity to use technology to improve the way money moves in and throughout the construction ecosystem… “We realized construction is different… Unlike certain lending products – like mortgage or auto lending – which are more commoditized. There’s a lack of standardization. Every construction loan is unique…”
So rather than try to be a lender, Built set out to build software products to help construction lenders of all types… It was designed to compliment other technology the lenders are using for loan origination or servicing.