Flexbase unveils construction industry’s first credit card. According to the founders, this is the first industry`s card that offers up to 60 days interest-free financing.
The company develops automated payments tools for contractors and the construction industry and it was started by Zaid Rahman and Hadi Solh to target small- and mid-sized businesses. Rahman told TechCrunch:
“Most construction companies are either broke or one degree away. One of those reasons is that most clients don’t like to pay on time. Another is that banks don’t like construction companies because of that cash flow problem, so the company is less likely to get short-term capital. That is also why they go bankrupt so often.”, .
The Flexbase Card is launching first in Houston and any construction company can apply for it By automating expense management, Flexbase can reduce the time it takes for invoices to flow between accounts receivables and accounts payable and decrease the time to payment by 50 days.