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Contractor Plus Secures Electric Ventures to Lead RegCF Seed Round

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Orlando, Florida–(Newsfile Corp. – February 15, 2023) – Contractor Plus, the all-in-one mobile solution for contractors powering efficient field service management, today announces that CEO Justin Smith has secured Ethan Logan of Electric Ventures as a lead investor for the startup’s seed round. The Reg CF funding round will launch on Wefunder to the general public on March 1st, 2023.

Contractor Plus

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Since bootstrapping to beta in 2020, Contractor Plus has organically acquired over 20,000 users, 540 paying customers and single digit churn. The company is making big waves amongst contractors due to their strategic unit economics and market positioning. Existing field service management solutions are solely focused on solving problems within the organizational unit for SMB contractors and artisans. Likewise, existing construction software solutions are solely focused on the same for builders, GCs and master developers. Contractor+ is working to establish true product market fit for both ends of the market.

These tactics come ahead of an anticipated increase in customer demand. The Field Service Management Software market currently has a 19% compounded annual growth rate. The contractor software market is growing in the vicinity of 8% annually.

“Contractor Plus was born out of the belief that technology has widely failed to improve operational efficiency for field service workers, contractors, subcontractors, property managers, and the many sectors that interact with these critical roles,” said Justin Smith, founder, and CEO of Contractor Plus. “Now that our app is in the hands of customers, it’s clear that we’re not only fulfilling a need – we’re propelling an entire industry forward. We’re working on some really exciting stuff. The AI we’re working on is streamlining processes that currently take contractors 2 hours to complete and doing it for them in 3 seconds.”

Prior to leading this seed round for Contractor+ with a strong investment, Electric Ventures Founder Ethan Logan has invested in over fifty SaaS and mobile technology companies. He is also the President of White Label MFG, one of the largest print-on-demand companies in the world.

“I’m not just investing in Contractor Plus – I’m investing in Justin,” said Logan. “He’s demonstrated an extreme willingness to be coachable and do whatever it takes to position his company for extreme growth, and of the many founders that come my way on a daily basis, Justin has undoubtedly stood out with his knowledge, passion, and determination to succeed.”

With the company’s traction from Beta, Smith intends to consolidate two existing markets: field service management software and contractor software.

Contractor Plus features adaptive software that fits the flow of day-to-day business for general contractors, handyman companies, artisans, builders, property managers, master developers, and more. The app is helping contractors unite their teams, systemize, and scale. To learn more about Contractor+, check out ContractorPlus.app or download the app on the Apple App Store and Google Play.

Media Details:

Contractor Plus, Inc.
Orlando, FL
USA
Justin Smith
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154928

Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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