HomeResourcesTT NewsTrunk Tools featured in Axios Fintech Deals

Trunk Tools featured in Axios Fintech Deals

The BFD: Fintech for construction pay

Trunk Tools, a startup providing technology to help construction workers get paid faster, raised $9.9 million in seed funding, the company tells Ryan exclusively.

Why it’s the BFD: By speeding up worker pay and aligning incentives with employers, the startup believes it can boost productivity and safety on construction sites.

Details: The seed financing was led by Eric Schmidt’s VC firm Innovation Endeavors, with participation from Fifth Wall, Foundation Capital and several others.

How it works: Trunk Tools’ service grants workers access to earned wages and bonuses daily via debit cards, rather than making them wait weeks for payroll or paper checks.

  • Goals are sent via SMS, enabling workers to view tasks, check their balances, and review transactions directly from their phones without having to download additional apps or software.
  • The company makes money by charging a SaaS fee to construction firms, as well as through interchange fees.

#AligningIncentives

Disclosure

Trunk Tools is a financial technology company, not a bank. Banking services provided by Thread Bank; Member FDIC. The Trunk Tools Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. 

© 2024 Trunk Tools. All rights reserved.