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.