Today I am very pleased to announce that Built has acquired lienwaivers.io, a leading provider of lien waiver management and payment solutions for commercial and residential construction. With the acquisition, we will launch a new division of the company: Built for Contractors.
In 2014, we started Built with a mission of improving the flow of capital into and throughout the construction industry with technology. We chose to begin our journey by solving problems for construction lenders given that they fuel the entire industry (after all, there is no construction without the money!). I am very proud to say that six years later, more than 100 financial institutions across the country have chosen to partner with Built to power smarter construction lending. But in order to complete our mission, we knew it was time to begin thinking about other critical stakeholders in the construction value chain.
In 2016, we began to think about downstream challenges within the construction payment process and were introduced to Geoff Arnold, co-founder and CEO of lienwaivers.io. After building a relationship over the course of three years, getting to know both their team and platform, it was clear that they were the perfect partner as we made the shift from focusing solely on construction lending to solving problems further downstream.
With the acquisition, Geoff will lead our new Built for Contractors division, focusing on the development of innovative solutions to help commercial real estate owners, commercial general contractors, residential homebuilders, specialty contractors, title companies, and lenders manage the construction payment process and its many unique challenges. The lienwaivers.io platform will be the first product focus of the Built for Contractors division under a new name, Lienwaivers powered by Built.
Thank you so much for the tremendous support you have shown us over the years. Myself and the entire Built team are excited about what this investment will mean for our clients and for the industry as a whole. This is just the beginning!