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Skyscend launches Fintech solution for the Construction Industry

ATLANTA, GEORGIA, USA, March 3, 2022 / -- Skyscend Inc., a fintech start-up with headquarters in Atlanta, GA, and a sister company based in Bengaluru, India, announces its launch of SkyscendPay for Construction.

Skyscend creates transformative e-Procurement solutions for global trade. Skyscend’s SaaS trade network is a cloud-native technology platform in the source-to-pay continuum leveraging forward-facing technologies for scalability and set on a blockchain network for transparency.

Skyscend's flagship product, SkyscendPay, empowers buyers with ERPs to streamline their accounts payable processes while making their suppliers’ invoicing workflow faster and easier. SkyscendPay leverages AI-driven OCR technology for precise data extraction, eliminating paper invoices, and accelerating invoice approval time.

“The construction industry puts enormous pressure on contractors who need bank lines of credit to fund short-term working capital needs. Skyscend looks beyond the four-walls of construction firms and general contractors. We drive efficiency, productivity, and a synergistic, beneficial & profitable partnership between all actors within the construction supply-chain ecosystem.”, explains Steve Roach, CEO of Skyscend Inc.. “By introducing easy, seamless and transparent just-in-time-finance options for suppliers & subcontractors – we solve one of the largest challenges in the business – cashflow and liquidity.”

“Today there are around 700+ supply chain finance (SCF) and factoring lenders in the US, out of which only 7+ lenders finance the Construction industry. We saw this opportunity few months ago and here we are today, to launch SkyscendPay for Construction & to ensure subcontractors & suppliers are paid in a timely manner.”, said Chaya Gangadarappa President & Founder of Skyscend. “SkyscendPay’s innovative Finance-as-a-Service (FaaS) can also be fully white-labeled for General Contractors – a feature that solidifies relationships with their trusted partners. SkyscendPay is available “On the Go” via the provision real-time mobile applications”.


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