Riverchain obtains $5m in funding to address subcontractors’ liquidity concerns
Fintech working capital firm Riverchain has completed a $5m series A funding, and is eyeing expansion in SEA to support subcontractors’ liquidity management beyond Hong Kong.
Construction of a property project is usually distributed by the developer to main contractors and subcontractors, who take responsibility for a particular part of the project with a team of workers. From a finance point of view, the layered approach extends subcontractors’ days of receivables to up to six months, potentially exposing them to liquidity issues.
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