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SYDNEY, Feb. 16, 2022 /PRNewswire/ -- Earlytrade is pleased to announce that Boral, the largest construction materials company in Australia, has signed a partnership to deploy Earlytrade's award-winning early settlements technology to more than 5,000 suppliers and subcontractors nation-wide.
The five-year agreement will see Earlytrade digitise Boral's progress claim and payment processes to ensure the building materials powerhouse, its customers, and suppliers are better equipped to fight inflation and navigate the incoming infrastructure boom.
This milestone deal for Earlytrade accelerates the contech-fintech's mission to digitise supply chains and create a stronger, more productive, and sustainable national economy.
Guy Saxelby, Earlytrade Chief Executive and Co-founder said builders and their subcontractors faced a $52 billion pipeline of work at precisely the moment materials and labour were in short supply and cost were rising.
"In an ultra-competitive market, this partnership will deliver competitive advantages to Boral, their customers and their subcontractors," he said.
"Boral is undoubtedly the most significant supplier in the Australian construction and infrastructure industry. Bringing them into the Earlytrade ecosystem will reap a productivity dividend for the entire sector."
What it means for Earlytrade
Earlytrade's deal with Boral is the single largest expansion of Earlytrade's network since its inception in 2017.
It means Earlytrade's award-winning early settlements system will effectively be activated on every major infrastructure project across the country and in every state and territory.
Existing and future Earlytrade partners, who have procurement arrangements with Boral, will benefit from compounded productivity and resilience in their projects, as working capital is freed-up and cash conversion cycles are shortened in multiple tiers of their supply chains.
How it benefits Boral
Boral will gain greater working capital flexibility to manage the inflationary environment and navigate supply chain bottlenecks.
In an ultra-competitive boom market, offering on-demand and early payments through Earlytrade, will garner Boral loyalty among suppliers and subcontractors, attracting and retaining the best trades across projects.
Earlytrade's early and on-demand payments will provide protection for Boral's supply chain against insolvency trends in the industry and ensure continuity of supply.
Early and on-demand payments will support delivery of Boral's Scope 3 net zero commitments, by more efficiently distributing liquidity to key suppliers who may be focused on bringing emissions reduction technology to market.
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Earlytrade is an award-winning Australian B2B contech-fintech that owns and operates the largest working capital marketplace in Australia and New Zealand. Earlytrade connects a growing network of 75,000 business users across APAC to more efficiently and sustainably allocate capital across the economy.
About Boral
Boral is Australia's largest construction materials and building products supplier with operations in all states and territories. Boral supplies concrete, quarry products, asphalt, cement, roof tiles, timber, and masonry to build infrastructure, residential construction and commercial buildings.
