Plumber turns fintech entrepreneur; solves payment issues

GreenLight Escrow is revolutionising the way tradespeople and homeowners conduct business transactions, providing a secure and innovative platform.

Co-founder Max Semmons-Russell’s determination and industry expertise led to the platform’s successful launch in May 2023. In just three months, the platform has already appealed to 70 users, 40 of which are verified and able to hold transactions.

Semmons-Russell (pictured below) has been hard at work, diligently refining the platform to tailor it to the trade sector, ensuring that it truly embodies the spirit of “for tradies by tradies.”

“We provide an escrow option for tradies and homeowners. As a homeowner, if you pay a deposit to a tradie or someone that’s doing work for you, once you hand it over, it’s in their hands and you don’t know where it’s really going.

“We can provide an option where [the money] is safely kept in the middle. The homeowner has clarity on where exactly the money is, but also for the tradesperson.”

According to Xero, late payments cost Kiwi small businesses $456 million per year. Late payment issues became apparent to Semmons-Russell when he established his own plumbing company, KPA, five years ago. He realised that the problem he encountered is widespread across the entire industry, affecting businesses nationwide.

“Either tradies weren’t getting paid, or homeowners were being let down. An option like this just gives a bit of peace of mind.”

How can GreenLight Escrow solve the problem?

Both parties agree on a price for the job, and the customer deposits the money onto the platform. Both parties can now see the money in the escrow account. The job gets done or the item is delivered, and the customer confirms the work has been done or the item delivered. Finally, GreenLight Escrow releases the payment.

“I am super confident that it’s going to take off because I know it’s a huge problem,” Semmons-Russell says.

“We’ve got a pretty good offering at the moment, but I’ve got a ton of ideas on how to make it heaps better. People are already using it and loving it. I am using it and loving it.”

For more info email [email protected]  or call 02041172644.