Nickel, an emerging payment solution in the AEC space, just closed an initial $1.7M Pre-Seed round.This funding round comes on the heels of Nickels’ selection to be a part of Formwork Labs inaugural accelerator program (powered by BuiltWorlds and Brick & Mortar).

Nickel is an all-in-one payment platform designed for building material suppliers. There is clear demand among suppliers in this space for a more specialized solution, with 50% of the players in this $300+ billion market looking to switch from the “workaround” financial tracking systems they use today (according to LBM Journal’s survey on payment software usage).

Nickel’s integrated solution suite targets suppliers in the AEC space who want to streamline their payment and document management processes, driving the ease and convenience of financial technology (aka FinTech) into this digitizing sector.

Formwork Labs was joined by industry leading Stanley Black & Decker, bleeding-edge venture capitalists like Conversion Capital, Nichole Wischoff, AirAngels, along with a number of angel investors, all ushering Nickel into its next stage of development.

Nickel’s Founders, Ray Fu & Claudio Wilson, have complementary leadership backgrounds in construction tech & software solutions, respectively, with an aligning tenure in FinTech. The investment interests from leading industry players, a clear-cut serviceable market for the product and an impressive team at the helm of this initiative, underscores the market-disrupting potential that this company possesses. Nickel is an emerging BuiltWorlds FinTech player to keep an eye on.

Management is looking to use this Pre-Seed funding to assemble a “world-class” team to optimize this FinTech platform, with the longer-term objective of becoming the financial operating system (FOS) for material suppliers.

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