#19 - Matthew Smith, CEO at Truss Payments
Slice of Construction Team
07/09/2024
Join us in this exciting episode of the Slice of Construction podcast, hosted by Jared S. Taylor! Our Guest: Matthew Smith, CEO at Truss Payments.
What you’ll get out of this episode:
- Innovative Banking for Construction: Truss Payments offers a unique banking solution tailored specifically for construction companies, combining traditional banking with advanced digital payment options.
- Instant Settlement for Transactions: Addressing the common issue of delayed payments, Truss Payments ensures instant settlement for all transactions, enhancing cash flow for construction businesses.
- Founder’s Journey: Matthew Smith shares his journey from software engineer to fintech entrepreneur, highlighting the pivotal moments and challenges faced along the way.
- YC Experience: Insights into the benefits and impact of being part of Y Combinator, and how it shaped the growth and development of Truss Payments.
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Introduction
In a recent episode of the Slice of Construction podcast, host Jared Taylor sat down with Matthew Smith, co-founder and CEO of Truss Payments. Smith shared his insights on how Truss Payments is transforming the way construction companies handle their finances. Here's a deep dive into their conversation, highlighting key moments and takeaways.
Building a Better Bank for Construction
Matthew Smith, a software engineer by training, co-founded Truss Payments to address a significant gap in the construction industry: efficient financial management. Truss Payments operates like a digital bank tailored specifically for construction companies. It offers all the functionalities of traditional banking but enhances them with seamless digital payment solutions.
"We're a bank for construction companies. Think like Venmo or Cash App, but for construction," Smith explained.
Instant Transaction Settlements
One of the major pain points in the construction industry is the delay in payment processing. Truss Payments tackles this issue head-on by offering instant settlement for all incoming transactions. Unlike traditional banks that impose lengthy holds on large checks, Truss Payments ensures that funds are immediately available.
"We actually give instant settlement on all incoming transactions into your account," Smith emphasized.
The Eureka Moment
Smith's journey to founding Truss Payments is both unique and inspiring. Despite having no background in construction or banking, his close ties with friends in the construction industry revealed the inefficiencies in financial transactions. This realization, combined with his technical expertise, led to the creation of Truss Payments.
"I just realized there was this massive gap in how money was moving," Smith shared. "So it was like, you just kind of stumble and then fall into this massive problem and you learn more and more."
Y Combinator Experience
Truss Payments was part of Y Combinator in the summer of 2021. Smith highlighted the value of being part of this prestigious startup accelerator, noting the strong community and the high standards it instills in its founders.
"The values that Y Combinator founders hold are just a different standard. We're all working hard to make these products for people."
Looking Ahead
When asked about the future of Truss Payments, Smith expressed his vision of becoming a ubiquitous tool on job sites, facilitating safe, secure, and cost-effective financial transactions.
"We want to be the tool that's powering the payments between the different transacting parties on a job site," he stated.
Rapid Fire Insights
In the rapid-fire round, Smith shared some personal insights:
- Best Advice: Focus on building something people want.
- Inspirations: His father, an entrepreneur with a great approach to handling stress, and the importance of humor in managing pressure.
Conclusion
Matthew Smith’s innovative approach and the tailored solutions offered by Truss Payments are set to revolutionize the construction industry’s financial management. As Truss Payments continues to grow, it aims to become an indispensable part of construction projects, ensuring seamless and instant financial transactions.
