Trayd launched on Y Combinator's "Launch YC" recently!
"B2B payroll platform designed specifically for commercial real estate subcontractors."
Trayd is reinventing traditional construction payroll processing, creating greater financial opportunity for commercial subcontractors and their workers via a new payroll platform designed for same-day pay.
Founded by Anna Berger & Cara Kessler. With roots in a construction family and a keen insight in to the problems that plague subcontractors and workers on a daily basis, the Trayd team is excited to modernize construction back office operations while simultaneously offering financial tools and opportunities to subcontractors and workers.
HOW IT WORKS
Trayd is reinventing construction payroll for the betterment of all key players. For commercial real estate subcontractors, Trayd generates back office efficiencies with a platform that manages workforce attendance and payroll. For workers, Trayd offers instant access to their earned wages. Win-Win.
🚨 The Problem 🚨
Within commercial real estate, demand for work is at an all-time high. In the last year, total construction spend in New York City reached $86BN and it keeps on climbing. That said, construction subcontractors are ill-equipped to handle the influx of work, with only 17% of them using digital tools to manage their back office. This lack of tech adoption is leading to work stoppages and high attrition, resulting in major revenue loss.
To make matters worse, construction employment still lags behind pre-covid levels. Of those that remain, highly skilled workers are choosing to leave the trades in search of more control over their cash flow, for example, gig economy jobs that allow them to work when they want and get paid instantly.
🏗️ Trayd's Solution 🏗️
Trayd is a new type of construction payroll platform, designed to incentivize all key players. Through a closed loop system, Trayd tracks workers’ daily attendance in order to power real-time payroll automation. By merging time and payroll data into one system, subcontractors save tens of hours a week on manual back office work. As an added bonus, because Trayd authenticates attendance in real-time, Trayd can offer instant payment options to the workforce.
“Trayd was the back office tool we have been missing. Now we handle all time and payroll on one platform, and as an added bonus, we get to offer instant pay to our workers. They love it and we love it.”
— Electrician, New York City