What IPEX does

IPEX is an Australian construction payment platform that protects project funds from diversion and builder insolvency. Founded in 2019 and headquartered in South Melbourne, the company operates software that integrates via API with Australian Authorised Deposit-taking Institutions (ADIs) to ring-fence progress payments into dedicated Project Accounts, ensuring funds can only flow to approved subcontractors and suppliers linked to a specific project. The platform combines KYC/AML verification through Frankie Financial Pty Ltd, financial distress detection, automated payment verification against Quantity Surveyor assessments, and step-in rights management for distressed projects. Over $1 billion in project funds have been committed to the platform.

IPEX serves multiple construction-industry personas: developers and principals (primary users paying platform fees), builders (who use the platform as a competitive differentiator in tenders), lenders and financiers, subcontractors and suppliers, project managers, construction lawyers, community housing providers, and government construction entities. Named enterprise customers include ASX-listed BlueScope, Frasers Property, Lendlease, Goodman, MAB, Gamuda Land, and Hume Community Housing, alongside builders such as Balmain & Co (11 projects ranging from $20M to over $100M). The product suite includes the core IPEX Platform, the lighter IPEX Monitor add-on (launched March 2025), a redesigned Developer/Lender Portal (February 2026), dedicated Project Accounts and Retention Accounts, and an optional Qantas Business Rewards loyalty integration.

The business model is enterprise direct sales with a content-marketing and demo-driven conversion motion. Primary revenue comes from developer fees calculated as a percentage of total construction value under multi-year contracts; supplementary revenue comes from optional Qantas Business Rewards Feature Packages (1% or 1.8% of payment value). Distribution is Australia-only through direct platform access (ipex.com.au and payments.ipex.co) and field sales. Geographic expansion is not indicated, and the regulatory/ADI-integration architecture is jurisdiction-specific. The company received funding from Larsen Ventures in October 2024.

Name

IPEX

Legal name

IPEX Pty Ltd

Website

https://ipex.com.au

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

IPEX is an Australian construction payment platform that integrates with project bank accounts to ring-fence progress payments, ensuring funds reach only approved subcontractors and suppliers. It serves developers, lenders, builders, and subcontractors across the Australian construction industry.

Ownership category

akta.pro rank

Headquarters

HQ city

Southbank

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Platform Fees (Developers): Developers pay a fee based on total construction value to protect each project. This is the primary revenue stream, charged per project based on construction value.
2. Qantas Business Rewards Packages: Optional Feature Package subscription for Qantas Points earning. Packages include: 0% rate with no points ($0 fee), 1 Qantas Point per $2 processed (1% fee + GST), and 1 Qantas Point per $1 processed (1.8% fee + GST). Builder and subcontractor/supplier participants can subscribe.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

IPEX is an Australian online payment platform that secures construction project funds by integrating with dedicated project bank accounts (Qualifying Bank Accounts) at Australian ADIs. The platform ensures progress payments are used only to pay approved subcontractors and suppliers linked to a specific project, providing developers and lenders with real-time visibility over payment status, automated KYC/AML onboarding, financial distress detection, and step-in rights in builder default scenarios. It also offers a lighter IPEX Monitor variant and an optional Qantas Business Rewards loyalty package.

Product overview

IPEX is a unified construction payment protection platform consisting of the core IPEX Platform, the lighter IPEX Monitor add-on, and the Developer/Lender Portal. The platform integrates with project bank accounts (Project Account and Retention Account features) to ensure progress payments reach only approved subcontractors and suppliers. An optional Qantas Business Rewards Feature Package provides loyalty rewards on platform transactions. IPEX Monitor serves as a fallback option for situations where full builder withdrawal controls cannot be negotiated, retaining payment transparency while allowing builder access to prelims and margin.

Differentiator

Problem solved

Functional benefit

Products and services

• IPEX Platform Australian online payment platform that secures construction project funds by integrating with dedicated project bank accounts. The platform ensures progress payments are used only to pay approved subcontractors and suppliers linked to a specific project, providing developers and lenders with real-time visibility over payment status without exposing builder's commercially sensitive information.
• IPEX Monitor A lighter version of the IPEX platform that removes builder withdrawal restrictions while retaining payment transparency. Builders can access prelims, margin and letting gains without developer oversight, but developers can still view who has been paid, when and percentage of contract value paid. Designed as a fallback option when full IPEX controls cannot be negotiated.
• Developer/Lender Portal Web-based dashboard providing developers and lenders with visibility over project finances, featuring project overview with progress bars, payment verification tables and graph views, trade payment summaries, retention tracking, monthly reports, open book and standard view modes, and export functionality for payment data.
• Qantas Business Rewards Feature Package Optional subscription Feature Package enabling IPEX users to earn Qantas Points on eligible payments made or received through the platform. Available packages offer 0% rate (no points, no fee), 1 Qantas Point per $2 processed (1% fee), or 1 Qantas Point per $1 processed (1.8% fee). Qantas Business Rewards membership fee is waived for IPEX customers.

Quantifiable outcome

• $1B+ in project funds protected through the IPEX platform
• +2 more outcomes

Named customers13 records

Segments8 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature7 records

Partnerships

Three partnerships are on record, tiered core.

• Qantas Business RewardscoreGTM or Marketing PartnerIPEX has partnered with Qantas Business Rewards to reward Australian construction businesses with Qantas Points when they pay or get paid through the IPEX platform. New members can join Qantas Business Rewards for free (typically $89.50) via IPEX referral link. Earn rates include 1 Qantas Point per $2 processed (1% fee) or 1 Qantas Point per $1 processed (1.8% fee).
• Australian ADIs (Authorised Deposit-taking Institutions)coreTechnology or IntegrationIPEX integrates via API with Australian banks and financial institutions that serve as Qualifying Bank Accounts for construction projects. Project Accounts must be opened with an Australian ADI that has API integration with the IPEX platform for exclusive access and operation via IPEX.
• Frankie Financial Pty LtdcoreTechnology or IntegrationFrankie Financial Pty Ltd (ACN 623 506 892) provides KYC/AML verification services for IPEX. All subcontractors and suppliers submitted via builders are onboarded via fully compliant KYC and AML protocols through Frankie Financial, which flags companies with suspicious characteristics or potentially related to the builder.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Billd: US construction financing platform providing material and subcontractor payment solutions with working capital products. Comparable in addressing construction-payment risk and cashflow gaps, though differentiated by its financing-led rather than ring-fencing-led model.
• Levelset (now part of Procore): Construction payment management platform handling lien rights, payment applications, and subcontractor payment tracking. Directly comparable to IPEX's subcontractor payment transparency and progress-payment alignment functionality.
• Built Technologies: US-based construction finance and draw management platform that manages construction loans and disbursements between lenders, builders, and owners. Most directly comparable peer to IPEX in terms of construction-payment verification and ring-fencing functionality, though operating at much larger scale in the US market.
• Briq: Construction financial planning and analytics platform connecting project cost forecasts to actual payments. Comparable to IPEX's 'Cost to Complete vs actual cash outflow' alignment capability and project finance visibility.
• Rabbet: Construction finance platform providing real-time visibility into project budgets, draw schedules, and lender-builder-developer payment flows. Closely comparable peer to IPEX's developer/lender portal and payment verification capabilities.

Broad incumbents

• Textura (Oracle Construction & Engineering): Construction payment management platform acquired by Oracle, providing invoicing, lien waivers, and payment management across complex construction projects. Broad incumbent offering overlapping construction-payment automation capabilities at significantly larger enterprise scale.
• Procore Technologies: Large public construction management platform covering project management, financials, and payment workflows. Broader incumbent with overlapping payment and draw-management capabilities but not specialised in insolvency-protection ring-fencing like IPEX.

Regional players

• Archify: Australian construction procurement and project management SaaS for tier-1 builders and developers. Regional peer operating in the same Australian construction-tech ecosystem with overlapping developer/builder workflows.
• Mastt: Australian construction project management and reporting platform providing cost, risk, and schedule visibility for capital projects. Regional peer with overlapping developer/principal use cases in the Australian construction finance workflow.
• Payapps: UK/Australia-focused construction progress claim and payment management platform integrated with construction accounting systems. Comparable regional peer for progress-payment tracking in markets adjacent to IPEX's Australian footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@IPEXAustralia
• LinkedInlinkedin.com/company/industrypaymentexchange

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IPEX