Tue. Sep 26th, 2023
    Tech Entrepreneur Chris Strode Builds New Payment Platform after Selling Invoice2Go for $850 Million

    After selling his tech firm Invoice2Go for a staggering $850 million, Australian tech entrepreneur Chris Strode turned his attention to property investments. Although he initially had no plans for early retirement, Strode found himself purchasing residential properties and six rundown motels in southeast Queensland. However, his success in the tech world did not quell his urge to innovate and create new startups.

    Strode began to build IPEX, a payment platform aimed at providing confidence to building contractors and customers that projects would be completed. He partnered with builder Jake Porteous, who pitched the idea to create a payment system that ring-fences funds for specific projects, ensuring payments only go to approved subcontractors and suppliers linked to that project. This system prevents funds from being diverted to other projects or expenses.

    Since its launch in February, IPEX has gained over 1000 users in Australia and manages over $600 million in projects. Strode hopes that IPEX will become the standard payments platform for Australia’s $360 billion construction industry, much like PEXA became the leading provider of digital property settlement services.

    Strode’s desire to solve problems and innovate keeps him engaged in the startup world, despite his financial success. He believes that retirement is not the goal for successful entrepreneurs; instead, they are driven to continue solving new challenges.

    – The Australian Financial Review