Amsterdam's Renno Secures €1 Million to Innovate Construction Payments
Amsterdam, Tuesday, 2 December 2025.
Renno, a FinTech startup from Amsterdam, raised €1 million to overhaul payment methods in Europe’s €850 billion renovation market, using milestone-based escrow to protect contractors and homeowners.
Innovative Payment Solutions for the Renovation Sector
Renno, an emerging FinTech startup based in Amsterdam, has revolutionized the renovation market with its recent launch, securing €1 million in pre-Seed funding. This funding aims to address substantial cash flow issues that have long hindered the €850 billion European renovation industry. The founders, Mark Slaughter and Mourad Chennaoui, have introduced a milestone-based payment flow model that secures project funds in escrow accounts, releasing them only when specific milestones are verified. This approach is designed to protect both contractors from financial penalties and homeowners from project uncertainties [1][2].
Addressing Cash Flow Challenges
The European renovation industry faces a significant challenge, with a reported €280 billion annually drained due to delayed payments, affecting nearly 92% of projects. Renno’s solution restructures renovation projects into clearly defined scopes, with funds deposited into an escrow account. This system ensures that payments are released only after work is validated, providing contractors with predictable liquidity and homeowners with security and transparency. The founders argue that traditional methods like float and factoring do not align with the industry’s needs for predictable payment flows [1][3].
Market Expansion Plans
Renno’s current operations are centered in Amsterdam, but the startup has ambitious plans to expand its innovative financial infrastructure into Belgium, Germany, France, and the UK by 2026. This strategic expansion is part of a broader trend among European startups to address financial inefficiencies in niche markets, such as construction and renovation. By targeting the fragmented and often manual processes that dominate these sectors, Renno seeks to set a new standard for financial transactions in the industry [1][2][3].
Implications for the Industry
This move by Renno underscores a significant shift in the FinTech landscape, where startups are increasingly focusing on improving cash flow infrastructures in traditionally offline sectors like construction. The adoption of Renno’s model could potentially reduce the financial risks for contractors and suppliers, who often face liquidity stress due to delayed payments. As Renno continues to grow, its success could inspire similar innovations across other sectors such as manufacturing and logistics, where cash flow challenges are prevalent [1][2].